Connecticut

Mohegan Tribe reports decline in gaming revenue and profit

Thursday, January 30, 2014

Artist's rendering of proposed $1.3 billion Mohegan Sun casino in Massachusetts. Image from Mohegan Sun Massachusetts

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

Net revenue for the first quarter was $312.8 million, the Mohegan Tribal Gaming Authority said. That was a 3.7 percent drop from the same quarter a year ago.

Profits were reported to be $33.3 million. That represents a 36 percent decline from a year ago.

“Obviously, we would have preferred more normalized table game hold and thus better operating results at Mohegan Sun for the first quarter,” MTGA CEO Mitchell Grossinger Etess said in a press release. “However, we are very encouraged by recent volume trends, as well as our other significant accomplishments during the quarter, which should position us to improve our operating results moving forward.”

One reason why profits took a hit was the tribe's pursuit of a commercial casino in Massachusetts.

Get the Story:
Mohegan Sun casino posts two-thirds 1Q profit drop (The Norwich Bulletin 1/30)
Profits Sink As Mohegan Sun Reports Lower Gaming Incomes (The Hartford Courant 1/30)
Mohegan’s 1Q net falls (The Hartford Business Journal 1/30)
Mohegan gaming authority reports quarterly earnings decline (The New London Day 1/30)