Connecticut: Foxwoods and Mohegan Sun post slight decline in net revenues during latest fiscal year

Connecticut’s Foxwoods Resort Casino and Mohegan Sun reported a slight year-over-year decline in their net revenues in the fiscal year 2023 that ended September 30Foxwoods posted $636.8 million, which represents a 0.5% decline compared to the previous year. Meanwhile, Mohegan Sun generated net revenues of $920.2 million, perceiving a 2.1% drop year-over-year. 

According to Foxwoods’ report, the Mashantucket Pequot-owned casino’s gaming revenues decreased 1.2% in the 2023 fiscal year, while non-gaming revenues were 2.4% higher due to a year-over-year increase in food and beverage sales. Gaming accounted for 74.5% of Foxwoods’ gross revenue in fiscal 2023, down from 75.5% the previous year.

Furthermore, the casino’s payroll costs, excluding severance, were up by $5.6 million, or 2.9%, during the year, reflecting the addition of about 100 “full-time equivalent” employees. At the end of the fiscal year, the Mashantuckets’ “substantial amount of indebtedness” totaled $2.15 billion. As of September 30, Foxwoods employed approximately 3,248 full- and part-time employees, according to the casino’s annual report.

Foxwoods Resort Casino

Meanwhile, the decrease in Mohegan Sun’s net revenues was primarily due to declines in gaming revenue from slot machines and table games. The decrease was partially offset by higher food and beverage and entertainment revenues.

Mohegan, which in addition to Mohegan Sun owns and/or manages seven other properties in the United States, Canada, and South Korea, reported the company as a whole had revenues of $1.67 billion in fiscal 2023, reflecting a 5.1% increase over the previous year’s $1.59 billion. Mohegan Sun accounted for about 55% of the company’s revenues.

Other segments of the business include Niagara Resorts, including management of two casinos in Ontario, Canada, which had revenues of $314.5 million; Mohegan Pennsylvania had revenues of $251.1 million; and Mohegan Digital, which operates online gaming in Connecticut and Ontario, and had revenues of $100.6 million. A fifth segment of the company, “management, development and other,” had revenues of $85.8 million.

Mohegan Sun in Conneticut

Foxwoods posted its report on the Electronic Municipal Market Access, or EMMA, website, which provides public access to municipal market information. Mohegan Sun’s corporate parent, Mohegan, which up until 2023 had filed its financial reports with the U.S. Securities and Exchange Commission, posted its annual report on the Mohegan website.