Sportsbook, sports bar at XL Center in Hartford lose money
A recently opened sportsbook and sports bar at the XL Center in Hartford, Conn., is not yet profitable.
Sports Bar & Fanatics Sportsbook, a downtown location that opened in September, could lose up to $750,000 by July 1, according to local news reports.
Just three months after opening, the new business already lost more than $280,000 in December, according to the Hartford Business Journal.
Officials attributed the loss in part to the fact that it was a new business. Authorities say many patrons only visit these locations when attending concerts or sporting events.
Trust in the UConn Team
UConn Basketball and Lacrosse teams sometimes play at the XL Center. The UConn men's basketball team is currently ranked and won the NCAA championship last year.
"Especially on the night of a UConn men's game, you can't bet on sports," Capital Region Development Authority executive director Michael Freimuth told Hearst Connecticut Media.
But for the most part, many Connecticut sports bettors prefer to bet on sports elsewhere in the state, such as at the state's two tribal casinos, Hearst Media reports. FanDuel at Mohan Sun Casino Resort and DraftKings at Foxwoods Casino Resort.
Additionally, the Connecticut Lottery changed its sports betting provider to Fanatics in December, causing a slowdown in activity during the transition, Hearst Media reported.
"Fanatics' signage and branding were added just weeks ago and its presence in Connecticut will increase visibility at XL Center and other locations," the Connecticut Lottery Commission said in a statement. "While current revenue is lower than Initial projections, but sales have increased month over month throughout the football season and should continue to increase as awareness and customer base develop."
Waiting for decoration
Officials hope plans for improvements to the XL Center will help increase attendance at the venue. The XL Center could undergo renovations that could cost up to $100 million, including adding luxury club seating and more general admission seating. This will be accomplished by moving the stage and improving the loading dock.
In 2015, it was reported that XL Center renovations would cost up to $250 million. A new indoor stadium in Hartford previously had a price tag of at least $500 million. By comparison, a proposed new venue in Las Vegas could cost about $1 billion.
No professional sports team has played a game at the XL Center since the Whalers left the NHL in 1997.
On a related note, UConn has yet to build an on-campus football stadium for its struggling football team. Home games are currently played at Rentschler Field, an off-campus facility in East Hartford, Connecticut.
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Source: www.casino.org
