The Mohegan Tribal Gaming Autority, owner and operator of the Mohegan Sun entertainment complex in Connecticut and the Pocono Downs in Pennsylvania, posted a net income of $5 million in its third quarter, ended June 30, 2008, an 89 percent decrease compared to the same period a year ago.
Gaming revenues decreased 10.9 percent to $330.5 million, but non-gaming revenues increased 19 percent to $81.5 million. Net revenues reached $376.8 million, a 7.4 percent decrease compare to the same period last year.
"Our third quarter results reflect pressures from unfavorable economic conditions and significantly higher gas prices, as well as abnormally low table games hold percentage, which we expect to return to more normalized levels in future quarters," said Mitchell Grossinger Etess, President and CEO of the Authority. "Notwithstanding these pressures, we posted a strong increase in non-gaming revenues and successfully opened Project Sunrise under budget and ahead of schedule."