Mohegan Sun income up 193% in 1Q
The Mohegan Tribal Gaming Authority, which runs the Mohegan Sun casino in Connecticut and a smaller one in Pennsylvania, triped its fiscal first quarter profits, despite lower gaming revenues.
First quarter net income was $12.9 million, up from $4.4 million in the first quarter 2009.
Mohegan cited lower expenses, including laying off 300 employees at the Connecticut casino in September, as the main reason profits grew steeply.
Mohegan Sun's fiscal year runs from Oct. 1 to Sept. 30, so the first quarter for the gaming authority ended Dec. 31.
Gross revenues continued to sag for Mohegan's two casinos, as the Connecticut property in particular has seen a steady drop in gambling over the past five years. The first quarter gross revenues were $361 million, down 2.4 percent from the $370 million in the first quarter 2009.
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