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.

As 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.