The Mohegan Tribe of Connecticut saw declines in revenues and profits at its gaming enterprise.
For the quarter ending June 30, the Mohegan Tribal Gaming Authority said profits were $13.9 million, down from $22.3 million in the same quarter last year. That represents a 37.7 percent decline.
Net revenues were $326.3 million, down from $344.2 million a year ago. That represents a 5.2 percent decline.
“Although we were able to gain market share in both Connecticut and Pennsylvania during the quarter, the overall lack of confidence in the economy and decline in discretionary dollars continue to be a challenge,” Mitchell Grossinger Etess, Chief Executive Officer of the MTGA, said in a press release.
The tribe operates the Mohegan Sun, an Indian gaming facility on its reservation in Connecticut, and the Mohegan Sun at Pocono Downs, a commercial facility in Pennsylvania.
In related news, the tribe gave up the lease on a proposed commercial casino in western Massachusetts. The tribe continues to pursue a commercial license in the eastern part of the state.
Get the Story:
Mohegans’ 3Q profits fall on gambling decline
(Hartford Business 7/29)
Mohegans give up lease on Palmer, Mass., property
(The New London Day 7/29)
Related Stories:
Connecticut tribes
report another dip in slot machine revenues (07/16)
Mohegan Tribe
signs agreement for Massachusetts casino bid (07/11)
Mohegan Tribe
looks elsewhere as casino returns fall at home (07/10)