Despite high hopes for a bustling sportsbook and sports bar, Hartford’s XL Center is confronting troubling financial performance. Since its grand opening in September, the Sports Bar & Fanatics Sportsbook nestled within the downtown Hartford arena is projecting losses nearing $750,000 by the start of July.
In the few months following its launch, the XL Center’s betting operation has already reported hemorrhaging more than $280,000 in revenue as of December, alarming those keeping a close eye on its financial progress. The venue’s officials point to the establishment’s novelty as a contributing factor to its struggles, suggesting that patronage is largely dependant on the draw of concurrent events, like concerts and athletic competitions.
With the University of Connecticut’s basketball and hockey teams utilizing the XL Center as a venue for some of their games, the facility enjoys an influx of visitors, particularly when the UConn men’s basketball team—fresh off of a previous-season NCAA championship—plays on their court. On the nights that UConn men storm the court, according to Michael Freimuth, the executive director of the Capital Region Development Authority, sportsbook attendance soars, and at times, capacity is even stretched.
However, the allure of Connecticut’s traditional gambling havens still prevails for many bettors. The state boasts popular destinations such as the Mohegan Sun Casino & Resort, which houses FanDuel, and Foxwoods Resort & Casino, offering the DraftKings experience. Moreover, a significant transition occurred in December when the Connecticut Lottery Corporation shifted its sports wagering services to Fanatics, a switch that temporarily dampened consumer engagement.
As the Connecticut Lottery Commission optimistically noted, while current earnings may not meet expectations, there has been a positive trend with revenue rising with each passing football game. The expectation is that as Fanatics embeds itself within Connecticut’s sports betting landscape, and with enhanced awareness, the customer base will solidify and expand.
There is also a glimmer of hope tied to the proposed XL Center renovations. The planning for a substantial $100 million refurbishment that aims to introduce luxury club seating and augment the availability of general admission seating by reconfiguring the stage and upgrading the loading dock may serve as a catalyst for amplified visitation and revenue. Given the steep investment overhauls from years past and considering the XL Center hasn’t been home to a professional sports franchise since the departure of the NHL’s Whalers in 1997, this potential renovation is pivotal.
Inward-looking, the University of Connecticut harbors its ambitions, with aspirations to construct an on-campus football stadium for its underperforming football team, although for now, their home games remain stationed at Rentschler Field in East Hartford.
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