Mohegan Sun casino posts plunge in 4Q profit

Mohegan Sun casino posts plunge in 4Q profit

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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 This material may not be published, broadcast, rewritten or redistributed.

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