Connecticut casinos take big revenue hit

“For the longest time, both casinos saw their revenues grow, but those days may be over,” said Arthur Wright, a professor emeritus at the University of Connecticut who studies gambling. “The dramatic rise in gas prices over the summer months may have kept people closer to home.”

Mohegan had the biggest loss since July as slots cash from their 2,500 one-armed bandits fell to us$ 3.38 billion, down from us$ 3.65 billion, a 7.2 % hit. Until recently, Mohegan had enjoyed staggering numbers. The total amount collected from slots rose to us$ 10.6 billion in 2006 from us$ 4.6 billion in its first full year of operation in 1997.

But revenues began to fall last year when slots produced us$ 10.3 billion. While the Casino of the Wind opened in August with 64,000 additional square feet of gambling space, the tribe put its us$ 734 million expansion on hold in September due to the recession.

Despite the MGM Grand that opened in May at Foxwoods, slots proceeds declined to us$ 3.16 billion, July through October, from us$ 3.26 billion a year earlier. After enjoying annual increases in slots income since its inception in 1993, revenues peaked at us$ 9.9 billion in 2001. But last year slots were down to us$ 9.1 billion.

Wright said gambling, like other entertainment venues, are hurting as the economy sputters. “Gambling enterprises are just as prone to slowing as other entertainment, like professional sports,” he said.