Mohegan Sun's revenues were up 6 percent in fiscal 2017, Foxwoods' down 1 percent
Mohegan Sun's Connecticut operations netted $1.08 billion in revenue in the fiscal year that ended Sept. 30, a year-over-year increase of nearly 5.7 percent, the parent company's annual report shows.
Foxwoods Resort Casino’s net revenues in the same period totaled $848.1 million, a 1.2 percent decline over the previous year.
The casinos posted their reports online late last month.
Mohegan Gaming & Entertainment, also known as the Mohegan Tribal Gaming Authority, posted its report on the website of the U.S. Securities and Exchange Commission. The report shows that while net revenue declined at Mohegan Sun Pocono, the company’s casino in Wilkes-Barre, Pa., the company’s overall revenues totaled $1.38 billion, a 3.3 percent increase over the previous year.
The $1.08 billion figure for Mohegan Sun’s Connecticut operations includes revenues generated by Mohegan Sun, the Mohegan Tribe’s Uncasville casino; the Connecticut Sun WNBA franchise; the Mohegan Sun Golf Club in Baltic; and the New England Black Wolves franchise in the National Lacrosse League.
Mohegan Sun Pocono’s net revenues were $278.9 million, down 6.6 percent. Overall, MTGA’s net income, or profit, was more than $75.4 million.
In its report, MTGA lists the “most significant factors and trends” affecting its financial performance during the fiscal year, namely “strong overall business volumes at Mohegan Sun;” the additional capacity associated with the 400-room Earth Hotel, which opened in November 2016; and a strong entertainment calendar at Mohegan Sun.
“Soft overall business volumes at Mohegan Sun Pocono” contributed to the Pennsylvania property’s revenue decline, the report says.
Foxwoods posted its report last Wednesday on the website of the Electronic Municipal Markets Access system. The day before, the casino’s owner, the Mashantucket Pequot Tribe, announced that it had “realigned” an outstanding loan and extended until June 30, 2019 a forbearance agreement that had been set to expire Dec. 31.
Under such agreements, lenders agree to “forbear” from taking debt-collection action against a borrower that’s in default. In 2014, the Mashantuckets defaulted on the terms of a debt-restructuring plan adopted the previous year.
The annual reports also shed light on the number of employees at the casinos.
As of Sept. 30, Mohegan Sun employed about 5,045 full-time employees at its Connecticut facilities, as well as about 2,065 seasonal, part-time and on-call employees. Foxwoods reported that it employed about 4,870 “full-time equivalents” — 1.6 percent fewer than in the previous year.
MTGA’s report listed the compensation of its top executives, including Mario Kontomerkos, who served as chief financial officer during the fiscal year. His total compensation, including base salary, a cash bonus and benefits, totaled $1.1 million. He was named president and chief executive officer in October.
Thomas Burke, the chief operating officer, and Robert Rubenstein, senior vice president and general counsel, received nearly $1 million apiece in total compensation. Bobby Soper, the former president and CEO who abruptly resigned in February, received nearly $1.2 million in compensation, more than half of it in “termination benefits.”
Foxwoods' report does not list executive compensation.
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