SEARCH NEWS:

 

Mohegan Sun, Foxwoods On Top for Now

"Analysts say there are enough eager players in the New York and Boston metropolitan areas that the existing $2 billion market could easily double in size. The two Connecticut tribes have a head start with fully developed resorts and millions of loyal customers, but the tribes realize they won't have exclusive access to this lucrative casino market forever.

"…Industry observers believe full-scale casino competition is more likely to come first from the New York Catskills, where the St. Regis Mohawks, Stockbridge Munsee Band of the Mohicans, Oneida Nation and Cayuga Nation are seeking to build casinos.

"…In Massachusetts, one of the states eyeing potential casino revenues to offset budget shortfalls, [William Sherlock, president and chief executive officer of Foxwoods Resort Casino,] said it's more likely the state would add slot machines at racetracks than approve a casino.

"…The Gay Head Wampanoag Tribe is seeking to build a casino in southeastern Massachusetts, and the Boston Globe reported this week that the tribe is seeking to partner with gaming interests for another casino in western Massachusetts.

"…In Rhode Island, the Narragansett Tribe has partnered with Harrah's to propose a casino for West Warwick and a special legislative commission has been studying the potential effects of casino gambling.

"…Last week, another casino proposal surfaced when Las Vegas entrepreneur Sheldon G. Adelson told the special committee on gambling that he wanted to build a $1 billion resort in northern Rhode Island, emphasizing that it would only be lucrative if the state beat Massachusetts in the race to open a gaming house.

"…Meanwhile, operators of the state's two racinos, Newport Grand Alai and Lincoln Park, gained approval Monday to add 1,825 more video lottery terminals to their facilities, bringing the total of slot-machine-like units in the state to more than 4,300.

"…Mohegan Vice Chairman Peter Schultz agreed with Sherlock that the Catskills casino proposals are most likely to come to fruition first. The Mohegans estimate the Catskills' market would siphon 5 to 6 percent of their New York business.

"…The Connecticut market has been phenomenally lucrative, and both casinos are now realizing more than $1 billion in net revenues annually. The two casinos turned more than $370 million in slots revenue to the state last year. The Mohegans recently completed a $1.1 billion expansion and this week purchased a professional women's basketball team. The Mashantuckets are mulling a major expansion project and could announce their plans by year's end.

"Analysts estimate New England could be a $4 billion-a-year casino market, which is double its current size. Operators of both Connecticut casinos say they are ready if that should happen…"

< Gaming News