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 Twp.
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.