For the upcoming January session of the General Assembly, Bridgeport once again will be the centerpiece of a proposal by MGM to build a $675 million waterfront destination at the Steelpointe Harbor redevelopment area. Connecticut’s tribal nations that operate Foxwoods and Mohegan Sun under a state gaming monopoly just aren’t generating the revenue of their halcyon days. Their effort to counter MGM’s Springfield, Mass resort with an East Windsor casino ain’t gonna happen.
Fairfield County’s wealth is arguably the last best location for a sustainable gaming resort given the regional gaming glut. Why not make a marriage from all of the above in Bridgeport?
From Hartford Business Journal:
The tribal operator of Mohegan Sun reported a 25 percent decline in fourth-quarter profits due to lower gaming revenues that were challenged by new competition at MGM’s Springfield Casino.
For the three months ended Sept. 30, Mohegan Gaming & Entertainment (MGE), which owns Mohegan Sun in the Uncasville section of Montville and another casino in Pennsylvania, said it netted almost $40 million, down about 25 percent vs. the $53.5 million it recorded in the year-ago period.
The net income dip, in part, was due to a 5.2 percent loss in gaming revenues, which fell from $307.1 million to $291.1 million in the fourth quarter. Slot revenues declined 4 percent and table game revenues fell 7.9 percent during the quarter.
Full story here.
The beginning of the end for Mohegan. State of Connecticut better get serious with a situation that is quickly going down the drain.
It’s time to lower the vig to 15% on slots.