Mohegan Sun is conveniently located only minutes off Interstate 395 in Uncasville, Connecticut. Mohegan Sun's exit and access road provide smooth, four-lane driving all the way to the front door. Mohegan Sun Casino and Spirit of Broadway Theater are some sights worth a visit in the area. Foxwoods Resort Casino is also located 6.9 mi (11 km) from Mohegan Sun Arena, and Norwichtown Mall is 3.9 mi (6.2 km) away.

A ratings agency on Thursday boosted its outlook for the casino industry, seeing the beginning of a recovery even as COVID-19 surges. At Foxwoods Resort Casino and the Mohegan Sun, however, slot revenue is declining.

Moody’s Investors Service increased its outlook to stable from negative as it sees profit improving.

“The stable outlook for the U.S. gaming industry reflects our expectations of casinos' road to recovery over the next 12 to 18 months,' analyst Adam McLaren wrote in a note.

The industry is “facing high hurdles for a return to normal,” he said. Much of the second quarter decline was recovered in the third quarter and profit is expected to grow by about 5% in the fourth quarter, which began Oct. 1, McLaren said.

Mohegan Sun posted lower slot revenue in August and September and Foxwoods reported a drop in revenue in July, August and September.

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From June 1 when the casinos reopened after shutting in mid-March due to the pandemic through Sept. 30, Foxwoods posted $121.4 million in slot revenue, down 18% from the same period in 2019.

Mohegan Sun reported $178.9 million in slot revenue in the four months, off by about 5% from last year.

The two tribal casinos, responding to a spike in the coronavirus in nearby Norwich, said earlier this month they will maintain their current 25% capacity and decline the state’s invitation to expand business operations and public gatherings.

Revenue at Mohegan Sun jumped in June and July shortly after the casinos opened June 1. Slot revenue at Foxwoods rose only in June and has declined in each of the following months.

The casinos opened in defiance of Gov. Ned Lamont, who urged a start later in the summer when more progress was made in the fight against the coronavirus.

State public health officials in early October issued a COVID-19 alert for Norwich as coronavirus cases surged in the city and across the rest of the eastern half of Connecticut.

McLaren said he believes earnings at casinos will jump by 45% in 2021 after falling an unprecedented 39% this year. Limits on capacity at casinos will limit revenue growth, which will improve after the lifting of constraints on the number of visitors, he said.

In addition, as restaurants and movie theaters reopen, casinos will again face competition for consumers' entertainment dollars, McLaren said.

Moody’s analyst Keith Foley said that as the pandemic continues with “no sign of abating anytime soon, the industry remains vulnerable to the risk of more severe restrictions' and casino closings.

Stephen Singer can be reached at ssinger@courant.com.

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