Home Economic Development Focus Connecticut casinos record steep slot revenue declines

Connecticut casinos record steep slot revenue declines

Connecticut’s casinos reported harsh year-over-year declines in slot revenues for March as operations ceased midmonth in an effort to halt the spread of COVID-19.

casinos indianAs tribal entities, Mohegan Sun and Foxwoods were not required to follow Gov. Ned Lamont’s edicts on closing entertainment-related businesses. However, the casinos volunteered to temporarily close for the first time in their respective histories.

For the truncated month of March, Mohegan Sun reported slot revenues of approximately $19.5 million, a 62% crash from the $51.1 million recorded one year earlier. The amount slot bettors wagered last month, also known as the “handle,” was $240.4 million, a steep slide from the $628.1 million in March 2019.

Foxwoods Resort Casino’s March slot revenue of $14 million, down 65% from the $40.1 million of the previous year. The handle for the month was $172.8 million, a drop from the $489.3 million in March 2019.

Both casinos are required to pay 25% of their respective slot revenues to the state’s general fund. However, the state deferred these payments for March.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 11 books (including the upcoming "100 Years of Wall Street Crooks," published by Bicep Books). He is also the host of the SoundCloud podcast "The Online Movie Show," host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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