“We are extremely pleased with our results for the third quarter. The growth and continued margin improvements at both properties are a direct result of the outstanding efforts by each and every one of our employees.” said Mitchell Grossinger Etess, Chief Executive Officer of the Authority.
The income growth reported for the quarter ending in June 30, 2011 was primarily attributable to higher table games revenues at Mohegan Sun and the opening of table game and poker operations at Mohegan Sun at Pocono Downs in July 2010. Consolidated results for the quarter also reflect the continued focus on reducing and managing operational expenses at both Mohegan Sun Casino and Mohegan Sun at Pocono Downs.
Consolidated operating results for the third quarter ended June 30, 2011:
Net income attributable to the Authority of $29.1 million. (150.9% increase from 2010)
Income from operations of $60.1 million (36.8% increase from 2010)
Adjusted EBITDA, a non-GAAP measure described below, of $83.2 million (19.9% increase from 2010)
Net revenues of $361.4 million (2.1% increase from 2010)
Gaming revenues of $328.3 million, (2.2% increase from 2010)
Gross slot revenues of $233.0 million (5.4% decrease from 2010)
Table games revenues of $90.9 million (28.8% increase from 2010
Non-gaming revenues of $60.7 million (0.6% decrease from 2010)
The Authority is an instrumentality of the Mohegan Tribe of Indians of Connecticut, a federally-recognized Indian tribe with an approximately 507-acre reservation situated in Southeastern Connecticut, adjacent to Uncasville, Connecticut. The Tribe’s gaming operation at Mohegan Sun Casino is one of only two legally authorized gaming operations in New England offering traditional slot machines and table games. Mohegan Sun currently operates a 3.1 million square-foot facility, which includes Casino of the Earth, Casino of the Sky, Casino of the Wind, 100,000 square feet of retail space, including The Shops at Mohegan Sun, a 10,000-seat Mohegan Sun Arena, a 350-seat Cabaret Theatre, 100,000 square feet of meeting and convention space and the approximately 1,200-room luxury Sky Hotel Tower. Mohegan Sun at Pocono Downs operates in an approximately 400,000-square-foot facility, including 82,000 square feet of gaming space offering approximately 2,500 slot machines, 66 table games and an 18-table poker room, several dining and retail options and a bus passenger lounge.