Thursday, May 5, 2011

Mohegan Gaming Authority Reports $25.2 Million In 2nd Quarter Net Income

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The Mohegan Tribal Gaming Authority reported net income, or profit, of $25.2 million for the three-month period ended March 31st. The net income reflects a 26 percent increase over the same three-month period last year.

MTGA's profit increased while reporting lower revenues at the Mohegan Sun casino on the reservation and higher revenues at the Tribe's Pennsylvania casino. The press release states that the increase in net income is primarily attributable to decreased expenses.

The Tribe also announced today that it entered into an agreement with the Concord hotel in New York's Catskill Mountains. The "Mohegan Sun Concord" is slated to open in 2013. According to The Day, Etess said the Mohegan Tribe would be a small, minority equity partner in the $600 million project.