Mohegan Suns Slots Earnings Drops for July 2009

Mohegan Sun's slot machine earnings for the month of July offered no change from the casino's string of year-over-year losses, which now stretches to fourteen succeeding months.

The Mohegan Tribal Gaming Authority, the casino facility's operator, released figures on August 18th, 2009 that stated that it won $69.1 million at its slot machines last month, nine percent less than in July 2008. The casino facility, reflecting a pattern seen throughout the recession-crippled gaming industry, has not posted a year-over-year gain since May 2008.

Mitchell Etess, the Mohegan Tribal Gaming authority's chief executive officer stated that they thought and had hoped that they would see a slight improvement of the numbers but unfortunately it is not happening.

Last month's win was up by nearly twelve percent over June's $61.8 million win but less than May's $69.9 million, Mohegan Sun's high-water mark for the year. Etess said that he really do not know what anything indicates at this time. He said that they are still seeing individuals being more careful with their money when it comes to entertainment.

Usually, either July or August is the casino facility's biggest month, depending on how the calendar falls. Etess said that it appears to be August this year since it has 5 Saturdays and 5 Sundays compared with July, which had 4 of each. The same is true in 2008. Etess stated that they are giving a good product and their employees are also doing a terrific job.

Etess said that they are confident that when the economy improves, they will see the benefits. They still have a better market gaming share compared with other casinos and their decreases are acceptable. Etess said that leads them to believe that the main reason for the decline is the economy rather than something they were doing.

Foxwoods, including MGM Grand at Foxwoods, reported July slot machine winnings of $63.3 million, a 13.1% drop over July 2008. Atlantic City's eleven casinos reported a 12.4% drop in their slots win for the month of July. The Mohegan Authority's monthly filing with the state Division of Special Revenue showed it held 8.36% of the $826.1 million wagered on Mohegan Sun's 6,749 slot machines.

Wednesday, 09 September 2009
Caroline Mitchell