November 21, 2017

Mohegan tribe's 4Q profits up 25%

PHOTO | HBJ File
PHOTO | HBJ File
Mohegan Sun in Uncasville.

The tribal operator of Mohegan Sun said its fourth quarter profits climbed 25 percent from higher gaming and non-gaming revenues.

Mohegan Gaming & Entertainment said its net income for the quarter ending June 30 was $55.4 million, up from $44.2 million in the year-ago period.

Gaming revenues for the company, whose subsidiaries include casinos in Connecticut and Pennsylvania, grew 2 percent to $307.1 million from $300.9 million a year earlier. Non-gaming revenues grew 20.7 percent to $84.5 million.

MGE CEO Mario Kontomerkos said the flagship Uncasville casino Mohegan Sun led the growth.

"Solid gaming volumes at Mohegan Sun were complemented by very strong, across-the-board non-gaming revenue growth, a trend we expect to persist with the introduction of the new Mohegan Sun Exposition and Convention Center, slated to open in the summer of 2018," he said.

Strong slot and table game volumes boosted gaming revenue. Non-gaming revenues benefited from the additional hotel room capacity added in Nov. 2016 with the 400-room Earth Hotel Tower, and a strong entertainment calendar at the Mohegan Sun Arena in Uncasville, Kontomerkos said.

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