Superstorm Sandy Causes Slot Revenue to Plummet in October for Foxwoods, Mohegan Sun
The Connecticut shoreline was not the only victim of Superstorm Sandy. Foxwoods Resort Casino and Mohegan Sun, the two biggest Indian casinos in the country located in the southeastern coastal area of the state, also took hits from the storm: Both casinos reported double digit drops in slot revenues in October.
Slot revenue at the Mashantucket Pequot Tribal Nation’s Foxwoods Resort Casino were $42.9 million, a decline of $7.8 million or 15.6 percent from the same month last year, Foxwoods said in a statement on Business Wire November 15. The “handle,” or total intake for the month, was $519.6 million, a drop of $77.2 million or 12.9 percent from October 2011. “In addition to continued market factors, Superstorm Sandy adversely impacted the results as regional gaming patrons coped with the weather disaster,” Foxwoods said.
The Mohegan Tribe’s Mohegan Sun’s slot machine revenue plunged 17.5 percent from October 2011. The revenue or “win,” which is the amount the casino keeps after paying out winners, was $48.5 million compared to $58.8 million in 2011, the Norwich Bulletin reported. Revenue has declined every month this year compared with 2011 figures at Mohegan Sun as well as Foxwoods Resort Casino. The handle at Mohegan Sun was $576.5 million, a fall of 17.9 percent from $700.3 million a year earlier.
The two casinos contribute 25 percent of their slot revenues to the state as part of their tribal-state gaming compacts.
Foxwoods contributed $11.1 million to the Connecticut Special Revenue Fund in October 2012, bringing the cumulative contribution to the state of Connecticut since the Foxwoods opened in 1992 to $3.42 billion. Mohegan Sun contributed $12.1 million in October.
Superstorm Sandy also battered Atlantic City’s commercial casinos. The city's 12 casinos had to close due to the storm for between five to seven days in late October and early November, and business remains slow even after they reopened, the Associated Press reported. Some Atlantic City casinos have laid off employees or forced salaried workers to take off a week of unpaid time. Moody's Investors Service predicts Atlantic City casino revenue could be down 25 percent for the next six months and earnings down 40 to 50 percent over that same period due to the storm, the AP said.
You need to be logged in in order to post comments
Please use the log in option at the bottom of this page