Foxwoods Slot Machines Not Pulling Weight
Brick and mortar casinos are going to have to be creative. As the
economy continues to struggle, so do revenues at brick and mortar
casinos. Even though Sherman Bradley has revoked his own theory that
online casinos are recession proof, online casino business continues to
grow in the face of economic hardship.
Slot machines are the backbone of all casinos, whether you are
talking about brick and mortar casinos or online casinos. When revenues
for a casinos slot machines stay on a steady decline it depicts a bleak
summary of the casinos recent success.
This is the case in Connecticut. The two major Indian casinos in the
state have seen a steady decline in slot machine revenues that has
continued through the month of October. On a positive not, the decrease
in revenue was less harsh as what they lost in the month of September.
As a matter of fact, September suffered a double digit decrease. It
remains to be seen how much money slot machines will yield in the month
Both casinos of the Foxwoods brand suffered losses. MGM Grand at
Foxwoods and Foxwoods Resort Casino reported a net slot machine win of
$57.1 million for October. This is a 7.5 percent drop compared to
revenues in October of 2007.
Mohegan Sun was not luckier than Foxwoods. Their slot machines
brought in more revenue but still constituted a loss compared to last
years numbers. Mohegan Sun brought in $65.4 million, down 9 percent
from October 2007 numbers.
These losses affect the Connecticut state budget as these casinos pay
25 percent of the revenue from their slot machines to the state in tax.