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Connecticut casinos register a revenue dip amid a competition from MGM

Connecticut casinos register a revenue dip amid a competition from MGM

The Foxwoods Resorts Casino has reported a 10 percent dip in revenue for October as it feels its new competitor MGM Springfield casino across the state line in western Massachusetts have affected their revenues.

The casino had reported a 5 per cent dip in September slots revenue and now the casino reports a 10 percent decrease of revenue in comparison of October 2017. A daily newspaper reported that the casino revenue of $34.4 million kept in slots after paying out the prizes was 10 per cent less than that of October 2017.

The local casino operators are facing a stiff competition from the MGM Springfield casino and they have reported a loss in their chunk of revenues. Mohegan Sun is yet to report figures for the month of October but it had also reported a loss of 9 per cent from the September slots revenues. Owned and operated by the Mashantucket Pequot Tribal Nation asserted that it had expected the decline.

"MGM has recently started its operations and we had prepared for an impact over our revenues. But we are not fretting over the loss and are planning out ways to mitigate our losses and work towards it," the casino stated in its official release which was given by spokesman Adam Jalbert.

Joseph Weiner who works at the Spectrum Gaming Group said that MGM has emerged as a competitors of the Foxwoods and Mohegan Sun because they are similar in offerings and quality of space. "The New England marketplace has become fiercely competitive and we also believe that the Connecticut casinos will be continuing to be the powerhouses in the casino industry. They just won't be able to attain their previous revenue peaks."