The Mohegan Tribal Gaming Authority, owner of Mohegan Sun in Uncasville and a similarly named casino in Pennsylvania, said its fourth-quarter profits increased nearly five-fold, thanks mainly operating cost cuts.
MTGA booked $23.1 million in net income for the quarter ended Sept. 30, up from $4.9 million during the final fiscal quarter of 2013.
The increase came despite a 2 percent revenue decline, fueled mostly by a drop in gaming revenue. The authority also had higher corporate costs, due to their failed attempt to win a Massachusetts gaming license.
The improved bottom line for the quarter was not enough to dig MTGA out of the hole of for the entire fiscal year, for which it booked a net loss of $20.6 million, down from a profit of $50.3 million in 2013.
One of the major drivers of the year-over-year swing was a $62 million loss on early debt extinguishment. Revenue also fell from $1.34 billion to $1.29 billion.
In eastern Connecticut, Mohegan Sun’s fourth-quarter net revenue fell by $7 million, or 2.6 percent, to $262.5 million. Occupancy rates in the casino’s retail space improved by one point, to 98.5 percent, but arena ticket sales fell by 24,000 because the venue held six fewer events during the quarter.
