The Mohegan Tribal Gaming Authority has reported a 21 percent increase in profits for its fourth quarter, which ended Sept. 30.
The MTGA, which owns and operates the Mohegan Sun in Uncasville and Mohegan Sun Pocono in Wilkes-Barre, Pa., announced the results this week.
Net income totaled $44.2 million in the fourth quarter of 2016, an increase of 21 percent over the $36.5 million reported at the same time a year ago. Net revenue totaled $346.4 million in the fourth quarter, an increase of 2.1 percent over the $339.4 million during the same period a year prior.
Growth resulted from higher gaming revenues combined with reduced payroll costs, but was partially offset by higher costs for general administrative and consulting services, the MTGA said.
Robert J. Soper, president and CEO of the MTGA, said the fourth quarter “capped off an equally strong fiscal year, highlighted by increased consolidated profit and profit margin, led by Mohegan Sun, which generated its highest operating cash flow since 2008.”
Mohegan Sun just last week opened a new 400-room Earth hotel and expects to open the ilani Resort within the next six months or so. As a result, Soper said he anticipates “even stronger financial performance going forward.”
The ilani Resort is being built in cooperation with the Cowlitz Indian Tribe in the city of La Center, Wash., in the Pacific Northwest.
