Foxwoods reports quarterly revenue decline

May 13, 2019

Mashantucket — Foxwoods Resort Casino’s net revenue fell 6.9 percent in the quarter that ended March 31, a similar result to that reported last week by Mohegan Sun, which had a 7.4 percent decline.

The period from January through March marked the second full quarter in which the southeastern Connecticut casinos have contended with competition from MGM Springfield, the 189.8 million in the quarter, a 159.6 million, 77.5 percent of gross revenue.

Foxwoods’ earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled 900,000, or 1.2 percent. So far this year, Foxwoods has reduced the number of full-time equivalent employees, or FTEs, by about 266, the report says.

Foxwoods reported a substantial decline in table games “drop,” the amount of wagers placed by gamblers. For the quarter, the drop was down 11 percent to 44.1 million for a “hold” percentage of 18.3 percent. Table-games revenue declined 7.8 percent while poker revenue was down 16.6 percent. Slot-machine revenue was down 7.6 percent to 46.3 million, down 3.8 percent.

As of March 31, the Mashantuckets’ outstanding long-term debt was nearly 2.2 billion to $1.7 billion. In 2014, the tribe defaulted on the terms of the restructuring agreement and has been operating under a forbearance agreement last extended to June 30.

Under such agreements, lenders agree to “forbear” from taking debt-collection action against a borrower.