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Connecticut casinos see decline in slots revenue

16 April 2008

CONNECTICUT -- As reported by the Connecticut Day: "Slot revenues continued to decline at both the state's casinos during the month of March, but while the losses at Foxwoods Resort Casino continued to grow, Mohegan Sun experienced its smallest decline in recent months.

"Foxwoods saw their revenues slip 12 percent from March 2007 to $60.8 million, while Mohegan Sun's numbers dropped 1.4 percent to $76.8 million compared to last year.

"Both casinos continue to blame the economy for declines in slot revenues and pointed out that casinos in other markets, like Atlantic City, are also struggling with sliding revenues.

"'I think at this point it's very difficult to say anything other than the economic uncertainty has got to have taken its toll,' said Mitchell Etess, Mohegan Sun's president and chief executive officer.

"As well as the economy, Barry Cregan, interim president at Foxwoods, blamed 'heavy construction' along Route 2 and construction in the Grand Pequot Tower for the 12 percent decline in slot revenues in March.

"...Because of the decline in slot revenues, the state of Connecticut will also see lower contributions this year as compared to last year.

"Mohegan Sun sent $19.2 million to state coffers, about $264,000 less than last year.

"Foxwoods sent $15.2 million to the state, about $2 million less than in March 2007.

"...Patrons at Foxwoods appear to have cut back on their spending at the casino as the amount of money they spent at the slots, or handle, decreased by 12 percent to $694 million.

"But at Mohegan Sun, the handle increased by 2.5 percent to $916 million..."

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