Two prominent casinos in Connecticut, Foxwoods Resort Casino and Mohegan Sun, reported a dip in net revenues for the fiscal year ending September 30, 2023.
Foxwoods Resort Casino Navigates Challenges in the Era of Online Gaming
Beyond the immediate revenue statistics, both Foxwoods and Mohegan Sun have been navigating the online gaming landscape in Connecticut. In their first full year of legal iGaming operations in the state, both brick-and-mortar casinos reported declines in play.
Foxwoods Resort Casino, owned by the Mashantucket Pequot tribe, disclosed a net revenue of $636.8 million. Although a modest decrease of 0.5% from the previous year’s $640.2 million, the casino’s annual report revealed a 1.2% decline in gaming revenues. However, non-gaming revenues experienced a 2.4% increase, attributed to a rise in food and beverage sales.
Gaming accounted for 74.5% of Foxwoods’ gross revenue in fiscal 2023, down from 75.5% in the previous year. The casino’s payroll costs rose by $5.6 million, reflecting the addition of around 100 full-time equivalent employees. Foxwoods, which employed approximately 3,248 full- and part-time staff as of September 30, 2023, reported a substantial amount of indebtedness totaling $2.15 billion by the end of the fiscal year.
Mohegan Sun Adapts to Fiscal Challenges and Revenue Declines
On the other side, Mohegan Sun, in its annual report, disclosed a net revenue of $920.2 million, marking a 2.1% decrease from the previous year’s $940.3 million. The decrease was primarily attributed to declining gaming revenue from slot machines and table games. However, this decline was partially offset by higher revenues from food and beverage as well as entertainment.
Mohegan, which owns and manages several properties across the United States, Canada, and South Korea, reported a company-wide revenue of $1.67 billion in fiscal 2023, reflecting a 5.1% increase over the previous year’s $1.59 billion. Mohegan Sun contributed approximately 55% to the company’s total revenues.
According to Mohegan Tribal Gaming Authority‘s Q4 fiscal results, ending September 30, 2023, Mohegan Sun faced a challenging situation, experiencing a 5% decline in net revenue to $224 million, and witnessing a substantial drop in Adjusted EBITDA, plummeting 134% to $56 million.
At the same time, Mohegan proudly announced its inclusion in Newsweek’s America’s Greatest Workplaces for Diversity list for 2024, emphasizing its commitment to fostering a diverse and inclusive culture.
The casino and hospitality giant views diversity as a critical component of business success and attributes its recognition to genuine respect for individuals from different backgrounds.