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Mohegan Sun reports 10% slide in revenues

Jul 31, 2008 7:36 PM

by Staff & wire reports | The tribe that owns the Mohegan Sun located near Uncasville, Connecticut reported that gaming revenues for the fiscal quarter ending June 30 decreased 10.9 percent from the third quarter of fiscal 2007.

The tribal authority also owns a gaming and entertainment facility offering slot machines and harness racing in Plains Township, Pennsylvania, known as Mohegan Sun at Pocono Downs, or Pocono Downs.

Other results include:

• Table games revenues of $75.3 million, a 25.4% decrease from the third quarter of fiscal 2007

• Gross slot revenues of $254.4 million, a 5.2% decrease from the third quarter of fiscal 2007

• Non-gaming revenues of $81.5 million, a 19.0% increase over the third quarter of fiscal 2007

• Net revenues of $376.8 million, a 7.4% decrease from the third quarter of fiscal 2007

• Income from operations of $32.7 million, a 56.8% decrease from the third quarter of fiscal 2007

• Net income of $5.0 million, an 89.0% decrease from the third quarter of fiscal 2007

feature the 919-room Earth hotel, occurred on May

"Our third quarter results reflect pressures from unfavorable economic conditions and significantly higher gas prices, as well as abnormally low table games hold percentage, which we expect to return to more normalized levels in future quarters," said Mitchell Grossinger Etess, President and CEO of the Authority. "Notwithstanding these pressures, we posted a strong increase in non-gaming revenues and successfully opened Project Sunrise under budget and ahead of schedule."

For a complete report and further developments, see next week’s GamingToday, beginning Tuesday.