The Mohegan Tribe of Connecticut blamed the economy and increased competition for "lackluster" returns at its gaming business.

The Mohegan Tribal Gaming Authority reported profits of $344.4 million in the last quarter. That's down from $361.4 million a year ago.

“Our third quarter operating results were lackluster,” CEO Mitchell Grossinger Etess said in a press release. “We faced difficult year-over-year comparisons, persisting economic concerns and significant new supply in the marketplace."

Overall, gaming revenues were $307.1 million for the quarter, down 6.5 percent from last year. That includes the tribe's operations in Connecticut and Pennsylvania.

The tribe's cut of the gaming business was $12.5 million in the last quarter. That's down from $14.6 million a year earlier.

"Distributions to the tribe are anticipated to total $53.0 million for fiscal 2012," according to the press release.

Get the Story:
Economy, rivals hurt Mohegan Sun's profits (The Norwich Bulletin 8/1)
Mohegan gaming results continue down trend (The New London Day 8/1)
Sun feels squeeze from N.Y., Atlantic City (The New London Day 8/1)
Can’t win them all (The Wilkes Barre Times-Leader 8/1)
Mohegan Sun Reports 'Lackluster' Earnings (The Hartford Courant 7/31)
Mohegan Sun casinos post 'lackluster' 3Q profit (AP 7/31)

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