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, a crucial gauge of profitability, tottered at $258.2 million, an 8.4% slip from the preceding year.
Foxwoods, on the other hand, presented a modest uptick in non-gaming revenues with an aggregate climb of about 2%. Yet, high overhead costs led to a descent in Foxwoods’ EBITDA to approximately $110.7 million—a robust 16% drop from its 2022 fiscal performance, exacerbated by heightened payroll expenses and other operating costs fueled by inflation and expansion endeavors.
Beyond the sprawling 300,000-square-foot gambling canvas replete with 3,300 slots, 250 table games, and a DraftKings Sportsbook, Foxwoods extends its arms wide, embracing guests with nearly two thousand rooms and an epicure’s array of 31 dining and drinking sanctuaries.
Embracing the digital wave, the two casino titans have amplified their dominion into the online realm since 2021, offering virtual casino games and remote sports betting via partnerships. As of November 2023, the ivy of iGaming extended its tendrils to $380.8 million in combined gross gaming revenues from online endeavors alone—an impressive testament to the lucrative pulse of the virtual gaming sphere.
While the storied corridors of these casino resorts echo with a slight hush from the past fiscal year, the digital domain throbs with the fervent clicks of fortune-hunters. In today’s rapidly evolving landscape, the juxtaposition of traditional brick-and-mortar gaming houses and their online counterparts paints a portrait of an industry in transformation. For those keen to explore the virtual gaming paradise that beckons from beyond the blinking casino lights, we invite you to delve into the infinite possibilities that await.
As we voyage through the expansive sea of gaming, both online and tangible, it’s worth noting that the area of iGaming is increasingly becoming a safe haven for many to cast their bets and spin their fate. For our discerning readers seeking to navigate this ocean of chance, [we have meticulously curated a compendium of the top online casinos for this month. Whether you’re a seasoned bettor or new to the siren call of the slots and felts, our selection promises to guide you through the labyrinth of online gaming with confidence and excitement. Join us at West Island Blog as we unveil the realms where luck meets strategy, and fortune favors the bold.
