February 1, 2018

Mohegan tribal operators see 1Q profits rise

Mario Kontomerkos, Mohegan Gaming & Entertainment's chief executive officer.

The tribal operator of Mohegan Sun said Thursday its first quarter 2018 profits rose due to higher gaming revenues.

For the quarter ended Dec. 31, Mohegan Gaming & Entertainment said its net income totaled $29.2 million compared to a net loss of $51.6 million in the year-ago period.

Gaming revenues for the company, whose subsidiaries include casinos in Connecticut and Pennsylvania, increased slightly to $287 million from $285 million in the year-ago period. "Results were led by another strong quarter at our flagship operation, Mohegan Sun in Connecticut, while Mohegan Sun Pocono, ilani and Resorts Atlantic City all showed encouraging metrics," Mario Kontomerkos, MGE's chief executive, said in a statement.

Non-gaming revenues decreased by 3.6 percent to $69.6 million, MGE said, driven by lower overall business volumes and a repositioning of the casino operator's promotional offers, MGE said.

Mohegan Sun expects to open its new exposition and convention center this summer. MGE also alluded to future "significant international expansion" in South Korea. MGE is developing "Project Inspire," a multibillion-dollar integrated resort and casino project to be built at Incheon International Airport. A target date for its opening was not available.

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