The Mohegan Tribal Gaming Authority (MTGA) yesterday announced its fourth quarter and fiscal year 2007 operating results. Record consolidated gaming revenues reached US$1.47 billion, a 14.8% increase on the previous fiscal year. Non-gaming revenues were up 5.4% to US282.6 million and consolidated net income rose 11.4% to US$172.6 million.

Just under one year ago the MTGA received a licence to operate Mohegan Sun at Pocono Downs. Robert J. Soper, President and CEO of Mohegan Sun at Pocono Downs, said, “I am extremely satisfied with the operating results of Mohegan Sun at Pocono Downs. The results clearly demonstrate the hard work and commitment made by the employees of our facility. As we complete our first year of slot operations, I also want to thank the local community for all its support – the partnership created between the community and Mohegan Sun at Pocono Downs is truly an indication of a bright future for both of us.”

On 10 August Sunrise Square, the new Asian themed gaming area at Mohegan Sun opened. The continued success of the Asian marketing programme and a continued focus in high end table play was credited with a growth in table games drop. Table games revenue for the fourth quarter was down 1.5% but was up 5.5% for the fiscal year. Sunrise Square is part of Project Horizon.

The four major components of Project Horizon are Sunrise Square, Property Infrastructure, Casino of the Wind and the Earth Expansion. Total costs for Project Horizon are now estimated at US$925 million, a rise of US$185 million, and some components have been scaled back and opening dates postponed. Rising construction costs and increasing competition from gaming venues in neighbouring states are blamed for the changes.

According to the MTGA, the plans for Project Horizon currently include adding substantially more hotel rooms, gaming space and other new non-gaming amenities to Mohegan Sun. The total number of slot machines at Mohegan Sun is projected to increase to approximately 7,000 units, complemented by approximately 380 table games (including poker tables) when the project is completed.

Jeffrey E. Hartmann, the Authority’s Chief Operating Officer, said, “We believe the breadth of Project Horizon, additional hotel rooms, new fine dining options, new shopping destinations and the House of Blues entertainment package will position Mohegan Sun to remain the pre-eminent gaming destination on the East Coast. As we have successfully extended our Mohegan Sun brand to Pennsylvania, we continue to seek growth opportunities that will leverage our brand, management expertise and customer centric philosophy.” (E-12.14.07)

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