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November 17, 2020

Casino profits dive as pandemic slump continues

Photo | Mohegan Sun Mohegan Sun's Sky and Earth Tower at its Connecticut casino.

Profits slumped at both of the state’s casinos in October, with Mohegan Sun reporting double-digit drops in slot revenue both month-over-month and year-over-year. 

Mohegan Sun, operated by Mohegan Gaming & Entertainment (MGE), said it recorded slot revenues of $35.8 million in October, down 11% from $40.3 million in September and down 18% from $43.7 million in October 2019.

The amount slot bettors wagered in October, known as the “handle,” was $436 million, down 17.5% from $528 million in the year-ago period. 

MGE, which is required by a state gaming compact to pay 25% of its slot revenues to Connecticut’s General Fund, said it gave nearly $9 million to the state in October, compared to $10.1 million in September. 

Foxwoods saw a smaller drop month-over-month, with $26.1 million in slot revenue in October, down 5.6% from $27.6 million in September. But compared to last year, the decline in slot revenues was steep, dropping by 24.4% from $34.5 million in October 2019. 

Foxwoods’ handle dropped by 28.3% year-over-year to $308.1 million in October from $430 million in October 2019.

Foxwoods earlier this month announced a new gaming floor dedicated to customers 55 and up to lure new patrons during the COVID-19 pandemic, which has battered the gaming industry worldwide.

Mohegan Gaming is pursuing its expansion plans beyond Connecticut with deals in Greece and South Korea in addition to Las Vegas. 

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