Uncertainty over just how much demand there is for more casino gambling in the region has resulted in a cut in the amount of money being invested by Connecticut”™s two tribal gaming operators in their planned East Windsor operation.
The Mashantucket Pequot Tribal Nation, which operates Foxwoods Resort Casino, and the Mohegan Tribe, which operates the Mohegan Sun, plan to spend $200 million to $300 million on the East Windsor casino, instead of the $300 million they had previously planned upon, according to Mashantucket Pequot Chairman Rodney Butler.
Butler cited “saturation of the market” for the decision in remarks made to the state legislature”™s public safety committee.
The two tribes formed MMCT Venture, a joint effort to build and manage Tribal Winds Casino, last year.
The move comes in the midst of the current Connecticut legislative session, during which it is expected to again consider bills allowing online sports betting, a casino in Bridgeport, and three entertainment zones besides Tribal Winds.
The latter is meant to compete with the MGM Springfield in nearby Massachusetts, but that $960 million endeavor has performed considerably below MGM Resorts International”™s expectations. Since opening in September 2018, it has posted revenues of $354.1 million, versus the $412 million MGM predicted.
Slot revenues at Foxwoods and Mohegan Sun have been up and down for the past several months.
