Connecticut’s two gaming tribes, which operate the Mohegan Sun and Foxwoods Resort Casino, are seeing the effects of casino competition in adjacent states, with a total of four more on the way from Massachusetts.
Rhode Island, which has two slots parlors, is looking at more. New York is also considering licenses for casinos in the Catskills.
According to Kevin Brown, chairman of the Mohegan Sun, quoted by WFSB, “I think what you see coming, and that we are on the verge of, is we are reaching the steady state of competition.”
Revenues for the two casinos have declined precipitously in the last few years. In 2007 combined revenues were $806 million and last year totaled $530.5 million. Recently Foxwoods announced cutbacks on games at the Rainmaker Casino and is also making “staffing adjustments.”
Some gaming industry experts speculate that the region is nearing a saturation point for the 27 million residents who are of gaming age. Moreover, the economy has yet to rebound completely from the Great Recession and there are simply fewer discretionary dollars to go around.
