Foxwoods' third-quarter revenue, earnings down over last year
Aug. 15—MASHANTUCKET — Foxwoods Resort Casino's net revenues totaled $156 million in the quarter that ended June 30, down 2.3% over the same period a year ago, the Mashantucket Pequot-owned casino's latest quarterly report shows.
Operating expenses of $133 million were up 1.9% in the quarter, resulting in earnings of $23.1 million, a year-over-year decline of 20.8%.
The report is posted on the website of the Electronic Municipal Markets Access system.
Mohegan's quarterly report, released earlier this month, showed Mohegan Sun's net revenues totaled $235.7 million, a year-over-year increase of 2.2%.
In the quarter ― the third quarter of Foxwoods' fiscal year ― gaming accounted for 70.6% of the casino's gross revenue, with the rest coming from food-and-beverage (8.3%), hotels (10.9%) and "retail, entertainment and other" (10.2%).
Slot-machine revenue was up $1.2 million, or 1.4%, in the quarter while table games revenue was down $8.8 million, or 23.3%.
The increase in operating expenses was attributed to higher payroll costs, an increase in the volume of nongaming business, an "expanded resort footprint" and "the current inflationary pressure on commodity prices."
Foxwoods added the equivalent of about 60 full-time employees during the quarter, the report says.
In the nine months that ended June 30, Foxwoods spent about $25.2 million on capital improvements, mostly in refurbishing Club Newport, its high-limit gaming area, which officially reopened Aug. 2, as well as slot machines, information technology upgrades and general property maintenance. The casino spent $39.2 million on capital improvements in the same period last year.
On Thursday, Foxwoods and Mohegan Sun released their slots reports for July.
Foxwoods reported it won, or kept, $31.2 million in slots revenue after paying out prizes last month, a 4.1% decline over the $32.6 million it kept in July 2023. Mohegan Sun kept $42.4 million last month, 2.1% less than the $43.4 million it kept the previous July.
Foxwoods paid $8 million of its slots revenue to the state while Mohegan Sun contributed $10.6 million.