A sports betting lounge at the back end of downtown Hartford’s XL Center arena will reduce staffing, hours and amenities in response to an estimated $200,000 annual loss.
The sports betting lounge was developed by the Capital Region Development Authority as part of a $15 million package of upgrades for the XL Center. It opened in 2023 with high hopes that it could help boost a quiet corner of Hartford’s downtown.
The venue, which opened in September 2023, attracts crowds during events, but has not been much of a draw otherwise, leading to a roughly $500,000 loss last fiscal year and a projected $200,000 loss this fiscal year.
CRDA Chief Financial Officer Joseph Geremia said the Connecticut Lottery and Fanatics Sportsbook recently signed off on a cost-cutting package that includes reducing food-and-beverage offerings, staff and lounge hours in the typically slower period between the close of the March Madness college basketball tournament and start of the fall football season.
The lounge, which operated from 10 a.m. to 10 p.m. daily, will now be open during the slower season from 4 p.m. to 10 p.m., Monday through Thursday, and from 2 p.m. to 10 p.m., Friday, Saturday and Sunday.
The sports book associated with the lounge will not cut hours, however, Geremia said.
This, combined with a greater reliance on electronic security, is estimated to save about $300,000 yearly, Geremia said.
Cutting back on the streaming package for the roughly 80 televisions at the sports bar will save about $10,000 more, Geremia said.
Geremia noted there are some financial benefits not captured in a simple look at the operating budget. CRDA estimates the bar and sports book generate nearly $350,000 for the state through employment, income, sales and gambling taxes; as well as nearly $900,000 in federal employment, income and gaming taxes.
