Connecticut casinos stand to lose hundreds of millions

Two Connecticut casinos are worried about financial losses due to the projected openings of several New England casinos in the coming years. There are at least four new casino resorts that will be opening up in New York and Massachusetts by 2019. Reports are saying the two  Connecticut tribal casinos – Foxwoods and Mohegan Sun – stand to lose hundreds of millions of dollars a year once these casinos open. Analysts are predicting that casino customers will most likely choose a place that is closer to home rather than continue to drive to Uncasville or Mashantucket where the tribes’ present casinos are located.

A spokesman for one of the tribes said they were not surprised over the projected  losses but welcomed the report to, “continue the education process”. Many, including the Connecticut governor have been non-committal toward the tribes’ plans to open new gaming venues and capture some of the fleeing dollars. The tribes plan to work together and create a  casino on I-91 north of Hartford to compete with $800 million MGM Springfield which will be the first of the new competition to open in 2017.  The tribes also hope to build two additional casinos along travel corridors leading to New York and Massachusetts.

Off track betting sites have asked for any new casinos to be placed inside their venues, as new competition could hurt their businesses and create job losses.