The late October snowstorm drastically blanketed business at Foxwoods Resort Casino, but the unexpected fall storm had less of an impact on its rival Mohegan Sun.
Foxwoods on the Mashantucket tribal reservation reported revenues from its slot machines in October at $50.9 million, down 11.2 percent from the $57.2 million the casino made from its slot machines in October 2010.
“The snowstorm that paralyzed the Northeast cut into our business at the end of the month,” said Scott Butera, Foxwoods chief executive officer, in the report. “That aside, our revenue is on target as we anticipated the effects of new competitive factors in our gaming market and the persistent weakness of the economy in the region.”
Butera noted the slot revenue is only one facet of Foxwoods’ business, which also includes table games, restaurants, nightclubs, shops and arena shows. While the slot numbers can indicate how busy the casino was during the month, the number does not speak to the resort’s overall revenues or its profits from those revenues
“Profitability, however, the true measure of our business and the focus of our restructuring efforts over the last year, remains strong and is also in line with our expectations,” Butera said.
Mohegan Sun in Uncasville felt fewer impacts from the October storm. The resort made $58.8 million from its slot machines in October, down 2.5 percent from the $60.3 million made in October 2010.
As both casinos suffer from increased competition and an economic recession, they have steadily lost slot revenues, which peaked in 2007 for Mohegan and 2005 for Foxwoods.
With their agreements to operate in Connecticut, the resort casinos are obligated to contribute 25 percent of their slot revenues to the state general fund. For October, Mohegan contributed $15.1 million, and Foxwoods contributed $13.6 million.
