Connecticut Casinos Report Lower Revenues in Fiscal 2023
LISTEN TO THIS ARTICLE:The first year of legal iGaming in Connecticut saw a downturn in revenue for the state’s major casinos, Foxwoods Resort Casino and Mohegan Sun, for the fiscal year ending September 30, 2023.
Non-Gaming Revenue Up at Foxwoods Resort Casino
Foxwoods Resort Casino, operated by the Mashantucket Pequot tribe, reported a net revenue of $636.8 million, a slight drop of 0.5% from the prior year’s $640.2 million. The casino’s financial statement showed a 1.2% fall in gaming revenues, while non-gaming revenues, including food and beverage sales, was up by 2.4%.
Related: Connecticut’s Tribal Casinos Stand against Indoor Smoking
Gaming formed 74.5% of Foxwoods’ total revenue in fiscal 2023, a decrease from 75.5% in the preceding year. The casino also noted an increase in payroll expenses by $5.6 million, correlating with the hiring of approximately 100 full-time equivalent staff. As of September 30, 2023, Foxwoods employed about 3,248 people and faced a significant debt of $2.15 billion at fiscal year’s end.
Larger Drop in Revenue at Mohegan Sun
Mohegan Sun, on the other hand, reported a net revenue of $920.2 million for the year, down 2.1% from the previous year’s $940.3 million. This decline was primarily due to reduced earnings from slot machines and table games. Nonetheless, there was a partial compensation from higher revenues in food, beverage, and entertainment sectors.
Mohegan, which manages properties in the U.S., Canada, and South Korea, reported a total revenue of $1.67 billion for fiscal 2023, up 5.1% from $1.59 billion in the previous year. Mohegan Sun accounted for about 55% of this total.
The Mohegan Tribal Gaming Authority reported in its Q4 fiscal results, ending September 30, 2023, a 5% decrease in net revenue to $224 million for Mohegan Sun, alongside a significant 134% decline in Adjusted EBITDA to $56 million.
Simultaneously, Mohegan Sun earned a spot on Newsweek’s America’s Greatest Workplaces for Diversity list for 2024. The casino highlights its dedication to creating a diverse and inclusive environment. The company believes diversity is key to its success and credits its recognition to its genuine respect for individuals from all backgrounds.
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