Mohegan Sun and Foxwoods announced decreased gaming revenues for their latest fiscal years. 

During the tribal casinos' initial complete year of functioning alongside legal iGaming in Connecticut, the physical casinos experienced a decline in patronage. 

Mohegan Sun in Uncasville disclosed through financial reports a gross gaming revenue (GGR) of $598.96 million for the fiscal year 2023, which concluded on Sept. 30. That indicates a 5.15% decrease compared to the previous year. 

At Foxwoods in Ledyard, the total retail GGR reached $515.54 million during that same 12-month timeframe. That signifies a 1.2% decline from the tribal casino's fiscal results in 2022. 

Income Decreases at Indigenous Resorts 

Certain declines in tribal gaming were balanced by other resort features. 

At Mohegan Sun, food and beverage sales rose by almost 8% to reach $97.7 million. Revenue from hotel rooms increased by almost 1% to $95 million, while retail and entertainment revenue rose nearly 4% to $128.4 million. 

Mohegan Sun’s total net revenue of $920.2 million was approximately $20 million less than the 2022 fiscal year, during which the integrated resort earned roughly $940.3 million. 

Mohegan Sun’s casino covers 310,000 square feet, featuring 3,495 slot machines, 245 table games, and a FanDuel Sportsbook. The venue features a concert hall with 10,000 seats, 84 dining and shopping options, and 1,562 hotel accommodations. 

Mohegan Sun’s fiscal year net income, or earnings before interest, taxes, depreciation, and amortization (EBITDA), reached $258.2 million. That indicates an 8.4% decrease in profits compared to the casino's fiscal year of 2022. 

Mohegan representatives indicated in the financial report that the decline in GGR was due to “reduced gaming volumes and table hold.” 

At Foxwoods, the casino announced that “nongaming revenues,” which encompass food and beverage, retail, hotel, and entertainment, reached just over $177 million — an increase of around 2%. Food and beverage sales rose 11% to $47.4 million, hotel revenue remained unchanged at $68.8 million, while retail and entertainment earnings grew 5% to $60.8 million. 

Due to increased overhead expenses, Foxwoods' EBITDA of around $110.7 million reflected a 16% decline from the 2022 fiscal year. 

Foxwoods representatives noted that payroll expenses exceeded the previous year by $29.8 million. The combined resort reported that “other operating expenses” rose by $42.3 million, a surge fueled by the property's “larger gaming footprint and the growth of our nongaming facilities, as well as the ongoing inflationary impact on commodity costs.” 

Foxwoods features around 300,000 square feet of casino space, offering about 3,300 slot machines, 250 table games, and a DraftKings Sportsbook. Three hotels provide 1,950 accommodations, and the resort includes 31 dining establishments, lounges, and bars. 

iGaming Revenue 

Alongside their large resorts, Connecticut's two tribal casinos have been running online casino games since 2021 after revising their Class III compacts with the state. Their sportsbook associates also accept bets from a distance. 

In the first 11 months of 2023 (with December still pending reports), the iGaming revenue for the tribes and their partners — DraftKings and FanDuel — surpassed $295.2 million. 

The online sports betting operations of the tribes have generated over $85.6 million from remote bettors, totaling around $380.8 million in combined internet GGR, with one month of revenue yet to be reported.