Mohegan Sun casino posts plunge in 4Q profit

Mohegan Sun casino posts plunge in 4Q profit

Posted: Updated:

UNCASVILLE, Conn. (AP) - The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania has reported a two-thirds plunge in fourth-quarter profit, citing a loss on debt exchange and higher expenses for its unsuccessful attempt to win voter approval for a proposed Massachusetts casino.

The Mohegan Sun Tribal Authority said Wednesday that net income for the three months ended Sept. 30 was $4.9 million, down from $14.8 million in the fourth quarter of 2012.

Revenue of $345.3 million was down 2 percent from the same period last year.

Chief Executive Officer Mitchell Grossinger Etess said recent debt refinancing is "extremely significant" and will strengthen the tribal authority's balance sheet and improve cash flow. The authority, which runs the Mohegan Sun casinos in Uncasville, Conn., and Wilkes-Barre, Pa., expects to save $16 million in interest costs.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Home Depot probes possible credit card data breach

    Home Depot probes possible credit card data breach

    Tuesday, September 2 2014 5:29 PM EDT2014-09-02 21:29:43 GMT
    Home Depot may be the latest retailer to suffer a credit card data breach.  The Atlanta-based home improvement retailer told The Associated Press Tuesday that it is looking into "unusual activity" and working with both banks and law enforcement.
    Home Depot may be the latest retailer to suffer a credit card data breach.  The Atlanta-based home improvement retailer told The Associated Press Tuesday that it is looking into "unusual activity" and working with both banks and law enforcement.
  • Some fear auto industry returning to bad habits

    Some fear auto industry returning to bad habits

    Tuesday, September 2 2014 3:29 PM EDT2014-09-02 19:29:56 GMT
    Big discounts. Six- or seven-year loans, in some cases to buyers who would have been turned down in the past.  As the auto industry strives to sustain its post-recession comeback, car companies are resorting to tactics that some experts warn will lead to trouble down the road.
    Big discounts. Six- or seven-year loans, in some cases to buyers who would have been turned down in the past.  As the auto industry strives to sustain its post-recession comeback, car companies are resorting to tactics that some experts warn will lead to trouble down the road.
  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices