For over nine years, casinos in Connecticut have recorded low visitor turnouts thus fail to meet their revenue projections.
According to industry investors, the major reason is among other things, the expansion of gambling activities in neighboring states.
This is likely to take more time to heal because the states have not shown any signs of either stopping to invest in gaming facilities or support bills that enact and legalize casino expansion.
However, all is not lost. At least, the two gaming operators in Connecticut have reported that their revenue collection has stabilized in recent years.
Although this is not something to be overly proud of, it is an indicator that if other necessary measures are taken, facilities in Connecticut will make real money online casino gambling sites a number one revenue collector in the state. Connecticut Attorney General Doubts Satellite Casino Proposal.
Operators of the two gaming companies in Connecticut recently conceded that they have not managed to meet their revenue projections in a period of not less than 9 years!
The decline in revenue collection would not be a bother to the operators if it were a few weeks, months, or even a few years, but now they say it is for over 9 years, something they say is a real insult to the industry.
According to Alan Meister, a principal economist attached to Nathan Associates, a financial consulting firm that is based in Virginia said that the gaming facilities are even trying to stay afloat.
Alan asserted that if it were other industries, many operators would have deserted their business long time ago. The operators have been resilient and persistent hoping that things will change for better some day.
He even said that for now, the operators are dreading on a revenue value, which is 36% lower when compared to the percentage they had nearly 11 years ago in 2006.
For instance, in 2015, the two gaming facilities in Connecticut, Mohegan Sun and Foxwoods lost a percentage of revenue each when compared with what both of them garnered in 2014 respectively.
Initially, the operators would say that the main caused for their ‘economic’ hardship was the start of the Great Recession. Connecticut Tribes Lure The State By Paying More Tax To Get Third Resort.
In as much as that was true, problems have grown to include expansion in the gaming industry from neighboring states.
Today, the hard revenue situation in Connecticut is directly linked to gaming expansion in neighboring states.
“The problem of revenue collection from the gaming sector in Connecticut is directly affected by the number of gaming resorts in our neighbors. They’ve saturated the market because they want to get their share of the market,” said Meister.