Connecticut

Mohegan Tribe reports 'lackluster' returns from gaming business

Wednesday, August 1, 2012

The Mohegan Tribe of Connecticut blamed the economy and increased competition for "lackluster" returns at its gaming business.

The Mohegan Tribal Gaming Authority reported profits of $344.4 million in the last quarter. That's down from $361.4 million a year ago.

“Our third quarter operating results were lackluster,” CEO Mitchell Grossinger Etess said in a press release. “We faced difficult year-over-year comparisons, persisting economic concerns and significant new supply in the marketplace."

Overall, gaming revenues were $307.1 million for the quarter, down 6.5 percent from last year. That includes the tribe's operations in Connecticut and Pennsylvania.

The tribe's cut of the gaming business was $12.5 million in the last quarter. That's down from $14.6 million a year earlier.

"Distributions to the tribe are anticipated to total $53.0 million for fiscal 2012," according to the press release.

Get the Story:
Economy, rivals hurt Mohegan Sun's profits (The Norwich Bulletin 8/1)
Mohegan gaming results continue down trend (The New London Day 8/1)
Sun feels squeeze from N.Y., Atlantic City (The New London Day 8/1)
Can’t win them all (The Wilkes Barre Times-Leader 8/1)
Mohegan Sun Reports 'Lackluster' Earnings (The Hartford Courant 7/31)
Mohegan Sun casinos post 'lackluster' 3Q profit (AP 7/31)