While the sports gambling industry in the US thrived last year, 2019 was just not good for Connecticut’s casinos. According to the financial reports released for the current fiscal ending December 31, 2019, the two casinos in the state have reported a decline in revenue.
The decline has been attributed to the regional competition taking a toll on the revenues of Connecticut’s two casinos. The Mohegan Sun casino posted net revenues of $992 million.
The figure represents a 7 percent decline from what the casino had taken in for the same period the previous year. In the last fiscal the casino had generated $1.1 billion in net revenues. However, the tribal casino operator, Mohegan Gaming & Entertainment, which operates the casino has posted increased revenues for 2019.
The other licensed gambling facility in the state, Foxwoods Resort Casino reported net revenues to the tune of $787.8 million. The casino witnessed a 5 percent slip in revenue from the last fiscal. In 2018, the Foxwoods Resort Casino had generated $828.9 million.
The two casinos said that the net revenues dropped as the gaming revenues suffered. Also, reports suggest that there are fewer employees at the two gambling facilities than before.
The casinos in Connecticut admit the competition it is facing from the two Massachusetts casinos – the Encore Boston Harbor casino and the MGM Springfield casino. Also, there is competition from gambling facilities in Rhode Islands that launched sports betting operations last year.
The attempts made by Connecticut Gov. Ned Lamont to reach an agreement with the tribes in the state to launch sports betting has not materialized.