Casinos weather dip in October slots revenue
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Balmy weather could have had something to do with a year-over-year decline in southeastern Connecticut casinos’ slots revenue last month, Mohegan Sun’s top executive said Wednesday.
Mohegan Sun reported it “won,” or kept, $41.3 million in slots revenue in October, down 6.8% over the $44.3 million it kept the same month the previous year. Foxwoods Resort Casino experienced an 11.5% drop-off, reporting its slots win totaled $28 million last month, down from $31.7 million in October 2021.
Jeff Hamilton, Mohegan Sun’s president and general manager, said the good October weather, particularly on weekends, could have diverted would-be casino-goers to other activities. He also noted the casino had an especially strong entertainment lineup in October 2021, when it celebrated its 25th anniversary, making comparisons with this October difficult.
He said the calendar was a factor, too, with October 2021 having five Fridays to this October’s four. The casinos make a big chunk of their slots revenue on weekends, including Fridays.
Hamilton said the effect on consumer confidence of inflation and the threat of a recession was likely “a bit of a factor” in the decline in slots revenues.
Jason Guyot, Foxwoods’ president and chief executive officer, recalled that business at his casino was especially good in October 2021, affecting comparisons with this October. He said COVID-19 surged in the summer of 2021 and then receded somewhat, releasing pent-up demand for entertainment in the fall.
Hamilton and Guyot said traffic at their respective casinos has not returned to pre-pandemic levels, and both said they still are struggling to hire all the help they need.
“There’s a segment of our guests who still haven’t returned, who are still hesitant to go out,” Guyot said.
Foxwoods’ workforce now numbers about 3,100 full- and part-time workers, according to Guyot, while Hamilton said Mohegan Sun has a total of about 5,000 employees.
Mohegan Sun contributed $10.3 million, or 25%, of its October slots win to the state. Foxwoods contributed $7.1 million.
The casinos also generated millions of dollars in revenue from online gaming and sports wagering in October, according to the state Department of Consumer Protection. Foxwoods collected $12.6 million in online gaming revenue and paid $2.3 million, or 18%, to the state. Mohegan Sun collected $9.3 million in online gaming revenue and paid the state $1.7 million.
Mohegan Sun took in $6.4 million in online sports wagering revenue last month and paid $873,403, or 13.75% to the state. Foxwoods won $4.3 million in online sports wagering revenue and paid the state $590,817.
