Mohegan Tribe reports big decline in profit at gaming enterprise

Wednesday, November 20, 2013  

The Mohegan Tribe of Connecticut reported a big decline in profit at its gaming enterprise.

The Mohegan Tribal Gaming Authority saw $4.9 million in profit in the last quarter. That's a 67 percent decline from the $14.8 million seen during the same quarter in 2012.

The drop was attributed, in part, to the tribe's pursuit of a commercial casino in Massachusetts. Voters in the town of Palmer killed the $1 billion Mohegan Sun Palmer by just 23 votes but a recount will take place next week.

"The declines in Adjusted EBITDA and income from operations resulted primarily from increased Corporate expenses due to higher professional and development related expenditures, including expenditures associated with our pursuit of a Massachusetts casino license, combined with increased refinancing related costs," the MTGA said in a press release.

Get the Story:
Mohegan Sun casino posts plunge in 4Q profit (AP 11/20)

Mohegan Tribe ready to open hotel at casino in Pennsylvania(11/14)
Mohegan Tribe gets recount date for Massachusetts casino (11/13)