Mohegan Sun casinos post steep fall in profit

UNCASVILLE, Conn. (AP) — The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania has reported a nearly 32 percent drop in second-quarter profit, driven largely by lower slot machine revenue.

The Mohegan Tribal Gaming Authority reported Wednesday that net income for the quarter ending March 31 was $9.6 million, down 31.6 percent from the same period last year.

Revenue was $316.7 million, down about 3 percent from last year’s second quarter.

Chief Executive Mitchell Grossinger Etess blamed factors beyond the casinos’ control, such as extreme winter weather and a persistently weak economy. Still, he said the Uncasville, Conn., and Wilkes-Barre, Pa., sites “performed quite well” despite the larger problems.

Non-gambling revenue of $60.5 million was up 9.6 percent.

The fall in second-quarter profit followed a 36 percent dive in first-quarter profit.


http://wtnh.com/2014/04/30/mohegan-sun-casinos-post-steep-2q-fall-profit/