Both Connecticut Indian Casinos, the Mohegan Sun and Foxwoods Resort Casino were very profitable out of the chute in the two-week period when they reopened June 1 after more than two months closed by the pandemic. Both were more profitable during that period than the year before.
Two factors account for this: lack of area competition and pent up demand. Mario Kontomerkos, president and CEO Mohegan Gaming & Entertainment (MGE) told the Day that there has been no entertainment options for three months: “We were in the middle of places to open around the country and we got reports that a lot of casinos saw strong figures soon after they reopened. But I don’t think we anticipated this level of strength.”
In its most recent filing with the SEC MGE said its gaming revenue for the first two weeks of the month were 10 percent higher than in 2019. By contrast, the non-gaming amenities declined 20 percent for the same period, reflecting that many dining and hotel amenities are still closed.
Mohegan Sun President and General Manager Jeff Hamilton observed, “It’s only two weeks.” He added, “I think some of it was there wasn’t much else to do. Usually, there are festivals, weddings, graduations and the beach in June, and much of that just wasn’t available.”
Foxwoods interim CEO Jason Guyot said he doesn’t expect for the field to remain non-competitive for long. He told the Day, “I think it’s a combination of pent up demand, and Foxwoods and Mohegan Sun being the only casinos open in the region.” He added, “That’s going to change in the next four to six weeks.”
That includes casinos in Rhode Island which are reopening to with VIP invitations only, the Bay State’s casinos which remain close and Atlantic City’s casinos which will reopen July 2.
Guyot said Foxwoods now has a third of its total employees working again.
