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Tue August 19, 2014
A Crowded Field Will Squeeze Profits At New England Casinos
The rising number of casinos in New England that’s hurting the Foxwoods Resort Casino is both a threat to table games in Rhode Island and the reason to add more.
Analyst Clyde Barrow said the Foxwoods Resort and Casino in Connecticut has been losing millions of dollars since its peak in 2006. To blame: a slow economic recovery and a growing number of casinos in New England.
New York wants to open four casinos, and Massachusetts is moving toward adding three full casinos and a slot parlor. Barrow said those Bay State casinos will hurt Rhode Island’s Twin River. “Twin River I think is a healthy facility, but it will probably end up a small facility because it gets half their customers from Massachusetts,” said Barrow. “So it will be smaller but I think it will be profitable never the less.”
Newport Grand, on the other hand, must add casino gambling to survive the rise in competition, “They will face exactly the same problem,” said Barrow. “The ironic thing of course is that they almost have to go to table games simply to safeguard their current position against that competition.”
Voters will decide in November whether the Newport slot parlor can add table games.
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