UNCASVILLE, Conn. (AP) ‚?? The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania said profit fell by two-thirds in the fourth quarter due to competition, the weak economy and higher interest costs.
The Mohegan Tribal Gaming Authority said Thursday that net income of $14.8 million was down 68 percent from the fourth quarter of 2011.
Revenue of $351.8 million was down 5.8 percent, reflecting a drop in slot machines, table games and non-gambling activities. The authority operates the Mohegan Sun casinos in Uncasville, Conn., and Plains Township, Pa.
Part of the decline in net income resulted from higher interest expense due to refinancing $1 billion in debt.
The authority said it‚??s pleased with the performance of the Pocono Downs casino. Connecticut‚??s Mohegan Sun faces rising competition from throughout the Northeast.