Mohegan authority releases quarterly earnings

Mohegan — The Mohegan Tribal Gaming Authority, owner and operator of Mohegan Sun and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pa., reported net income, or profit, of $15.1 million for the quarter that ended March 31, a 40 percent decrease over the same quarter a year earlier.

Adjusted EBITDA — earnings before interest, income, taxes, depreciation and amortization — was $85 million for the quarter, a 6.4 percent increase.

The authority was to discuss its earnings with investors and industry analysts in a conference call this morning.

"We are quite pleased with our results for the quarter," Mitchell Etess, the authority’s chief executive officer, said in a statement. "We were able to exceed our EBITDA targets despite only modest improvements in our net revenues. … We are also thrilled with the successful completion of our refinancing. With this now behind us, we can truly focus on growing our business."