The Connecticut-based Mohegan Sun and Foxwoods have registered “sharp declines” in revenue since both shut their doors last month in response to pleading by Governor Ned Lamont.
The Mohegan Sun, which was open until the middle of March, kept $19.5 million in slots revenues, a 62 percent decline over the previous year.
Foxwoods made $14 million in slots revenue, a 65 percent decline over 2019.
This is the first time the casinos have closed since they opened in the 1990s.
Both casinos pay the state 25 percent of slots revenues as required by the tribal state gaming compacts. The state has agreed to allow them to defer those payments until the casinos reopen.
Chuck Bunnell, the Mohegan Tribe’s chief of staff wrote last week, “Our governments have agreed to defer payments till a later date as we all focus on the crisis at hand and plan for a safe and healthy opening when appropriate.” He added, “Also, as there is no gaming to regulate, fees to do so were also waived during this time.”
The tribes have not said whether they were extending their closures past April 30.
Mohegan Gaming Entertainment has reduced expenses and furloughed 98 percent of its employees, according to an SEC filing March 31. Before the shutdown it drew about $125 million from its revolving credit to combine with $187 million it had in cash.
The SEC filing also revealed the MGE had deferred making interest payments totaling $19.7 million on some senior notes due 2024, taking advantage of a 30-day grace period. It said it expects to make the payment before the end of the grace period.
The Mashantucket Pequot tribe announced last week that Foxwoods president and CEO John James had resigned after eight months on the job. His interim replacement will be Jason Guyot, senior vice president of resort operations.
