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Casino News:

  Mohegan Tribal Gaming Authority reports Q4 for 2011

UNCASVILLE, Connecticut -- (PRESS RELEASE) -- The Mohegan Tribal Gaming Authority, or the Authority, the owner and operator of Mohegan Sun in Uncasville, Connecticut, and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pennsylvania, announced today its operating results for the fourth fiscal quarter ended September 30, 2011.
“We could not be more pleased with our earnings for the quarter,” said Mitchell Grossinger Etess, Chief Executive Officer of the Authority. “These results were quite impressive, particularly given the impact of Hurricane Irene and persisting economic concerns. The growth in Adjusted EBITDA and margin is extremely rewarding and demonstrates the commitment and dedication of our entire team. We are also pleased with the progress made in recent weeks toward finalizing our refinancing plan. Though we were not able to complete the plan during our first quarter of fiscal 2012 and, as a result, our auditors issued a going concern opinion on our 2011 financial statements, we have obtained a waiver from our bank group addressing the opinion which we believe reflects the groups continued confidence in and support of the Authority and the Mohegan Tribe. I look forward to discussing our fourth quarter results in further detail after the holidays on our scheduled conference call to be held on Wednesday, January 4, 2012.”
Consolidated operating results for the fourth quarter ended September 30, 2011:
• Net income attributable to the Authority of $46.7 million compared to net loss attributable to the Authority of $26.3 million in the fourth quarter of fiscal 2010
• Income from operations of $77.0 million compared to $5.3 million in the fourth quarter of fiscal 2010
• Adjusted EBITDA, a non-GAAP measure described below, of $90.5 million compared to $73.1 million in the fourth quarter of fiscal 2010
• Net revenues of $373.5 million, a 0.1% decrease from the fourth quarter of fiscal 2010
• Gaming revenues of $337.2 million, a 0.2% increase over the fourth quarter of fiscal 2010
• Gross slot revenues of $246.7 million, a 2.6% decrease from the fourth quarter of fiscal 2010
Table games revenues of $87.7 million, a 9.4% increase over the fourth quarter of fiscal 2010
• Non-gaming revenues of $67.1 million, a 6.9% decrease from the fourth quarter of fiscal 2010
The growth in net income attributable to the Authority and income from operations for the quarter ended September 30, 2011 was attributable to lower operating costs and expenses. The decline in operating costs and expenses primarily reflects the impact of a $58.1 million impairment charge related to the suspended elements of Project Horizon in the fourth quarter of fiscal 2010. The decline in operating costs and expenses also resulted from our continued focus on managing expenses and enhancing operating efficiencies at both Mohegan Sun and Mohegan Sun at Pocono Downs. These results were partially offset by a non-cash relinquishment liability reassessment credit of $8.8 million during the quarter ended September 30, 2011 compared to a credit of $26.5 million in the fourth quarter of fiscal 2010. The non-cash relinquishment liability reassessment credits resulted from reductions in Mohegan Sun revenue projections over the remaining relinquishment period compared to previous projections.
The increase in Adjusted EBITDA for the quarter ended September 30, 2011 was primarily attributable to our continued focus on managing expenses and enhancing operating efficiencies. The increase in Adjusted EBITDA also reflects higher table games revenues.
Effective Date: January 2nd 2012.


   2012-01-03


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