Connecticut Casinos See Revenue Drop For Second Straight Month
Connecticut casinos are in uncharted waters when it comes to the competition that has been created within the gaming industry in the Northeast. Over the past two months, the casinos have seen firsthand what that competition can do to their revenue figures, as revenue has dropped in both October and November.
The November figures were released on Thursday by Foxwoods and Mohegan Sun. Foxwoods revenue was down to $605.3 million, a decline of six percent from the same period in 2010. Mohegan Sun's revenue was higher, at $669 million in November, down three percent from the $691.4 million in November of 2010.
The casinos, themselves, are blaming the poor economy for the declining figures. The economic recession of 2008 sent gaming revenues spiraling downward, and the recovery from the recession has been slow. Late last year, analysts believed that a full recovery would not be seen until the fourth quarter of 2012, but those estimates have been pushed back due to renewed economic concerns in the US.
on Friday, the House passed a trillion dollar spending bill that ensured the government would avoid a shutdown for now. Economic analysts do not believe the economy will rebound anytime soon, and that has gamblers staying out of the casinos.
Competition has grown each of the past three years in the Northeast. Maryland, New Jersey, Pennsylvania, New York, Delaware, and Maine have all opened new casinos in that time frame. Mohegan Sun and Foxwoods have tried to counter the competition by joining forces on several marketing campaign, most notably a billboard campaign last year along the New Jersey Turnpike.
Atlantic City casinos have been hit the worst from the competition. Analysts predict that Pennsylvania casinos will be the top gaming destination on the East Coast by the end of next year. New jersey lawmakers are trying to slow that process by legalizing sports and online gambling for Atlantic City casinos.
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