Wednesday, January 16, 2008

Connecticut Slot Wars?: Revenue Declines Continue At Both Connecticut Casinos

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Slot revenues at both Foxwoods and the Mohegan Sun declined for the fourth consecutive month.

The one difference is that Foxwoods' handle, which is the total money bet by its slot customers, increased substantially - by almost 17% in December over the same month last year. Foxwoods once again experienced a revenue decline only because it paid out a much higher percentage to its customers, preferring to forego profits in order to gain more of Connecticut's market share.

Slot revenues for the month of December at Mohegan Sun fell by about 19%, to $65.9 million from $81.2 million in December of the previous year. The Sun paid out 91.7% to its slot customers in December vs. 91.5% in December 2006. December 2006 was an exceptionally good month for both Indian casinos.

Foxwoods' slot revenue in December fell by about 17% when compared to the previous year. Slot revenue in December at Foxwoods was $55.6 million compared to $67.1 million for December of the prior year. Foxwoods paid out 93.5% to its slot customers in December, about 2% more than last December.

At the insistence of the state, the face value of fee play coupons issued by Foxwoods to its slot customers is included in the handle and payout figures, resulting in an overstatement of both.

This articles uses December slot revenue figures reported by both casinos to The Day.

Related Article (November 2007 slot report):