August 8, 2018

Mohegan's 3Q revenues falls on entertainment lull

HBJ File Photo
HBJ File Photo

The tribal operator of Mohegan Sun posted a slight drop in net revenues during the third quarter as it saw lower non-gaming revenues and spent more money promoting its Pennsylvania gaming site.

For the quarter ended June 30, Mohegan Gaming & Entertainment reported net revenues of $344.9 million compared to $350.2 million in the year-ago period. The 1.5 percent decrease resulted mainly because its non-gaming revenues fell to $74.1 million from $82.6 million in the third quarter last year.

Net profits were down about 20 percent from $43.6 million to $34.8 million during the quarter.

The tribal operator said a weaker entertainment calendar took a bite out of revenues from retail, entertainment and other sales.

Gaming revenues for the company, whose subsidiaries include casinos in Connecticut and Pennsylvania, rose 0.5 percent to $295.4 million vs. $294 million in the same period in 2017. Of that total, table game revenues jumped 3.8 percent to 91.6 million and slot revenues decreased by 1 percent to $203.6 million vs. the third quarter last year.

In May, Mohegan Sun unveiled its $80 million Earth Expo & Convention Center. The 155,200 square-foot area will feature a multi-purpose arcade housing a bowling alley, gaming room and 700-seat private event space.

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