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Mohegan Sun revenues fall 16%1 May 2009UNCASVILLE, Connecticut -- As reported by The Day: "Revenues at Mohegan Sun fell more than 16 percent in January, February and March, but the losses were partially offset by a cost-containment program that reduced the casino's operating expenses by more than 18 percent. "The figures were released Thursday by the Mohegan Tribal Gaming Authority, which discussed its second-quarter financial results in a conference call with investors and analysts. The authority owns and operates Mohegan Sun and Mohegan Sun at Pocono Downs, a Wilkes-Barre, Pa., facility that offers slot machines and harness racing. The authority's 2009 fiscal year began Oct. 1, 2008 and ends Sept. 30, 2009. "The authority's consolidated results show its net income for the second quarter totaled $33.2 million, a decline of less than a percent over the same quarter in 2008. "'We're relatively pleased with our results,' said Mitchell Etess, the authority's chief executive officer, who told call participants that the economy continues to take a toll on the gaming industry. He noted that the authority reported adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $85.1 million for the quarter, a 1.4 percent decline, while net revenues came to $351.4 million, a 10.5 percent decrease..." |