Sunday, April 26, 2009

Mohegan Gaming Authority To Issue 2nd Quarter Earnings Report On Thursday

Feather News

The Mohegan Tribal Gaming Authority (MTGA) will issue its second quarter's earnings report (profit/loss report) this Thursday, according to a press release.

MTGA operates on a fiscal year that runs from October 1st through September 30th. MTGA lost $3.7 million in the first three months of the fiscal year (October 1, 2008 through December 31, 2008). The second quarter that will be reported upon on Thursday is for the three-month period of January 1, 2009 through March 31, 2009.

During the three-month period of October through December, MTGA also reported that its Pennsylvania slot parlor, known as Mohegan Sun at Pocono Downs, reported a $1 million loss before taking into accounr the hefty interest expense on the money borrowed to build and expand the facility. When that interest expense is taken into account, it is estimated that Pocono Downs lost about $10 million for that three month period.

MTGA would have reported a profit instead of a loss had the losses at Pocono Downs not been included in the results.

Although MTGA will issue its earnings report on Thursday, MTGA's balance sheet and statement of cash flows are expected to be released in May.