The owner of the Mohegan Sun said its profits fell 40 percent in the first quarter, as the tribal casino saw its slot revenue take a hit amid the weak economy, The Hartford Courant reports.
Net income for The Mohegan Tribal Gaming Authority, which owns the Uncasville, fell to $20 million, on flat revenues of $352 million. Operating income fell 11 percent, to $52 million.
“Our results for the quarter reflect the continued weakness in the gaming, leisure and hospitality industry,” Mohegan Sun chief executive Mitchell Etess said in a statement.
Greater expenses for public safety and utility services paid to the Mohegan Tribe cut into profits, he said.
At Mohegan Sun itself, operating income fell 11 percent, to $52 million, on flat revenues of $290 million. Excluding the extra expense for tribal services, income fell 3 percent, Etess said.
Slot machine revenues fell 4 percent, to $177 million, as the casino kept a slightly lower share of gamblers’ bets, just over 8 percent. Table games revenue rose 4 percent to $77.4 million, as the casino kept a greater share of bets.
