Connecticut's other federally-recognized tribe also reported declines in slot machine revenue for the month of July.
The
Mohegan Tribe said slot machine win fell 8.9 percent, compared to July 2012.. That was a bigger hit than the 4.9 percent decline reported by the
Mashantucket Pequot Tribal
Nation.
The figures mark the 19th consecutive month of yearly declines, according to news reports. And
Moody's Investor Service warns that it could get worse once commercial casinos open across the border in Massachusetts.
However, both tribes are bidding on casinos there. That could help them offset any losses at home, Moody's said.
"The best hope for the struggling Connecticut companies lies across the border in Massachusetts," said Moody's analyst Peter Trombetta, who authored a new report on the market. "If they are awarded licenses to operate there, their prospects will brighten considerably, but if not, both will see continuing deterioration in gaming revenue amid competition from nearby states."
Get the Story:
Decline in slot-machine revenue extends to 19 straight months for 2 tribal casinos in Conn.
(AP 8/14)
Foxwoods, Mohegan July slot machine revenues down
(The Norwich Bulletin 8/14)
Moody's: Connecticut casinos look to expand into Massachusetts to improve revenues
(Moody's Investor Service 8/14)
Casinos' slot revenue down for 19th month in a row
(The New London Day 8/15)
Moody's: Connecticut Casinos Need Wins In Bay State
(The Hartford Courant 8/15)
Related Stories
Mashantucket Tribe reports decline
in slot machine revenues (8/14)
Mohegan Tribe close to agreement for
Massachusetts casino (8/14)
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