Mohegan Sun is reporting that MGM’s new casino in Massachusetts is taking a bite out of its profits.
The company reported Thursday that net revenues at its flagship Connecticut casino dropped about three percent in the quarter that ended Sept. 30.
Mohegan Sun, which also operates a casino in Pennsylvania, said the Uncasville casino pulled in $275 million, down from $284 million during the same period last year. Income from operations fell 22 percent from $71 million in the same period last year to $55 million.
The company acknowledged that “new competition in the New England region” was a factor, though it said the impact has been “in-line to slightly better than expected.”
MGM Springfield opened near the Connecticut state line this August as Massachusetts’ first resort casino.