Two of the tribal casinos of Connecticut accepted their luck in 2020, as pandemic coronavirus drew devastating consequence for both the casinos destroying their plans for the upcoming days and revenue.
Not many days before the New Eve, MTGA, of the Mohegan Tribal Gaming Authority reported its annual 2020 revenue card featuring the past prior 12 months closure during which the Authority reserved a total loss of $162.1 million relating with only $2.5 million loss in 2019. The MTGA depicted that a $126.6 million loss in 2020 was a decline of the intangible property of Pennsylvania’s Mohegan Sun Pocono casino.
MTGA Report
MTGA’s gambling association Mohegan Gaming and Entertainment purported revenue for its Mohegan Sun flagship casino in Connecticut plummeting down nearly 28% to $715.7 million from 2019. The Pocono property was also faced a similar ratio of $181.2 million while the management deal of the casino on Niagara Falls’ Canadian side brought in around $180 million which is up 60% from the year 2019.
MTGA stated that it doubted substantially regarding its capability to make fair some of $615 million in debt falling due in October. However, Mario Kontomerkos, the CEO of MGE told the regional media that the report contained a specific language like “a needed accounting designation”. It also included terms like no objectives for an expansive furlough at that time to define such maturities.
Two of the Connecticut casinos shut down in mid of March and did not relaunch until June. In spite of this time-out, and the ensuing critical health and safety regulations, Mohegan Sun’s maneuvering profit was down only 17.8% to $128.4 million.
Mohegan Sun’s rival in the state Foxwood Resort Casino, which is operated by the Mashantucket Pequot Tribal Nation, tolerated a more devastating blow in 2020, with falling revenue of 31.6% to around $539.2 million.
