Mohegan Sun casino posts plunge in 4Q profit - DC News FOX 5 DC WTTG

Mohegan Sun casino posts plunge in 4Q profit

Posted: Updated:

UNCASVILLE, Conn. (AP) - The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania has reported a two-thirds plunge in fourth-quarter profit, citing a loss on debt exchange and higher expenses for its unsuccessful attempt to win voter approval for a proposed Massachusetts casino.

The Mohegan Sun Tribal Authority said Wednesday that net income for the three months ended Sept. 30 was $4.9 million, down from $14.8 million in the fourth quarter of 2012.

Revenue of $345.3 million was down 2 percent from the same period last year.

Chief Executive Officer Mitchell Grossinger Etess said recent debt refinancing is "extremely significant" and will strengthen the tribal authority's balance sheet and improve cash flow. The authority, which runs the Mohegan Sun casinos in Uncasville, Conn., and Wilkes-Barre, Pa., expects to save $16 million in interest costs.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Beach fashion

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Monday, July 21 2014 6:13 PM EDT2014-07-21 22:13:49 GMT
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
  • Wawa to close first store opened 50 years ago

    Wawa to close first store opened 50 years ago

    Monday, July 21 2014 3:01 PM EDT2014-07-21 19:01:43 GMT
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
  • Cable company customer service rage

    Cable company customer service rage

    Wednesday, July 16 2014 10:58 PM EDT2014-07-17 02:58:18 GMT
    Find someone, anyone, with cable TV who hasn't had at least one miserable experience dealing with that company's customer service people and you've accomplished something we couldn't. But in fairness to the cable companies, whose business model at this point resembles that of a cartel, as customers we don't always handle system outages or the explanations for them in the most mature fashion.
    Find someone, anyone, with cable TV who hasn't had at least one miserable experience dealing with that company's customer service people and you've accomplished something we couldn't. But in fairness to the cable companies, whose business model at this point resembles that of a cartel, as customers we don't always handle system outages or the explanations for them in the most mature fashion.
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices