New financial reports show that the slots revenue for Mohegan Sun and Foxwoods Resort Casino in Connecticut have once again fallen, with a decline that now goes back more than a year not looking as though it is going to pick up again any time soon. Slot machines are the biggest form of revenue for the two casinos, and so this could present a real worry for them as time goes on.
Foxwoods report a decrease in year on year revenue for July of four point six per cent, with their win falling from $51 million in 2012 to $48.7 million in 2013. Mohegan Sun reported an even bigger drop of just under nine per cent, with a previous $59.97 million dropping to the current $54.6 million. The intake from the slot machine games, which is known in financial industry terms as the handle, dropped much less for Foxwoods at only just a little under three per cent, but the win is what is left after they have taken out any winnings paid out to successful players – and so it seems that not only are less people playing the slot machines this year, but also more of those that do are winning.
“Our financial results remain on target,” Foxwoods President and CEO Scott Butera said in a press release Wednesday. “The casino is performing as expected given the constant pressure of new competition and the remainder of our operations are producing in line with expectations.” There has as yet been no word from Bobby Soper, the CEO of Mohegan Sun, but he is likely to make the same kind of noises.
What is clear here is that the two casinos are starting to struggle a little from the previous run of good fortune, which is only natural as more casinos are built in states around them and online gambling becomes more of a popular attraction. What remains to be seen is whether they can continue to bring in the right amount of profits to stay open, as two of the biggest casinos in the US.