The fiscal ledger of Connecticut’s tribal fiefdoms of fortune, Mohegan Sun and Foxwoods, have reported a downturn in their casino gaming revenues. The two gaming behemoths witnessed a diminishing EBITDA in their 2023 financial year, concluding on September 30th. Despite the stumble in brick-and-mortar proceeds, these storied establishments have wrestled with the digital age, channeling efforts into their iGaming platforms to recoup the losses.
In their first year of unfurling online gaming amidst the sanctioned digital landscape in Connecticut, Mohegan Sun and Foxwoods experienced a noticeable dip in on-site patronage. Mohegan Sun earmarked a gross gaming revenue sum of $598.96 million, marking a decrement of 5.15% from the prior year. Similarly, Foxwoods reported a year-on-year decline of 1.2%, with a total retail gaming revenue of $515.54 million.
While the gaming revenue streams experienced these declines, the resorts managed to buoy their financial ship with earning boosts across other amenities. At Mohegan Sun, the thriving offerings of victuals and libations tallied nearly an 8% surge in sales, cresting at – $97.7 million. The revenue from lodging inched up close to 1% to $95 million, with income from their retail and entertainment sectors soaring by almost 4% to $128.4 million. Despite these gains, Mohegan Sun’s total net revenue, a figure encompassing all services and amenities, still fell slightly short of the previous year’s mark by about $20 million.
Mohegan Sun is a vast sprawl, encompassing 310,000 square feet furnished with 3,495 slots, 245 table games, and its revered FanDuel Sportsbook. The Sun also boasts an extensive assemblage of 84 food, beverage, and retail concessions, capped with a grand concert hall seating 10,000 and 1,562 hotel rooms to cradle the weary gambler in luxurious repose. However, even with such grandeur, the fiscal year’s EBITDA for Mohegan Sun,…