Making the News

Hartford Courant

Originally Published:Tuesday, March 19, 2013

State Budget Office Betting On Slot Revenues' Stabilizing Despite Recent Bad Run
General Fund Counts On 25% Of Slot Machine Revenues From Mohegan Sun, Foxwoods

By Brian Dowling
Hartford Courant

Asked about the state's projection of 0.5 percent yearly declines in slot revenues, Joe Weinert, vice president of Spectrum Gaming Group, a New Jersey-based gaming research firm, said, "Given the increases in regional competition in the Northeast and consumers' hesitancy to spend amid a time of economic uncertainty, which includes everything from gas price fluctuations to the 2 percent payroll tax, that's optimistic."

The tough times for the Connecticut casinos are mainly driven by tightened consumer spending, which includes leisure spending such as gambling, and a revived competition on the part of states for revenue dollars from gambling, said Weinert, of Spectrum Gaming Group.

The economy and competition have brought changes in how much and where people spend their money on leisure. And the competition in the region's gambling market is only expected to increase as Massachusetts opens three resort-style casinos in coming years.

"Consumers have an array of choices, and the states have to adjust," Weinert said.

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