The Mohegan Tribal Gaming Authority, which said it expects to report a slight dip in revenue and a large dip in profits for its fourth fiscal quarter, intends to refinance $715 million of its debt, it announced.
The authority, which owns and operates Mohegan Sun in Uncasville and Mohegan Sun at Pocono Downs in Pennsylvania, said in preliminary financial statements today that it anticipates net revenue of between $338.5 million and $352.3 million for the three months ended Sept. 30, which would be down between 4 percent and flat compared to the same quarter last year.
The authority said its profits are expected to be down between 74 percent and 81 percent year over year, at a range of $2.8 million to $3.8 million.
The reasons for the expected drop will be clearer when MTGA releases its official financials in late November.
It expects gaming revenue to be down as much as 5 percent and non-gaming revenue to be up as much as 9 percent.
If successful, the refinancing would add to a $1 billion deal the authority inked in March 2012.
Moody’s reacted to the news by saying it may upgrade the authority’s debt.
