Foxwoods Resort Casino in Connecticut recorded an 8 percent year-on-year drop in revenue to $35.3 million in November, marking the sixth consecutive month of decline.
Although much of the revenue decline is attributed to the opening of rival MGM Springfield in late August, in fact the lower results began in June and haven’t improved in the meantime. The sharpest year-on-year revenue decline—10 percent—was recorded in October.
June was also the month in which CEO Felix Rappaport suddenly died, throwing confusion into the plans of the upper ranks of management. Among other things, Rappaport had been leading the efforts to explore the possibility of bidding for an IR license in the Japanese market at the time of his death.
Chairman Rodney Butler has taken over the CEO duties since June.