Mohegan Sun casino posts two-thirds 1Q profit drop

UNCASVILLE, Conn. (AP) — The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania has reported a 36 percent drop in first-quarter profit.

The company blames a drop in table game holds, the money brought to the table by players and held by the casino.

The Mohegan Tribal Gaming Authority on Thursday reported net income for the three months ending Dec. 31 of $33.3 million. Revenue of $312.8 million was down about 4 percent from the first quarter of 2012.

Chief Executive Officer Mitchell Etess said executives would have preferred a more “normalized table game hold” that would have produced better results.

The authority is seeking a Massachusetts casino license in the Boston area and has refinanced $955 million in debt. Etess says the tribal authority is positioned to improve its financial results.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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