Thursday, January 29, 2009

Flash: MTGA Reports Loss For the Period Of October Through December

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The Mohegan Tribal Gaming Authority today announced that it incurred a loss of $3.8 million for the first quarter of fiscal year 2009.

The announcement of the loss is the first time in MTGA's history, not including the period in the late 1990's when MTGA expensed hundreds of millions of dollars related to the 15-year Trading Cove Associates contract. The losses in the late 1990's, however, were not related to actual operations since the amounts related to Trading Cove Associates were amounts that were expected to be paid for years following the period in which they were expensed.

The loss is for the quarter of October through December. Last year (Oct through Dec of 2007), MTGA reported net income of $23.7 million.

Pocono Downs incurred a quarterly loss of $1 million BEFORE deducting interest expense.

A conference call will be held with financial analysts at 11 a.m. this morning, during which additional details will be made available.

Other highlights from the first quarter earnings report are:

Gaming revenues of $326.7 million, a 6.8% decrease from the first quarter of fiscal 2008

Gross slot revenues of $244.7 million, a 1.4% decrease from the first quarter of fiscal 2008

Table games revenues of $79.7 million, a 20.6% decrease from the first quarter of fiscal 2008

Non-gaming revenues of $68.4 million, a 1.9% decrease from the first quarter of fiscal 2008

Net revenues of $364.0 million, a 5.9% decrease from the first quarter of fiscal 2008

Income from operations of $28.0 million, a 45.5% decrease from the first quarter of fiscal 2008

Net loss of $3.8 million, compared to net income of $23.7 million in the first quarter of fiscal 2008

Adjusted EBITDA, a non-GAAP measure described below, of $55.4 million, a 27.7% decrease from the first quarter of fiscal 2008