Gov. Patrick: Change we can't believe in.
Slot revenues in Connecticut and casino revenues in Atlantic City are falling, raising questions about Gov. Deval Patrick’s embrace of expanded gambling as a windfall for the struggling Massachusetts budget.Both Foxwoods and Mohegan Sun in Connecticut have seen slot machine revenues slide significantly in recent months, with Foxwoods, in December, suffering the biggest month-over-month decline in 15 years.
Atlantic City casinos saw revenues decline last year for the first time since gambling was legalized there nearly 30 years ago.
A slowing economy and gas prices have kept some gamblers at home. But rising competition is also helping slash slot revenues, in what critics say is a troubling development for Massachusetts as it eyes its own casino plans.
Under Patrick’s plan, three resort casinos would generate $400 million a year for state coffers starting in 2012. Before then, huge licensing fees paid by the companies would contribute up to $300 million a year, according to Patrick’s budget proposal.
“Building a state budget on casino revenues is like building a house on sand because gambling money erodes over time,” said Laura Everett, a spokeswoman for Casino Free Mass, a statewide group opposed to expanded gambling.
UPDATE: More from Matt Margolis.
