Notice: Undefined property: stdClass::$image_fulltext in /home/indiancountrynew/public_html/plugins/content/social2s/social2s.php on line 1531

Notice: Undefined property: stdClass::$image_intro in /home/indiancountrynew/public_html/plugins/content/social2s/social2s.php on line 1533

Notice: Undefined property: stdClass::$image_fulltext in /home/indiancountrynew/public_html/plugins/content/social2s/social2s.php on line 1531

Notice: Undefined property: stdClass::$image_intro in /home/indiancountrynew/public_html/plugins/content/social2s/social2s.php on line 1533

Mohegan Sun reports profit decline due to lower slot revenues 8-07

UNCASVILLE, Conn. (AP) - Mohegan Sun on Tuesday reported a decline in
profits in the three months ending June 30, blaming growing
competition from racetracks with slot machines in New York and Rhode
Island.

Income from the casino's operations for the second quarter was $72.4
million, down $3.9 million, or more than 5 percent, from the same
period last year.

The decline was driven by a drop in slot machine revenue, which
dropped $4.3 millionto $223.4 million. Mohegan Sun does not report
profits for slot machines.

The decline was due to the expansion of slots at Yonkers Raceway in
New York and Twin River in Lincoln, R.I., casino executives said.

In addition, 260 fewer slot machines operated at Mohegan Sun compared
with the same quarter last year.

“Clearly, this quarter we learned a lot about the Northeast
market,” said Jeffrey Hartmann, executive vice president and chief
operating officer.

The casino also is reassessing the cost of its $740 million expansion
project, which includes more casino space, stores and restaurants,
and a new hotel tower.

The Mohegan Tribal Gaming Authority owns and operates Mohegan Sun and
slot machines at Pocono Downs near Wilkes-Barre, Pa.

---
Information from: The Hartford Courant, http://www.courant.com
0
0
0