Connecticut: Foxwoods and Mohegan casinos net revenues experience a fall in fiscal 2023 ending in September

Two prominent land-based casinos in Connecticut -- Foxwoods Resort Casino and Mohegan Sun have generated less revenue than the previous fiscal. While Foxwoods Resort Casino’s net revenue in the fiscal year ending on September 30th, 2023, was $636.8 million which was 0.5% less than the previous year’s $640.2 million, Mohegan Sun generated net revenue of $920.2 million, which was 2.1% down from previous year’s $940.3 million.

The annual figures were revealed by the casinos in late December. Foxwoods posted its report on the Electronic Municipal Market Access (EMMA) website, which provides public access to municipal market information. Meanwhile, Mohegan Sun's corporate parent, Mohegan posted its annual report on the Mohegan website, according to The Day which cited the figures. 

Foxwoods' report revealed that the Mashantucket Pequot-owned casino's gaming revenues experienced a dip of 1.2% in the 2023 fiscal year, while non-gaming revenues saw a spike of 2.4% owing to a year-over-year increase in food and beverage sales.

74.5% of Foxwoods' gross revenue in fiscal 2023 was generated by gaming. This was down from 75.5% the previous year. 

The casino's payroll costs, excluding severance, were up by $5.6 million, or 2.9%, during the year, and showed an addition of about 100 ‘full-time equivalent’ employees. As of September 30th, Foxwoods employed approximately 3,248 full- and part-time employees, and at the end of the fiscal year, the Mashantuckets' 'substantial amount of indebtedness' totaled $2.15 billion, according to the casino's annual report.

Coming to Mohegan’s annual figures, the decrease in Mohegan Sun's net revenues was mainly due to a decline in gaming revenue from slot machines and table games. The decrease was partially offset by higher food and beverage and entertainment revenues.

Mohegan, which in addition to Mohegan Sun owns and manages seven other properties in the United States, Canada, and South Korea, revealed that the company as a whole had revenues of $1.67 billion in fiscal 2023, which was a 5.1% increase over the previous year's $1.59 billion. Mohegan Sun accounted for about 55% of the company's revenues.

The other segments of the business include Niagara Resorts, including management of two casinos in Ontario, Canada, reported revenues of $314.5 million. Mohegan Pennsylvania, a racetrack casino in Wilkes-Barre, had revenues of $251.1 million; and Mohegan Digital, which operates online gaming in Connecticut and Ontario and had revenues of $100.6 million. A fifth segment of the company, 'management, development and other,' had revenues of $85.8 million.