Bad news for Connecticut’s casinos. Slot-machine revenue dropped once again last month, according to numbers released last week.
Foxwoods Casino made $48.7 million in July, down 4.6 percent from its revenue generated by slot machines in July 2012. The Mohegan Sun also reported a slot revenue loss reported slot revenue of $54.6 million, down 8.8 percent from the year before.
The losses continued the trend for both casinos. It was the 19th straight month that both casinos reported lower revenues from slot machines.
Connecticut casinos have struggled since Genting Berhad’s Resorts World in Queens opened its second phase in December 2011 with about 5,000 slots and table games.. Additionally, Yonkers Racing Corporation’s Empire City Casino in Yonkers, N.Y., recently finished a $52 million expansion of its gaming floor. Gamblers in New York are staying home rather than traveling to Connecticut to play, analysts are saying.
Foxwoods president Scott Butera says the numbers aren’t surprising, however. ‘‘Our financial results remain on target. The casino is performing as expected given the constant pressure of new competition, and the remainder of our operations are producing in line with expectations,” says Butera.
The two casinos face growing competition from new gambling venues in New York and Rhode Island, and Massachusetts is planning to introduce casino gambling as well.
A report issued on Wednesday by Moody’s says the best home for the two casinos may be across the state line in Massachusetts, where both are seeking gambling licenses.
‘‘If they are awarded licenses to operate there, their prospects will brighten considerably, but if not, both will see continuing deterioration in gaming revenue amid competition from nearby states,’’ says Moody’s analyst Peter Trombetta.