Gaming Take Sends Casino's 3Q Core Earnings Up 5 Percent
Big-name entertainers, including Coldplay, Jimmy Buffet and Brooks & Dunn, helped draw patrons to the casino in April, May and June, said Mitchell Etess, chief executive officer of the Mohegan Tribal Gaming Authority. A new suite of high-limit table games on the 36th floor of the Mohegan Sun hotel also has begun contributing to the bottom line.
The private gaming area is something “that we never really had,” Etess said in a conference call Thursday with analysts. “Early feedback from that is extremely favorable.”
Indeed, Mohegan Sun officials said they're continuing to see strong growth in the casino's high-end offerings.
Core earnings at the Mohegan Tribal Gaming Authority, which includes Mohegan Sun and the Mohegan Sun at Pocono Downs, rose 5.7 percent to $96.5 million, from $91.2 million a year ago. At the casino itself, core earnings were up 5.3 percent to $98 million, from $93.1 million in the same quarter a year ago.
The tribe reported record gaming revenues of $321.1 million for the quarter, a 3.8 percent increase, as Mohegan Sun continued to increase its share of Connecticut's lucrative slot-machine market. The casino captured 52.3 percent of the market in the third quarter, up from 51.2 percent a year ago.
Gross slot revenues hit $227.7 million in the third quarter, an increase of 3.4 percent, the tribe said. The casino saw a big jump in revenue from table games, which climbed 7.6 percent to $89.9 million for the quarter.
Food and beverage revenues decreased 1.5 percent to $22.5 million, partially due to the closing of the Rising Moon food court in the Casino of the Sky. The food court is scheduled to reopen in August as Geno Auriemma's Fast Break, a basketball-themed marketplace with several eateries.
Hotel revenues were unchanged at $12.8 million for the quarter. Retail, entertainment and other revenues fell 5.9 percent to $27.2 million, primarily due to changes in promotions offered to Mohegan Sun Player's Card members, the tribe said.
The tribe also said it hired a new architect, Wimberly Allison Tong and Goo of Orlando, Fla., to complete its master plan for potential hotel and casino expansion at Mohegan Sun. WATG's projects have included The Palace Tower at Caesars Palace in Las Vegas, Atlantis in Paradise Island, Bahamas, and The Palace of the Lost City in Sun City, South Africa.
Meanwhile, the tribe said it's continuing to weigh its options in Pennsylvania, where it hopes to bring slot machines to its Pocono Downs property. New regulations from the Pennsylvania Department of Revenue will force the tribe to pay higher-than-anticipated taxes on its slot revenues. If the issue isn't resolved, the tribe said, it may reconsider its plans.
The private gaming area is something “that we never really had,” Etess said in a conference call Thursday with analysts. “Early feedback from that is extremely favorable.”
Indeed, Mohegan Sun officials said they're continuing to see strong growth in the casino's high-end offerings.
Core earnings at the Mohegan Tribal Gaming Authority, which includes Mohegan Sun and the Mohegan Sun at Pocono Downs, rose 5.7 percent to $96.5 million, from $91.2 million a year ago. At the casino itself, core earnings were up 5.3 percent to $98 million, from $93.1 million in the same quarter a year ago.
The tribe reported record gaming revenues of $321.1 million for the quarter, a 3.8 percent increase, as Mohegan Sun continued to increase its share of Connecticut's lucrative slot-machine market. The casino captured 52.3 percent of the market in the third quarter, up from 51.2 percent a year ago.
Gross slot revenues hit $227.7 million in the third quarter, an increase of 3.4 percent, the tribe said. The casino saw a big jump in revenue from table games, which climbed 7.6 percent to $89.9 million for the quarter.
Food and beverage revenues decreased 1.5 percent to $22.5 million, partially due to the closing of the Rising Moon food court in the Casino of the Sky. The food court is scheduled to reopen in August as Geno Auriemma's Fast Break, a basketball-themed marketplace with several eateries.
Hotel revenues were unchanged at $12.8 million for the quarter. Retail, entertainment and other revenues fell 5.9 percent to $27.2 million, primarily due to changes in promotions offered to Mohegan Sun Player's Card members, the tribe said.
The tribe also said it hired a new architect, Wimberly Allison Tong and Goo of Orlando, Fla., to complete its master plan for potential hotel and casino expansion at Mohegan Sun. WATG's projects have included The Palace Tower at Caesars Palace in Las Vegas, Atlantis in Paradise Island, Bahamas, and The Palace of the Lost City in Sun City, South Africa.
Meanwhile, the tribe said it's continuing to weigh its options in Pennsylvania, where it hopes to bring slot machines to its Pocono Downs property. New regulations from the Pennsylvania Department of Revenue will force the tribe to pay higher-than-anticipated taxes on its slot revenues. If the issue isn't resolved, the tribe said, it may reconsider its plans.
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