Mohegan Sun casinos post fall in 4Q revenue as profit rises significantly on cost-cutting

Industries Associated Press

The Mohegan Tribal Gaming Authority says fourth-quarter revenue fell from the same period last year, but profit jumped significantly as the operator of Connecticut and Pennsylvania casinos cut costs.

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The parent company of the Mohegan Sun casinos in Uncasville, Connecticut, and Pocono Downs, Pennsylvania, said Thursday that revenue slid to $338.6 million in the quarter ended Sept. 30.

Revenue was $345.3 million in the fourth quarter of 2013.

Net income was $23.2 million, up from $4.8 million in the year-ago period.

Authority chief executive Mitchell Grossinger Etess said the results reflect "what appears to be a stabilizing revenue environment."

Kevin Brown, chairman of the Mohegan Tribal Council, said the Mohegan Sun and Connecticut rival Foxwoods Resort Casino support a joint casino to compete with Massachusetts, but no specific proposal is being considered.