Mohegan Sun, Foxwoods Experience Gaming Revenue Declines in 2023 Fiscal Year
Mohegan Sun and Foxwoods reported let down gaming revenues inwards their most recent fiscal years.
In the tribal casinos’ first-class honours degree full year of operating inwards connective with legal iGaming in Connecticut, the brick-and-mortar casinos saw spiel dwindle.
Through financial disclosures, Mohegan Sun in Uncasville revealed 144 gaming revenue (GGR) of $598.96 one thousand thousand for the 2023 fiscal year finish Sept. 30. That represents a 5.15% year-over-year decline.
At Foxwoods inwards Ledyard, retail GGR totaled $515.54 zillion for the same 12-month period. That represents a 1.2% coast from the tribal casino’s 2022 fiscal performance.
Revenue Declines at Tribal Resorts
Some of the tribal gaming declines were offset by other holiday resort amenities.
At Mohegan Sun, the attribute increased sales of intellectual nourishment and drinkable past nearly 8% to $97.7 million. Hotel room revenue was up nearly 1% to $95 million, and revenue from retail and entertainment climbed almost 4% to $128.4 million.
Mohegan Sun’s combined meshing revenue of $920.2 million, however, was almost $20 1000000 infra the 2022 financial twelvemonth when the structured holiday resort took inward around $940.3 million.
Mohegan Sun’s casino spans 310,000 straight feet offering 3,495 slot machines, 245 table games, and a FanDuel Sportsbook. The destination has a 10,000-seat concert hall, 84 food and potable and retail outlets, and 1,562 hotel rooms.
Mohegan Sun’s financial yr bottom of the inning line, or earnings before interest, taxes, depreciation, and amortization (EBITDA), totaled $258.2 million. That represents an 8.4% benefit slump from the casino’s 2022 financial year.
Mohegan officials said in the financial story that “lower gaming volumes and table hold” were responsible for(p) for the GGR decline.
Over at Foxwoods, the casino reported that “non-gaming revenues,” inclusive of food and beverage, retail, hotel, and entertainment, totaled a small to a greater extent than $177 one thousand thousand — upward well-nigh 2%. Food and beverage climbed 11% to $47.4 million, hotel revenue was level at $68.8 one thousand thousand and retail and amusement money increased 5% to $60.8 million.
Because of higher overhead costs, Foxwoods’ Earnings Before Interest Taxes Depreciation and Amortization of some $110.7 zillion represented a 16% tumble from financial yr 2022.
Foxwoods officials pointed out that payroll department costs were $29.8 gazillion higher than the prior year. The structured holiday resort said “other operating expenses” were $42.3 gazillion costlier, expenses that were impelled by the property’s “increased gaming footprint and the expansion of our non-gaming amenities along with the current inflationary force per unit area on trade good prices.”
Foxwoods’ 300,000-square-foot of cassino blank has just about 3,300 slots, 250 table games, and a DraftKings Sportsbook. Three hotels proffer 1,950 guestrooms and the holiday resort features 31 restaurants, lounges, and bars.
iGaming Income
In increase to their massive resorts, Connecticut’s two tribal casinos since 2021 experience been operating online gambling casino games after amending their Class III compacts with the state. Their sportsbook partners additionally occupy bets remotely.
Through 11 months of 2023 (December has not yet been reported), iGaming revenue for the tribes and their 2 partners — DraftKings and FanDuel — totaled o'er $295.2 million.
The tribes’ online sports betting businesses make won over $85.6 zillion from remote bettors for combined internet GGR of more or less $380.8 1000000 with still a month of revenue left hand to report.
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