Cost cutting and increases in slot machine and table games numbers have driven the third-quarter profit at the Mohegan Sun casinos.
The Mohegan Tribal Gaming Authority (MTGA) or the Authority, the owner and operator of Mohegan Sun casinos in Connecticut and Pennsylvania, announced its Q3 operating results covering the three months ending ending June 30, 2015.
According to the MTGA, Q3 consolidated revenue of $325m was relatively flat but the increases in EBITDA, income from operations and net income were attributed to improved slot results at Mohegan Sun in Uncasville, Connecticut and table game results at Mohegan Sun Pocono in at the Wilkes-Barre, Pennsylvania, combined with an overall reduction in operating and corporate costs and expenses.
Slot machine revenue in Connecticut was up 2.8% to $142.2m compared to $138.3m in Q3 2014 and table games in Pennsylvania casino increased 12% to $11.8 million.
“Our financial position is strong as our total leverage has declined to its lowest level since March 2008, and we anticipate that this trend will continue given the recent expiration of relinquishment payments and our ongoing proactive cost saving initiatives,” said MTGA President Robert Soper.
Significant changes in the casino’s marketing and promotional strategies reduced expenses, which were down by nearly $14m to $263.5 million from $277.3 million for the same quarter a year ago.
“We’ve proven we can manage costs and market effectively in tough markets without chasing business and this is evident also in our bottom line,” Soper said in a conference call with financial analysts.
MoheganSunCasino.com receives approval to operate in New Jersey
Last week, MTGA soft launched MoheganSunCasino.com for a series of tests including geo-location features, payment processing and player verification.
Now that the site has passed the testing phase, MTGA has received approval from the New Jersey Division of Gaming Enforcement (DGE) to officially launch its real-money online casino platform in the state.
The site operates under Resorts Casino Hotel’s license, sharing the NYX Gaming Group platform that powers the ResortsCasino.com site, which launched this spring.
“MoheganSunCasino.com will be the latest example of our commitment to partnering with the world’s most trusted and respected brands to deliver the best gaming experience possible to our players,” said Morris Bailey, owner of Resorts Casino Hotel. “We are excited to continue our venture into the iGaming world and launch MoheganSunCasino.com as one of our five online casino licenses, offering the luxurious experience the world has come to know from Mohegan Sun.”
