COVID-19 Pandemic Results in Huge Losses for Connecticut Casinos
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The coronavirus pandemic has hit many industries hard, especially those in the entertainment sector. Casinos around the world, including in U.S., have suffered from shutdowns. In Connecticut, the effects of the pand epidemic on the operating casinos is clearly seen due to the recent 2020 fiscal reports.
Mohegan Gaming & Entertainment reported a net loss of $162.1 million for 2020 fiscal year. The company is doubtful about their ability to pay the debt they have due in October. Mohegans Sun Casino in Connecticut earned $715.7 million, while Pocono Casino earned only $181.2 million.
Mohegan Sun and Foxwoods Resort Casino in Connecticut lost a lot of money. The financial strain has made it difficult for the operators to figure out how to move forward with the proposed casino in East Windsor. Mohegans also pushed back a project in South Korea. Both casinos must pay 25% of slot earnings to the state.
