UPDATED: Mohegans report rough quarter as profits plunge

Editor's note: This version corrects total handle for the quarter was $2.33 billion.

Uncasville — The Mohegan Tribal Gaming Authority reported today its profits declined by more than half for its latest quarter compared with the same period last year.

Profits for the third fiscal quarter amounted to $11.6 million for the months of April, May and June, according to the gaming authority, which operates the Mohegan Sun casino. This compares to profits of about $20 million in the previous reporting period and $23 million in the third quarter of last year.

“We are certainly disappointed with our results for the quarter,” Mitchell Etess, president and chief executive of the Mohegan Sun, said in a prepared statement. “The weakness in consumer spending continues to be a concern.”

The authority said gaming revenues totaled $321.1 million for the quarter, a decline of 4.9 percent from a year ago.

Revenues from table games showed the biggest losses, with an 11.2 percent decline, on a total take of $70.6 million. Slot revenues were down only 3 percent, to $246.2 million, and non-gaming revenues hit $61.1 million, off 8.7 percent.

“Slot revenues at Mohegan Sun continue to be impacted by weakness in consumer spending,” according to an analysis of the numbers offered by the gaming authority.

The gaming authority said fewer headliner shows held at the Mohegan Sun Arena reduced costs during the quarter, helping to offset lost revenue in other areas.

Total handle for the quarter was $2.33 billion, just a fraction off from the same period last year.

The gaming authority reported that distributions to the Mohegan Indian Tribe have amounted to $48.7 million during the first three quarters of its fiscal year. This compares to $46.6 million in the same period last year.