Mohegan Tribal Gaming Continues to Deliver Based on Preliminary Third Quarter Results
Mohegan Tribal Gaming Authority one of America’s most successful tribal gaming entities has released its preliminary third quarter results. They are in-line with the impressive history of the organization. The results are measured using two of the most rigorous accounting standards of the GAAP (Generally Accepted Accounting Principles) and EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization). The tribal’s rationale for using them is to provide investors and the SEC (Security and Exchange Commission with a comprehensive review of their on-going business operations. Gaming operations are found in the states of Connecticut and Pennsylvania.
Connecticut Gaming Operations
Mohegan Sun is a vast casino and resort venture located in Uncasville, Connecticut. It is the first endeavor completed by the Mohegan Tribal Gaming Authority. The compound consists of 185 acres on the reservation with 544 acres of land. It boast 3.1 million square feet of facilities that house three casinos, retail space, an arena, state-of-the-art theater and convention center, and a hotel with 1,200 luxurious rooms.
The particulars for each component are three separately named casinos including Casino of the Earth, Sky and Wind. The Shops at Mohegan Sun is a sprawling 100,000 square foot section filled with retailers. The Mohegan Sun Arena seats 10,000 spectators. The Cabaret Theater can accommodate 350 guests. The massive convention center has over 100,000 square feet of ballrooms, meeting and banquet rooms.
Pennsylvania Gaming Operations
The newest venture for the Mohegan Tribal Gaming Authority is located in Plains Township, Pennsylvania, on nearly 400 acres along with other locations throughout the state. It is listed under a subsidiary known as Downs Racing, L.P.
Mohegan Sun Pocono is a cutting edge facility with an expansive 400,000 square feet of slot casino games. In addition, visitors have access to table games, real-time and simulcast harness racing, and (OTB) off-track betting. There is a 20,000 square foot area with 238 luxury hotel rooms as well as retail and dining venues. A convention center with space for meeting rooms and a lounge for bus passengers complete the facility.
As with all preliminary earnings figures released by businesses, there are accepted verbal liberties taken as recorded by the terms ‘will’, ‘estimate’, ‘may’, ‘anticipate’, and others. This information follows suit as it took into consideration risks, threats, and diverse uncertainties related to the casino and hospitality industry.
The GAAP unaudited numbers reflect net revenues within the range of $318.5 million to $331.5 million, which breaks even compared with the previous year’s third quarter. The categories that drive net revenue include gaming and non-gaming activities. The gaming activities are comprised of gross casino slots, table games, and harness and OTB revenue. The non-gaming contributing elements are the hotel, theatre, arena, and meeting and convention centers.
The gaming figures show results that break even with gross slots earnings being flat to a four percent increase. However, the table games had a decrease in earnings between one and five percent. The components for the non-gaming earnings experienced a decrease of up to four percent.
The EBITDA analysis covers adjusted figures for property, interest income, depreciation and amortization, and other relevant assets and expenses customarily listed. The details are a give and take with gains and losses that leave the operations in the black. This includes operational and net incomes.
The contacts responsible for releasing the information are Chief Executive Officer, Mitchell Grossinger Etess and Chief Financial Officer, Mario C. Kontomerkos, both located in Connecticut. The quarterly report focuses on current gaming operations with no reference of the latest initiative to have the best online slots in the industry. However, based on the history of this industry leader, it will be no surprise to see them make inroads with this popular segment as well.