Mohegan Tribal Gaming Profits Increase Because of New State Laws

The Mohegan Tribal Gaming Authority saw it's profits rise by almost 22 percent in the company's last quarter. The increase has much to do with the new laws allowing slot machines.

Pennsylvania's Pocono Mountains played a big part in the increase, which saw profits go from 34.8 million in the same quarter last year, to 42.3 million this year.

The revenue was not all gambling related, however, it was responsible for $357 million of the reported $390 collected revenue.

The main increase in the revenue came from two places in particular, the Mohegan Sun and Pocono Downs. In order to plan for the potential increase in gambling, the Mohegan's spent $70 million on a slot parlor for Pocono Downs' harness racing complex. The expansion included 1000 slot machines, as well as three restaurants in a food court, and a bar. All of which opened last year.

Also, in March, the tribe secured a $1 billion line of credit to finance a new project appropriately named, Project Horizon. It Includes a 1,000 room hotel and will feature a music hall. The location of the new project will be the Mohegan Sun in Uncasville.

Bruce S. Boznum, the chairman of the Tribal's management board, had this to say in response to the revenue increase, "With so much of the attention of the board and senior management team being centered on Project Horizon, and our expansion plans at Mohegan Sun at Pocono Downs recently, it is reassuring that we have not lost our focus on current operations."

May 2, 2007
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!