The Sports Bar & Fanatics Sportsbook at Hartford’s XL Center, a $5 million venture that opened with high expectations in September, has projected a potential $500,000 loss for the fiscal year ending June 30, a figure that represents an improvement from a forecast of a $750,000 loss, according to the Capital Region Development Authority, which manages the XL Center.
In its first five months, the venue experienced a nearly $300,000 deficit, attributed primarily to the sports bar’s operations. Despite these initial setbacks, officials remain hopeful, noting the sports betting venue, one of Connecticut’s largest, is beginning to gain momentum. This slow start was partly because of the state’s transition from PlaySugarHouse Sportsbook to Fanatics Betting and Gaming shortly after the venue’s opening, disrupting marketing efforts.
“We launched it with Rush Street because it was ready to go; it was such a large project,” Andrew Walter, director of legal and business affairs at The Connecticut Lottery Corp’s sports betting division, explained to the Hartford Courant. “Rush Street was on its way out a couple of months later, so (the sportsbook) didn’t get the fanfare or attention from a marketing side that it otherwise would have gotten.”
The XL Center’s share of net betting revenue through January was $22,000, with officials optimistic that the venue could draw in $15 million to $25 million in wagers annually. This could potentially transform the arena’s financial outlook, generating between $600,000 and $1.5 million a year for the historically money-losing venue.
“That would make us break even or do better,” said Michael W. Freimuth, CRDA’s executive director. “But getting there is going to take some work.”
Amidst these financial challenges, the sportsbook has shown signs of promise, particularly with the Super Bowl, which saw $55,000 in wagers and ongoing increases in monthly wagering. New promotional efforts and the installation of larger entrance signs are part of strategies to boost visibility and patronage.
This venture is part of broader efforts to revitalize the XL Center and attract visitors even on non-event days. Plans for a major renovation of the 49-year-old arena are under consideration, with a focus on adding premium seating and other amenities to enhance the venue’s competitiveness and financial sustainability.
