The Mohegan Tribal Gaming Authority today issued a press release announcing the preliminary operating results for the last quarter of fiscal year 2009, which are the months of July through September, and for the entire fiscal year 2009, which are the 12 months beginning October 1, 2008 and ending on September 30, 2009.
FISCAL YEAR RESULTS:
Net revenues for fiscal year 2009 are "expected to range between $1.43 billion and $1.48 billion, a decrease of between 6% and 9% compared to fiscal 2008" and net income (or profits) are "expected to range between $115 million and $120 million, a decrease of between 20% and 23% compared to fiscal 2008," according to the press release.
For the year, slot revenues are expected to show a decrease of between 1% and 5% and table game revenue is expected to show a decrease of between 17% and 20% when compared to the previous fiscal year. Total gaming revenue, which is both slot revenues and table game revenues combined, is expected to decrease between 5% and 8% according to the press release (MTGA's slot revenue amounts to just over three times the amount of revenue derived from table games).
QUARTER OF JULY 1ST THROUGH SEPTEMBER 30TH:
For the three months of July through September 2009, net income (profit) "is expected to range between $63 million and $66 million, a decrease of between 24% and 27% compared to the fourth quarter of fiscal 2008." Net revenues are expected to decrease between 10% and 14% compared to the same three-month period last year while the slot revenue component is expected to decrease between 6% and 10%.
In other highlights of today's press release, MTGA stated that distributions to the Mohegan Tribal government "totaled approximately $72 million for the fiscal year ended September 30, 2009." Further, "distributions to the Tribe are anticipated to approximate between $59 million and $64 million for fiscal 2010."
MTGA's total debt is $1.64 billion while the interest expense on that debt for the fiscal year is expected to total between $107 and $112 million, an increase of between 15% and 19% over fiscal year 2008.
It is important to note that the projected figures may differ from the actual results. MTGA adds a disclaimer in its press release saying that they "cannot assure you that projected results or events will be achieved."
See press release at http://www.globenewswire.com/newsroom/news.html?d=175419 for complete details. MTGA's distribution to the Tribal government does not include utilities and reimbursed expenditures, such as reimbursed gaming commission expenses and public safety-related reimbursements.
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