Slot Machine Revenue keeps Connecticut Tribal Casinos Afloat
Recently updated on July 20th, 2020
Slot machine revenue has kept Connecticut tribal casinos financially afloat so far since reopening on the first of June. It seems the gambling industry in the state is on the mend after initially closing down because of Coronavirus back in March. Although the recorded revenues are not as high as what we saw before the COVID-19 shutdown, it is a marked improvement. Naturally, any revenue is better than no money at all, as was happening throughout the shutdown. The casinos could not make any money, and it put a lot of jobs and the state’s economy in jeopardy.
Slot Machine Revenues for Mohegan Sun and Foxwoods
Since casinos were opened on June 1, 2020, slot machines brought in the most money. The combined total revenue of the casinos in Connecticut was $79.1 million. Considering that the casinos are only operating at a quarter of their normal capacity, this is a huge!
Foxwoods Casino brought in $33.6 million, while Mohegan Sun received $45.5 million in revenue. These numbers are just 4.9% and 3% lower than the revenues that both casinos brought in last year with no shutdown and operating at full capacity. Notably, a remarkable recovery. In the event that the revenue continues at this rate, the casino industry in Connecticut will not suffer too much through the pandemic.
Both casinos have not suffered from the travel restrictions and safety precautions. Contrary to belief that having social distancing requirements and mandatory masks would stop visitors from coming into the casinos. Additionally, gamblers from specific other states are not allowed to visit casinos; however, this is still not denting the revenue that these two casinos have brought in.
The money made from both casinos is not just a win for the tribes operating the casinos. The gaming compacts that each of the casinos signed with the state mandates them to hand over 25% slot machine revenue over to the state. Therefore, both Mohegan Sun and Foxwoods will, in total, give the state almost $20 million. Money that will ease the financial strain that the state has been feeling since the shutdown caused by the Coronavirus.