Mohegan Sun: 67.1% Plunge in Profits; Paul Burns: Jilted Lover

Palmer town leader has doubts about Mohegan Sun

Posted: Nov 19, 2013

By Bill Rapp

CBS 3 Springfield - WSHM

PALMER, MA (WSHM) -
Palmer Town Councilor Paul burns wants to know if Mohegan Sun was fully committed to his town.

On Tuesday, Burns said he had heard rumors that Mohegan Sun was talking to Suffolk Downs in the Boston area prior to the referendum vote in Palmer two weeks ago.

Voters in Palmer shot down Mohegan Sun's $1 billion proposal by just 93 votes on Nov. 5. There was a recount scheduled for Nov. 26. Mohegan Sun pushed for the recount because of reported concerns over a voting machine.

Burns said he had heard Mohegan Sun was talking with Suffolk Downs to possibly replace Caesars Entertainment.

Suffolk Downs dropped Caesars Entertainment three weeks before a scheduled vote over doubts the company would pass a state background check. The property straddles east Boston and Revere.

Voters in east Boston rejected a casino while residents in Revere passed the measure by an overwhelming margin.
In Massachusetts, casinos are only allowed to operate one venue in the state. Even if the recount in Palmer reverses the outcome, Mohegan Sun would have to choose one community.

Burns said he reached out to Mohegan Sun for a response but had not heard anything back. CBS 3 Springfield asked Mohegan Sun and Suffolk Downs for a comment, but neither would confirm the two were talking.

http://www.cbs3springfield.com/story/24014343/palmer-town-leader-has-doubts-about-mohegan-sun

Revenues, profits decline for Mohegans
By Brian Hallenbeck
Publication: theday.com

Published 11/20/2013
 

 Mohegan — Despite reporting overall declines in revenue and profit in the quarter that ended Sept. 30, Mohegan Tribal Gaming Authority executives said Wednesday that they were pleased with the results given the economic climate.

In a conference call with investors and gaming industry analysts, they also touted recent refinancing initiatives and last week’s opening of a new hotel at Mohegan Sun at Pocono Downs near Wilkes-Barre, Pa.

The authority operates Mohegan Sun in Uncasville as well as the Pennsylvania property.

Consolidated results for July, August and September — the fourth quarter of the authority’s fiscal year — show adjusted EBITDA, or earnings before interest, income taxes, depreciation and amortization, totaled $77.2 million, down 4.7 percent over the same quarter the previous year.
Net income, or profit, was $4.9 million, a 67.1 percent decrease from the fourth quarter of fiscal 2012.

http://www.theday.com/article/20131120/BIZ02/131129968/1047

Mohegan Sun casino posts plunge in 4Q profit

AP / November 20, 2013

 

UNCASVILLE, Conn. (AP) — The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania reported a two-thirds plunge in fourth-quarter profit Wednesday, citing a loss on debt exchange and higher expenses for its unsuccessful attempt to win voter approval for a proposed Massachusetts casino.

 

The tribal authority announced last month it’s refinancing $715 million in debt, allowing it to stretch out the due date of debt for five years.

 

http://www.boston.com/news/local/connecticut/2013/11/20/mohegan-sun-casino-posts-plunge-profit/paUkPnaZyjzFjve4MIJMLO/story.html