The Mohegan Tribe reported a 2.5 percent increase in profits at its casino in Connecticut but saw declines overall in its gaming enterprise.
Mohegan Sun earned $48.1 million in the quarter that ended December 31, 2012, up from $49.9 million for the same period in 2011.
The increase was attributed to reduction in costs, which included a round of more than 300 layoffs last fall.
But overall, the Mohegan Sun Tribal Gaming Authority saw a net income fall 62.1 percent. Net revenue dropped 7.7 percent.
"The results for the quarter are reflective of our ongoing efforts to streamline our operations given the decline in business volumes at both of our properties," CEO Mitchell Grossinger Etess said in a press release.
The tribe also operates a commercial casino in Pennsylvania.
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Mohegan Sun parent 1Q profit down, CT cash flow up (The Norwich Bulletin 1/30)
Operating Profits Rise Slightly At Mohegan Sun On Cost Cutting (The Hartford Courant 1/30)
Mohegan gaming authority reports quarterly decline in earnings (The New London Day 1/30) Related Stories:
Press Release: Mohegan Tribal Gaming Authority Announces First Quarter Fiscal 2013 Operating Results
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