onnecticut’s two casinos reported significant drops in revenue in 2020 because of the COVID-19 pandemic and restrictions placed on their properties.
Foxwoods Resort Casino reported net revenues of $539.2 million during the fiscal year that ended Sept. 30, 2020, a 31.6% decline from the $787.8 million it tallied the previous fiscal year, as reported by The New Long Day.
Mohegan Sun’s net revenues fell to $715.7 million in fiscal 2020, down 27.9% from $992 million. Mohegan Gaming & Entertainment, the corporate entity that operates Mohegan Sun and the Mohegan Tribe’s other gaming enterprises around the world, had total net revenues of $1.11 billion, a decrease of 16.7%, according to the MGE annual report filed last week with the U.S. Securities and Exchange Commission.
A week earlier, in a quarterly report for the period from July 1 to Sept. 30, 2020, MGE said “steep increases in infections in virtually all of our markets globally” had slowed progress in construction of a $1.5 billion resort it’s developing in Incheon, South Korea. COVID-19's resurgence also has delayed the opening of MGE's Canadian properties and its new casino in a Las Vegas hotel.
“Looking beyond the virus, however, we remain quite positive as our business has been optimized to benefit from what we foresee to be significant pent-up demand for leisure consumption in the months and years ahead,” Mario Kontomerkos, MGE’s chief executive officer, said in the quarterly report. MGE’s net revenues tumbled 29% in the quarter.
The annual reports attribute the casinos' financial setbacks to the pandemic, which caused Foxwoods and Mohegan Sun to close in mid-March and has kept them from resuming full operations since reopening June 1.
Foxwoods obtained a $54.4 million federal grant under the Coronavirus Aid, Relief and Economic Security, or CARES Act, and the tribe awarded the casino grants totaling $20.2 million to offset the financial impacts of the pandemic. The casino primarily used the funds to offset unemployment benefits and health care costs.
Last week, Mohegan Sun reopened its poker room with six of its 33 tables available to players. It was the first casino in New England to reinstate poker since the pandemic began in March.