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.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Connecticut Casinos Report Lower Revenues in Fiscal 2023