The casinos in Connecticut are not doing so hot when it comes to slot machine revenues. Recent reports show that for the 12th consecutive month, the gambling venues in the state have seen a decrease in slot gaming earnings.
Each casino operating in the state has seen a significant decline in earnings. Lawmakers were expecting a decrease over time due to the new casino resorts opening up in Massachusetts, Pennsylvania and New York. Nearby competition has been the downfall of the venues, causing a sharp and consecutive decrease in slot earnings.
For Foxwoods Casino, the venue reported revenues of $35.3 million for the month. This was a decline of close to 12% when comparing June 2018. Mohegan Sun experienced a smaller 5% drop with $46.9 million in earnings.
Both gaming venues have experienced a drop in gross gaming revenue involving slots and have not seen an increase in this sector since June of last year. As gaming has expanded in nearby states, it has caused the numbers to continually go down.
Revenues produced in Connecticut help to fund the state government. Tribes share 25% of their gross gaming revenues from slots via their gaming compacts. The amount of funds generated via the revenue percentage has dropped significantly over the past few years.
Back in 2006, the funds came in at just over $433 million. In 2018, the number was significantly lower at $263.6 million.
Keeping Money in the State:
To try and keep money in the state, lawmakers along with former Governor, Daniel Malloy, decided to allow the two tribes in Connecticut to create a satellite casino in East Windsor. This is located close to the MGM Springfield venue.
Despite the approval, the project has been delayed due to lobbying efforts of MGM Resorts. Construction has yet to start on the venue, with reports now circulating that the tribes involved do not have the funds to develop the project.