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Kulick and Barrow said competition is the newest threat to casinos, even as revenue is now rising as the economy slowly improves. "There are some real pockets of recovery going on right now," Barrow said. Massachusetts legalized casino gambling in November, but it will be years before the three casinos authorized will be operating. New York Gov. Andrew Cuomo announced this month that he would work with the Genting Group, one of the world's largest gambling companies, to transform the Aqueduct horse track into a megaplex that would eventually include the nation's largest convention center, 3,000 hotel rooms and a major expansion of a casino that began operating in October. For Connecticut's two casinos, "Aqueduct could be pretty substantial competitive pressure," Barrow said. "I don't see real revenue growth for Connecticut's casinos, he said. Declining or stagnant revenue is bad news for Connecticut state government, which takes 25 percent of what the casinos pull in. State revenue from the two casinos reached their peak in 2007 at more than $411 million, said Kevin Lembo, Connecticut's comptroller who tracks state revenue from all sources. That's declined to $342 million in the state's budget year that ended last June 30, down $69 million, or 17 percent. "The loss of revenue is one obvious and immediate impact for the state," Lembo said. "What happens to jobs? What happens to future development plans? These are areas of concern for everyone at this point." Lt. Gov. Nancy Wyman said the health of the two casinos is critical because they are destinations in southeast Connecticut, drawing tourists who also visit vineyards along the shoreline, the Mystic Aquarium and other sites. "This is a big thing for us," she said.
[Associated
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