News Column

BRIEF: Mohegan gaming authority reports quarterly earnings decline

January 30, 2014

By Brian Hallenbeck, The Day, New London, Conn.

Jan. 30 --MOHEGAN -- The Mohegan Tribal Gaming Authority is reporting a 26.7 percent decline in earnings for the three months that ended Dec. 31 , the first quarter of the authority's 2014 fiscal year. The authority operates Mohegan Sun in Uncasville and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pa. Adjusted EBITDA -- earnings before interest, taxes, depreciation and amortization -- totaled $53.7 million for the quarter. Gaming revenues of $274.8 million were down 5.1 percent, while nongaming revenues fell 8.5 percent to $62.9 million . Much of the decline in gaming revenues was attributed to an 11.2 percent decrease in table-games revenues. Slot-machine revenues were down 2.5 percent. "Obviously, we would have preferred more normalized table game hold and thus better operating results at Mohegan Sun for the first quarter," Mitchell Etess , the authority's chief executive officer, said in a statement. "However, we are very encouraged by recent volume trends, as well as our other significant accomplishments during the quarter, which should position us to improve our operating results moving forward." Authority executives are discussing the quarterly results with investors in a conference call this morning. ___ (c)2014 The Day (New London, Conn.) Visit The Day (New London, Conn.) at www.theday.com Distributed by MCT Information Services


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Source: Day, The (New London, CT)


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