Mohegan Sun Tribal Gaming Authority Reports Strong Quarterly Results

The Mohegan Tribal Gaming Authority, which owns and operates  Mohegan Sun and Mohegan Sun at Pocono Downs – says its net income grew 150 percent compared to the same time last year. The Authority reported $29.1 million in net income for the most recent quarter.

Operating income grew 36.8 percent, compared to the same time last year, according to a press release. The MGTA reported $60.1 million in income from operations.

Net revenue increased by 2.1 percent compared to the same quarter last year, to $361.4 million. Gaming revenues increased 2.2 percent, to $328.3 million.

Gross slot revenues decreased by 5.4 percent year over year, to $233 million, and nongaming revenues showed a 0.6 percent decrease, to $60.7 million.

Revenue from slots showed increased competition in the area, the report says, as well as weakness in consumer spending.

Table games revenues were $90.9 million, a 28.8 percent increase.

The press release attributed much of the increase to higher table games revenue at Mohegan Sun, and the addition of table games and poker revenue from Mohegan Sun at Pocono Downs.

Mitchelle Etess, chief executive officer of the Authority, said the MGTA is “extremely pleased” with the results.

A focus on managing expenses at Mohegan Sun and Mohegan Sun at Pocono Downs also is reflected in the figures, the press release says.

For the quarter, food and beverage revenue was down 25.7 percent, mainly because of consolidation and replacement of some Mohegan Sun-owned businesses by businesses owned by third-party operators.

Hotel revenues were down 2.5 percent, retail revenues were down 11.8 percent and arena tickets down 14.6 percent, while the average price per arena ticket rose 39.6 percent. The press release attributes this to an increase in “headliner shows.”

Distributions to the tribe were $14.6 million for the quarter, compared to $10.2 million in the third quarter of the 2010 fiscal year.