Mohegan Sun Casino Announce 2nd Quarter Slots Profits Decline
On August 7th, 2007, the Mohegan Sun reported a slide in their revenues for the 2nd quarter of 2007, pointing to the growing competition from the different horse racing tracks that offers slot machines in the state of New York and Rhode Island.
Profits from the casino's operations for the second part of the year were $72.4 million dollars, sliding down from $3.9 million dollars or more than 5% percent.
The drop was attributed to the decline in slot machines profits, which slid down from $4.3 million dollars to $2.4 million dollars. The Mohegan Sun casino does not publicly state their revenues from the slot machines.
The slide down was the direct result of the slots expansion at the Yonkers Raceway in New York and the Twin River in Lincoln, Rhode Island, according to casino executives. There are a fewer slot machines that are operating at the Mohegan Sun compared with the same period last year.
Jeffrey Hartmann, the executive vice president and chief operating officer of the casino, said that they have learned a lot from the Northeast market.
The Mohegan Sun is also studying the cost of their $74O million casino expansion project, which aims to expand gaming space, retail stores and eating establishments and a brand new hotel facility.
The Mohegan Tribal Gambling Authority owns and manages Mohegan Sun and slot machines located at the Pocono Downs near Wilkes-Barre, Pennsylvania.
09/11/2007 03:35 PM
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