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: