August brought in significant revenue profits for Connecticut casinos this year, surpassing the revenue figures for the same month in 2020 and 2019. A successful 2021 may indicate a post-pandemic return to normalcy for casinos in CT.
Mohegan Sunshine October earnings reported
Following the payout of the month’s prizes, Mohegan Sun reported that it kept a total of $44.3 million in earnings from its slots.
Jeff Edinburgh, the director and general manager of Mohegan Sun, said, “It was a fantastic month. We celebrated our 25th birthday. Our entertainment returned, and we are back to a regular calendar.”
Shows by Mohegan Sunshine Arena aided generate organization
After a period of reduced capacity due to the pandemic, the Mohegan Sun Arena began hosting shows again in 2021, which likely helped increase slot earnings.
The Arena was able to host five sold-out shows in October, bringing in a significant amount of business to the casino. Two shows featured Harry Types, two featured Sebastian Maniscalco, and one featured Blake Shelton.
Foxwoods August revenue claimed
Owned and operated by the Mashantucket Pequot Tribal Nation, Foxwoods Resort Casino also reported significant revenue earnings. The casino’s total winnings from slot machines amounted to $31.6 million after prize payouts.
August proved to be a prosperous month for Foxwoods, not just in terms of revenue but also in recognition. USA Today’s 10Best Readers’ Choice Awards named Foxwoods the Best Casino Outside of Vegas for the month.
Foxwoods has received this award for the second year in a row and for the third time overall. Similarly, they also won the title in both 2018 and 2020.
Promising Connecticut casino earnings indicates some sort of post-pandemic economic recovery
While the COVID-19 pandemic had a significant impact on casinos in Connecticut, with reduced capacity on casino floors and dining areas, as well as a decline in domestic and international tourism, August may be a turning point for CT casinos. The earnings for both Mohegan Sun and Foxwoods have shown a year-over-year increase in August 2021.
Last year, Foxwoods reported October revenue of $26.1 million. This October, the casino reported earnings of $31.7 million, marking a 21.5% increase compared to the previous year.
Similarly, Mohegan Sun’s August revenue last year was $35.8 million. This year, the casino saw a 23.6% increase in revenue, reaching $44.3 million, surpassing its October 2019 revenue of $43.6 million.
Jeff Edinburgh of Mohegan Sun recalled the uncertainty of business during the same period last year, mentioning the low consumer confidence during the second wave of the pandemic. However, he remains optimistic about the sustained revenue growth.
“It’s not just one month,” he said. “We’ve had a fairly strong performance over the last six months.”
Sports betting throughout Connecticut appeared to be instituted throughout October
Throughout October, Connecticut joined the ranks of states offering legal sports betting. Early in the month, Foxwoods and Mohegan Sun introduced on-site sports betting with excitement and ribbon-cutting ceremonies. Governor Ned Lamont even placed the state’s first legal wager in history.
Online sports betting also became available in the state during October. Both Connecticut casinos launched online sports betting platforms on October 19th.
Although no revenue data for online sports betting is currently available for either casino, Governor Lamont expresses optimism about the success of these platforms. He stated in a press release, “Connecticut has proven to be a leader in the gaming economy for decades, and this legacy should continue with the launch of these new online options for all eligible residents.”
Precisely how revenue right from casinos throughout CT facilitates the state
In line with the Connecticut State Department of Consumer Protection, casinos in Connecticut contribute 25% of their slot revenue to the state. This contribution is based on net revenue, which refers to the total earnings after prizes are paid out.
For October’s casino revenue, Foxwoods contributed a total of $7.9 million to the state of Connecticut, while Mohegan Sun contributed a total of $11.1 million.
Businesses have indeed experienced losses during the prolonged COVID-19 pandemic, and casinos have been no exception. However, 2021 has shown an economic recovery in casino revenue, which is beneficial for the casinos, their employees, and the state.
With revenues steadily increasing and the impact of gambling on casino revenue, Connecticut casinos are hopeful for prosperous times ahead.
