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Mohegan gaming authority posts steep decline in quarterly profit

Published November 29. 2012 10:00AM   Updated November 29. 2012 12:07PM

Mohegan — The Mohegan Tribal Gaming Authority reported today that its $14.8 million profit for the quarter that ended Sept. 30 was down 68 percent over the same quarter the previous year.

The authority’s quarterly earnings report, which it discussed with investors on a conference call, shows the authority’s revenues declined in all gaming and nongaming categories. Net revenues for the three-month period were $351.8 million, a 5.8 percent decrease.

Gaming revenues were down 6.9 percent and nongaming revenues were down 5.6 percent.

 
The authority owns and operates Mohegan Sun in Uncasville and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pa.

“Our operating results for the quarter reflect a continuation of recent trends in revenues,” Mitchell Etess, the authority’s chief executive officer, said in a statement. “In response, we continue to be prudent in our marketing approach in order to optimize revenues and profitability and, in late September 2012, we began implementation of further cost saving initiatives at Mohegan Sun in order to align our operations with market conditions.

“We remain pleased with the performance of Mohegan Sun at Pocono Downs and the progress of Mohegan Gaming Advisors, including its recent management deal with Resorts Casino Hotel in Atlantic City.”

Mohegan Sun announced in late September it was laying off about 330 workers, incurring $12.5 million in severance charges. The layoffs and other initiatives will save the casino at least $20 million in fiscal 2013, the authority said.


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