Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 14, 2024 13 gled to find its footing in year one. According to CRDA Executive Director Michael Freimuth, the venue ended the fiscal year with a loss around $500,000. Freimuth cited the change in vendors from Rush Street to Fanatics as having a detrimental effect. "There was a change in vendor around December, so we're not yet at a full-year with the new operator," he said. "It's hard to compare what the annual beast is going to be. We're still trying to learn our way through this." Freimuth said the venue, located on the Ann Uccello Street side of the XL Center, has gone through opera- tional changes, "both on the food and beverage side and the operating hours," to better meet the fluctuating demand. "The sportsbook does very well during events," he said. "When we have an event, you can't get into the building sideways. But during the day, it's very slow." Still, he said, gaming revenue was up in September from a year earlier, "so that's positive." For September 2024, Walter said, the XL Center sportsbook had "unofficial and unaudited sales of roughly $460,000." As is typical for many sportsbook venues, the NFL season, "March Madness" NCAA basketball tourna- ment and NBA playoffs in May and June boost gambling. "But the day-to-day, 365-day volume of people isn't high enough to help (the venue) break even," Freimuth said. Among the operational changes that have been made to address that, the venue reduced staff, adjusted its menu, and shortened its hours during the summer. It is now back to an 11 a.m. to 10 p.m. schedule, though it will stay open later depending "on when games end," Freimuth said. "Just getting through the year to understand year-to-year comparables allows us to make smarter decisions going forward," he said. Walter said the lottery hopes to establish more retail sports betting sites, and has "one project we have signed an agreement on" that is not in an arena, though he declined to disclose the location. "We anticipate it being open before the end of this calendar year," he said. Both Norwalk and Danbury, the state's sixth- and seventh-largest cities by population, are possible locations for future venues, as is the state's northeastern "Quiet Corner," he said. A 'win-win' The possibility of more state-oper- ated sportsbook locations does not concern Jeff Hamilton, president and general manager of the Mohegan Sun casino and resort in Uncasville. Approving sports wagering in Connecticut required the state to adjust its gambling compact with the Native American tribes that operate Mohegan Sun and Foxwoods. The result meant both casinos could also offer sports betting. "It's definitely been beneficial," Hamilton said. "It's added, really, another aspect to our business. It's a great amenity to have. It really drives special events and drives additional people to the property." For the third quarter of 2024, ended June 30, Mohegan announced the highest quarterly net revenues in its history of $504 million, up 21.4% from a year earlier. It attributed the results in part to its digital gaming. The casino has partnered with FanDuel from the start, offering a sportsbook on-site that Hamilton says is the best in the state. "We really feel strongly that if you want a great place to watch and bet on sports, then Mohegan Sun is the premier place in the state," he said, noting that it features a 140-foot video wall and 39 betting kiosks. Hamilton added that the casino also sees room for growth. "I think there's definitely opportuni- ties to do more events, more things that drive people to the property," he said. "I think, obviously, there's going to be new sports bettors and people that are coming here for the first time. So, there's always opportunity for growth." Here's A Glimpse of Our Bank Portfolio... Building banks is a specialty of ours. Over the years, PDS has had the great privilege of working closely and often with some of the area's most respected banks, including TD Bank and Webster Bank. These projects have ranged from new construction to general renovation, including several new free standing buildings, one of which incorporated the latest TD Bank design with LEED Platinum credentials. In addition, we have completed fast track interior fi t-outs with all new fi nishes specifi c to our client's design needs. With in-house disciplines of engineering from civil to mechanical, PDS can design the right building to fi t your budget and timeline. SPOTLIGHT ON: COMMERICAL 107 Old Windsor Road, Bloomfi eld, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD 4,000 SF | Wallingford, CT 4,000 SF | Norwalk, CT Various Interior Renovations Bringing over five decades of expertise to the table, we've specialized in crafting pre-engineered metal buildings since 1965. This latest project, spanning an impressive 54,000 square feet, was tailored to the needs of our valued client, Hartford Truck Equipment in South Windsor, CT. Designed and built to their precise specifications, this new facility is set to be a versatile production and storage space for equipment, parts, and much more. For almost 60 years, PDS Engineering & Construction has prioritized building relationships based on trust, efficiency, and transparency. It's these values that ensure we consistently deliver the highest quality results. 107 Old Windsor Road, Bloomfield, CT 06002 | 860.242.8586 | pdsec.com Hartford Truck Equipment in South Windsor, CT Here's A Glimpse of Our Bank Portfolio... Building banks is a specialty of ours. Over the years, PDS has had the great privilege of working closely and often with some of the area's most respected banks, including TD Bank and Webster Bank. These projects have ranged from new construction to general renovation, including several new free standing buildings, one of which incorporated the latest TD Bank design with LEED Platinum credentials. In addition, we have completed fast track interior fi t-outs with all new fi nishes specifi c to our client's design needs. With in-house disciplines of engineering from civil to mechanical, PDS can design the right building to fi t your budget and timeline. SPOTLIGHT ON: COMMERICAL 107 Old Windsor Road, Bloomfi eld, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD 4,000 SF | Wallingford, CT 4,000 SF | Norwalk, CT Various Interior Renovations CONSTRUCTING EXCELLENCE SPOTLIGHT ON: COMMERCIAL Jeff Hamilton RETAIL SPORTS WAGERS IN CT WAG E R S M A D E 1/2022 $5M $10M $15M $0 7/2022 1/2023 7/2023 1/2024 7/2024 *Retail sports betting includes bets made only at the state's brick-and-mortar sportsbooks. The XL Center sportsbook debuted in Sept. 2023. | Source: CT Dept. of Consumer Protection

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