Mohegan Tribal Gaming Authority Announces Record Second Quarter Operating Results

Apr 24, 2001, 01:00 ET from The Mohegan Tribal Gaming Authority

    UNCASVILLE, Conn., April 24 /PRNewswire Interactive News Release/ -- The
 Mohegan Tribal Gaming Authority ("Mohegan Sun") announced today, operating
 results for the second quarter ended March 31, 2001. Highlights for the
 quarter were:
 
     -- Achieved EBITDAR of $64.1 million
     -- Generated gross revenues of $203.6 million, a 2.9 percent increase over
       the previous year's quarter
     -- Achieved a gross slot win per unit per day of $496.
     -- Increased its Connecticut slot win market share to 42.6 percent, a 1.3
       percent increase over the previous year's quarter
     -- Completed a major Information Technology hardware and application
       conversion
 
     Mohegan Sun reported second quarter income from operations before
 interest, depreciation, amortization, pre-opening costs and relinquishment
 fees earned by Trading Cove Associates ("EBITDAR") of $64.1 million.  For the
 quarter ended March 31, 2000, Mohegan Sun achieved EBITDAR of $64.0 million.
 The results of operations for the comparative quarters exclude the results of
 Mohegan Sun High Stakes Bingo, which ceased operations on November 29, 2000.
 The bingo results for both periods, which include payroll and costs related to
 closing the High Stakes Bingo Hall, are reported in discontinued operations.
     Commenting on the results of operations, Mark Brown, Chairman of the
 Mohegan Tribal Council, said "The Management Board is extremely pleased with
 the casino's operating performance," which he attributed directly to the
 dedication and hard work of the Mohegan Sun employees.
     Net revenues for the quarter were $187.8 million, an increase of $5.6
 million, or 3.1 percent, over the same period last year. Second quarter
 revenues include a gross slot win per unit per day of $496 versus $475 for the
 same period last year.  Second quarter gross slot revenue of $135.2 million
 increased by 3.4 percent over the same period last year. During the same
 period the Connecticut slot market was flat. Mohegan Sun management is also
 pleased with the 5.8 percent second quarter growth in table games revenue.
     Mohegan Sun management attributes the solid second quarter operating
 performance to the outstanding levels of service by its 6,000 employees.
 Management is also pleased with the moderate increase in EBITDAR considering
 the adverse weather conditions experienced during the winter months and the
 quarter having one less day of operation versus the quarter ended March 31,
 2000.
     Mohegan Sun achieved EBITDAR of $115.4 million for the six months ended
 March 31,2001.  Net revenues for the six-month period were $370.9 million, an
 increase of $15.4 million, or 4.3 percent, over the same period last year.
     For the six months ended March 31, 2001, Mohegan Sun averaged a gross slot
 win per unit per day of $484 compared to $462 in the same period in the prior
 year.  Gross slot revenues were $267.2 million for the six months ended March
 31, 2001, representing an increase of $12.9 million or 5.1 percent over the
 prior year.
 
     Project Sunburst
     Mohegan Sun spent $133.3 million, excluding capitalized interest, during
 the quarter on Project Sunburst, the $960 million expansion of Mohegan Sun.
 The Casino of the Sky is expected to offer 2,550 slot machines and 80 table
 games. Project Sunburst is expected to also feature a 1,200 room luxury hotel,
 100,000 square feet of convention space, a 10,000-seat arena, approximately 37
 retail stores, seven full service restaurants and seven quick service food
 outlets. The Casino of the Sky, Shops at Mohegan Sun and Mohegan Sun Arena are
 expected to open in October 2001.  The luxury hotel and convention spaces are
 expected to open in April 2002.
     Mohegan Sun has expended $468.0 million of the $960.0 million budgeted for
 Project Sunburst through March 31, 2001, excluding capitalized interest.
 Cumulative Project Sunburst spending through Fiscal year 2001 is anticipated
 to be $764.7 million.  Mohegan Sun and its Project Developer, Trading Cove
 Associates, remain confident that Project Sunburst will be completed within
 the $960.0 million budget.
 
     Smoke-free Slots
     During the quarter, Mohegan Sun began construction on a 20,000 square-foot
 smoke-free slot area, which opened its doors on April 18, 2001. The highly
 thematic " Hall of the Lost Tribes" smoke-free gaming venue features 637 slot
 machines, quick service dining, and a new cocktail bar with video poker. The
 Hall of the Lost Tribes is located in the former High Stakes Bingo Hall.  The
 Hall of the Lost Tribes was completed for $18.0 million, which is $2.0 million
 below the $20.0 million original budget.
     "We are extremely pleased with the initial results from the Hall of the
 Lost Tribes," said Bill Velardo, President and General Manager.
 
     Information Technology
     During the quarter Mohegan Sun completed an information technology
 hardware and software conversion to a new, fully integrated, casino and resort
 property management system.  The Advanced Casino Systems Corporation ("ACSC")
 casino management application will facilitate Mohegan Sun in building
 strategic, long-term customer loyalty through an integrated player database.
 
     Capital Spending
     For the three months ended March 31, 2001, property maintenance capital
 expenditures for furniture, fixtures and equipment totaled $7.0 million.
 Property maintenance expenditures are anticipated to be $18.0 million for the
 remaining six months of fiscal year 2001.
     Construction continued on the $35.0 million electrical and water systems
 infrastructure ("Infrastructure Improvements") that will service Mohegan Sun
 and other facilities. The construction is expected to be complete concurrent
 with the opening of Project Sunburst. During the quarter $ 3.3 million was
 spent on the Infrastructure Improvements. Cumulative Infrastructure
 Improvements totaled $20.9 million as of March 31, 2001.  Anticipated
 Infrastructure Improvements spending for the final six months of fiscal 2001
 is $14.1 million.
     Capital spending on the $10.0 million Employee Daycare facility and $50.0
 million Patron parking facility for the year ending September 30, 2001 is
 anticipated to be $2.0 million and $9.0 million, respectively.  There was no
 spending on these projects for the quarter.
 
     Liquidity
     Cash and Cash equivalents at March 31, 2001 were $62.5 million compared to
 $115.7 million at September 30, 2000.  As of March 31, 2001, Mohegan Sun has
 $128.0 million outstanding under the $500 million Bank Credit Facility.
     Management believes that existing cash balances, financing arrangements
 and operating cash flow will provide Mohegan Sun with sufficient resources to
 meet its existing debt obligations, relinquishment payments, tribal
 distributions, and foreseeable capital expenditure requirements with respect
 to current operations and Project Sunburst for at least the next six months
     Additional news and information on Mohegan Sun can be found at
 www.mohegansun.com.
     Some information included in this press release and other materials filed
 by the Mohegan Tribal Gaming Authority (the "Authority") with the Securities
 and Exchange Commission contain forward-looking statements, within the meaning
 of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
 Exchange Act of 1934.  Such statements include information relating to plans
 for future expansion and other business development activities, as well as
 other capital spending, financing sources and the effects of regulation
 (including gaming and tax regulation) and competition.  Such forward-looking
 information involves important risks and uncertainties that could
 significantly affect anticipated results in the future and, accordingly, such
 results may differ from those expressed in any forward-looking statements made
 by or on behalf of the Authority.  These risks and uncertainties include, but
 are not limited to, those relating to development and construction activities,
 dependence on existing management, leverage and debt service, domestic or
 global economic conditions, pending litigation, changes in federal tax laws or
 the administration of such laws and changes in gaming laws or regulations
 (including the legalization of gaming in certain jurisdictions).  Additional
 information concerning potential factors that could affect the Authority's
 financial results are included in the Authority's Form 10-K for the fiscal
 year ending September 30, 2000.
 
 
                          Mohegan Tribal Gaming Authority
                             Selected Financial Results
                                   (in thousands)
 
                                                     For the        For the
                                                  Quarter Ended  Quarter Ended
                                                 March 31, 2001  March 31, 2000
 
 
     Net Revenue                                     $187,780       $182,209
     Operating Income                                  55,275         55,178
     Pre-Opening Costs                                  1,927          1,110
     TCA Relinquishment Fees                           10,181          9,895
     Interest Incurred                                $11,789        $10,915
     EBITDAR (1)                                       64,145         64,048
     EBITDA (2)                                        53,964         54,153
     EBITDAR Margin                                     34.2%          35.2%
     EBITDA Margin                                      28.7%          29.7%
     Slot Win Per Unit Per Day                           $496           $475
 
 
 
                                                    For the         For the
                                              Six Months Ended Six Months Ended
                                               March 31, 2001    March 31, 2000
 
 
     Net Revenue                                     $370,870       $355,521
     Operating Income                                  98,590         87,150
     Pre-Opening Costs                                  3,316          2,017
     TCA Management/Relinquishment Fees                20,297         23,529
     Interest Incurred                                $22,527        $21,908
     EBITDAR (1)                                      115,428        118,087
     EBITDA (2)                                        95,131         94,558
     EBITDAR Margin                                     31.1%          33.2%
     EBITDA Margin                                      25.7%          26.6%
     Slot Win Per Unit Per Day                           $484           $462
 
         (1) EBITDAR represents income from operations before interest,
     depreciation, amortization, pre-opening costs and fees earned by Trading
     Cove Associates pursuant to the Management and Relinquishment Agreements.
 
 
         (2) EBITDA represents income from operations before interest,
     depreciation, amortization and pre-opening costs, less fees earned by
     Trading Cove Associates pursuant to the Management and Relinquishment
     Agreements.
 
 
                        Mohegan Tribal Gaming Authority
                                 Balance Sheets
                                 (in thousands)
                                                      March 31    September 30,
                                                        2001           2000
                                                    (unaudited)
 
       ASSETS
     Current assets:
       Cash and cash equivalents                      $62,488       $115,731
       Receivables, net                                 8,178          6,337
       Due from Tribe                                  15,829          1,648
       Inventories                                      7,179          7,577
       Other current assets                             5,759          4,478
 
         Total current assets                          99,433        135,771
 
 
     Non-current assets:
       Property and equipment, net                    337,309        338,243
       Construction in process                        492,093        264,999
       Trademark, net                                 121,410        123,128
       Other assets, net                               19,144         23,238
 
         Total assets                              $1,069,389       $885,379
 
 
     LIABILITIES AND CAPITAL
 
     Current liabilities:
       Current portion of capital lease obligations    $2,721         $4,055
       Current portion of relinquishment liability     46,508         56,646
       Accounts payable and accrued expenses           72,524         57,601
       Accrued interest payable                        11,041         10,625
 
         Total current liabilities                    132,794        128,927
 
 
     Non-current liabilities:
       Long-term debt                                 628,000        500,000
       Relinquishment liability                       623,257        616,234
       Capital lease obligations,
        net of current portion                            950          2,336
 
         Total liabilities                          1,385,001      1,247,497
 
 
     Commitments and contingencies
 
     Capital:
       Retained Earnings                            (313,321)      (362,118)
       Accumulated other comprehensive loss           (2,291)              -
 
         Total capital                              (315,612)      (362,118)
 
         Total liabilities and capital             $1,069,389       $885,379
 
 
 
                        Mohegan Tribal Gaming Authority
                              Statements of Income
                                 (in thousands)
 
                            For the       For the      For the        For the
                            Quarter       Quarter     Six Months     Six Months
                             Ended         Ended        Ended          Ended
                        Mar 31, 2001   Mar 31, 2000  Mar 31, 2001  Mar 31, 2000
                          (unaudited)    (unaudited)  (unaudited)   (unaudited)
     Revenues:
      Gaming                180,605      $175,572      355,563      $340,519
      Food and beverage      11,037        11,680       21,761        22,997
      Retail and other       11,981        10,603       28,576        26,034
 
         Gross revenues     203,623       197,855      405,900       389,550
 
     Less - Promotional
      allowances           (15,843)      (15,646)     (35,030)      (34,029)
 
     Net revenues           187,780       182,209      370,870       355,521
 
     Cost and expenses:
      Gaming                 77,771        74,210      156,160       147,419
      Food and beverage       5,942         5,856       12,020        11,864
      Retail and other        5,656         6,486       11,491        12,125
      General and
       administration        34,266        31,609       75,771        66,026
      Pre-opening costs       1,927         1,110        3,316         2,017
      Management fee              -             0            -        13,634
      Depreciation and
       amortization           6,943         7,760       13,522        15,286
 
         Total costs
          and expenses      132,505       127,031      272,280       268,371
 
     Income from operations  55,275        55,178       98,590        87,150
 
     Other income (expense):
      Relinquishment liability
       reassessment         (8,958)       (5,764)     (17,916)      (11,527)
      Interest and
       other income             578         4,300        1,742         7,545
      Interest expense      (5,890)       (9,131)     (11,815)      (23,159)
      Change in fair value
       of derivative
       instruments              865             -      (1,277)             -
 
                           (13,405)      (10,595)     (29,266)      (27,141)
 
     Income from continuing
      operations             41,870        44,583       69,324        60,009
 
       Loss from discontinued
        operations            (335)          (40)        (527)         (306)
 
     Net income             $41,535       $44,543      $68,797       $59,703
 
 
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SOURCE The Mohegan Tribal Gaming Authority
    UNCASVILLE, Conn., April 24 /PRNewswire Interactive News Release/ -- The
 Mohegan Tribal Gaming Authority ("Mohegan Sun") announced today, operating
 results for the second quarter ended March 31, 2001. Highlights for the
 quarter were:
 
     -- Achieved EBITDAR of $64.1 million
     -- Generated gross revenues of $203.6 million, a 2.9 percent increase over
       the previous year's quarter
     -- Achieved a gross slot win per unit per day of $496.
     -- Increased its Connecticut slot win market share to 42.6 percent, a 1.3
       percent increase over the previous year's quarter
     -- Completed a major Information Technology hardware and application
       conversion
 
     Mohegan Sun reported second quarter income from operations before
 interest, depreciation, amortization, pre-opening costs and relinquishment
 fees earned by Trading Cove Associates ("EBITDAR") of $64.1 million.  For the
 quarter ended March 31, 2000, Mohegan Sun achieved EBITDAR of $64.0 million.
 The results of operations for the comparative quarters exclude the results of
 Mohegan Sun High Stakes Bingo, which ceased operations on November 29, 2000.
 The bingo results for both periods, which include payroll and costs related to
 closing the High Stakes Bingo Hall, are reported in discontinued operations.
     Commenting on the results of operations, Mark Brown, Chairman of the
 Mohegan Tribal Council, said "The Management Board is extremely pleased with
 the casino's operating performance," which he attributed directly to the
 dedication and hard work of the Mohegan Sun employees.
     Net revenues for the quarter were $187.8 million, an increase of $5.6
 million, or 3.1 percent, over the same period last year. Second quarter
 revenues include a gross slot win per unit per day of $496 versus $475 for the
 same period last year.  Second quarter gross slot revenue of $135.2 million
 increased by 3.4 percent over the same period last year. During the same
 period the Connecticut slot market was flat. Mohegan Sun management is also
 pleased with the 5.8 percent second quarter growth in table games revenue.
     Mohegan Sun management attributes the solid second quarter operating
 performance to the outstanding levels of service by its 6,000 employees.
 Management is also pleased with the moderate increase in EBITDAR considering
 the adverse weather conditions experienced during the winter months and the
 quarter having one less day of operation versus the quarter ended March 31,
 2000.
     Mohegan Sun achieved EBITDAR of $115.4 million for the six months ended
 March 31,2001.  Net revenues for the six-month period were $370.9 million, an
 increase of $15.4 million, or 4.3 percent, over the same period last year.
     For the six months ended March 31, 2001, Mohegan Sun averaged a gross slot
 win per unit per day of $484 compared to $462 in the same period in the prior
 year.  Gross slot revenues were $267.2 million for the six months ended March
 31, 2001, representing an increase of $12.9 million or 5.1 percent over the
 prior year.
 
     Project Sunburst
     Mohegan Sun spent $133.3 million, excluding capitalized interest, during
 the quarter on Project Sunburst, the $960 million expansion of Mohegan Sun.
 The Casino of the Sky is expected to offer 2,550 slot machines and 80 table
 games. Project Sunburst is expected to also feature a 1,200 room luxury hotel,
 100,000 square feet of convention space, a 10,000-seat arena, approximately 37
 retail stores, seven full service restaurants and seven quick service food
 outlets. The Casino of the Sky, Shops at Mohegan Sun and Mohegan Sun Arena are
 expected to open in October 2001.  The luxury hotel and convention spaces are
 expected to open in April 2002.
     Mohegan Sun has expended $468.0 million of the $960.0 million budgeted for
 Project Sunburst through March 31, 2001, excluding capitalized interest.
 Cumulative Project Sunburst spending through Fiscal year 2001 is anticipated
 to be $764.7 million.  Mohegan Sun and its Project Developer, Trading Cove
 Associates, remain confident that Project Sunburst will be completed within
 the $960.0 million budget.
 
     Smoke-free Slots
     During the quarter, Mohegan Sun began construction on a 20,000 square-foot
 smoke-free slot area, which opened its doors on April 18, 2001. The highly
 thematic " Hall of the Lost Tribes" smoke-free gaming venue features 637 slot
 machines, quick service dining, and a new cocktail bar with video poker. The
 Hall of the Lost Tribes is located in the former High Stakes Bingo Hall.  The
 Hall of the Lost Tribes was completed for $18.0 million, which is $2.0 million
 below the $20.0 million original budget.
     "We are extremely pleased with the initial results from the Hall of the
 Lost Tribes," said Bill Velardo, President and General Manager.
 
     Information Technology
     During the quarter Mohegan Sun completed an information technology
 hardware and software conversion to a new, fully integrated, casino and resort
 property management system.  The Advanced Casino Systems Corporation ("ACSC")
 casino management application will facilitate Mohegan Sun in building
 strategic, long-term customer loyalty through an integrated player database.
 
     Capital Spending
     For the three months ended March 31, 2001, property maintenance capital
 expenditures for furniture, fixtures and equipment totaled $7.0 million.
 Property maintenance expenditures are anticipated to be $18.0 million for the
 remaining six months of fiscal year 2001.
     Construction continued on the $35.0 million electrical and water systems
 infrastructure ("Infrastructure Improvements") that will service Mohegan Sun
 and other facilities. The construction is expected to be complete concurrent
 with the opening of Project Sunburst. During the quarter $ 3.3 million was
 spent on the Infrastructure Improvements. Cumulative Infrastructure
 Improvements totaled $20.9 million as of March 31, 2001.  Anticipated
 Infrastructure Improvements spending for the final six months of fiscal 2001
 is $14.1 million.
     Capital spending on the $10.0 million Employee Daycare facility and $50.0
 million Patron parking facility for the year ending September 30, 2001 is
 anticipated to be $2.0 million and $9.0 million, respectively.  There was no
 spending on these projects for the quarter.
 
     Liquidity
     Cash and Cash equivalents at March 31, 2001 were $62.5 million compared to
 $115.7 million at September 30, 2000.  As of March 31, 2001, Mohegan Sun has
 $128.0 million outstanding under the $500 million Bank Credit Facility.
     Management believes that existing cash balances, financing arrangements
 and operating cash flow will provide Mohegan Sun with sufficient resources to
 meet its existing debt obligations, relinquishment payments, tribal
 distributions, and foreseeable capital expenditure requirements with respect
 to current operations and Project Sunburst for at least the next six months
     Additional news and information on Mohegan Sun can be found at
 www.mohegansun.com.
     Some information included in this press release and other materials filed
 by the Mohegan Tribal Gaming Authority (the "Authority") with the Securities
 and Exchange Commission contain forward-looking statements, within the meaning
 of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
 Exchange Act of 1934.  Such statements include information relating to plans
 for future expansion and other business development activities, as well as
 other capital spending, financing sources and the effects of regulation
 (including gaming and tax regulation) and competition.  Such forward-looking
 information involves important risks and uncertainties that could
 significantly affect anticipated results in the future and, accordingly, such
 results may differ from those expressed in any forward-looking statements made
 by or on behalf of the Authority.  These risks and uncertainties include, but
 are not limited to, those relating to development and construction activities,
 dependence on existing management, leverage and debt service, domestic or
 global economic conditions, pending litigation, changes in federal tax laws or
 the administration of such laws and changes in gaming laws or regulations
 (including the legalization of gaming in certain jurisdictions).  Additional
 information concerning potential factors that could affect the Authority's
 financial results are included in the Authority's Form 10-K for the fiscal
 year ending September 30, 2000.
 
 
                          Mohegan Tribal Gaming Authority
                             Selected Financial Results
                                   (in thousands)
 
                                                     For the        For the
                                                  Quarter Ended  Quarter Ended
                                                 March 31, 2001  March 31, 2000
 
 
     Net Revenue                                     $187,780       $182,209
     Operating Income                                  55,275         55,178
     Pre-Opening Costs                                  1,927          1,110
     TCA Relinquishment Fees                           10,181          9,895
     Interest Incurred                                $11,789        $10,915
     EBITDAR (1)                                       64,145         64,048
     EBITDA (2)                                        53,964         54,153
     EBITDAR Margin                                     34.2%          35.2%
     EBITDA Margin                                      28.7%          29.7%
     Slot Win Per Unit Per Day                           $496           $475
 
 
 
                                                    For the         For the
                                              Six Months Ended Six Months Ended
                                               March 31, 2001    March 31, 2000
 
 
     Net Revenue                                     $370,870       $355,521
     Operating Income                                  98,590         87,150
     Pre-Opening Costs                                  3,316          2,017
     TCA Management/Relinquishment Fees                20,297         23,529
     Interest Incurred                                $22,527        $21,908
     EBITDAR (1)                                      115,428        118,087
     EBITDA (2)                                        95,131         94,558
     EBITDAR Margin                                     31.1%          33.2%
     EBITDA Margin                                      25.7%          26.6%
     Slot Win Per Unit Per Day                           $484           $462
 
         (1) EBITDAR represents income from operations before interest,
     depreciation, amortization, pre-opening costs and fees earned by Trading
     Cove Associates pursuant to the Management and Relinquishment Agreements.
 
 
         (2) EBITDA represents income from operations before interest,
     depreciation, amortization and pre-opening costs, less fees earned by
     Trading Cove Associates pursuant to the Management and Relinquishment
     Agreements.
 
 
                        Mohegan Tribal Gaming Authority
                                 Balance Sheets
                                 (in thousands)
                                                      March 31    September 30,
                                                        2001           2000
                                                    (unaudited)
 
       ASSETS
     Current assets:
       Cash and cash equivalents                      $62,488       $115,731
       Receivables, net                                 8,178          6,337
       Due from Tribe                                  15,829          1,648
       Inventories                                      7,179          7,577
       Other current assets                             5,759          4,478
 
         Total current assets                          99,433        135,771
 
 
     Non-current assets:
       Property and equipment, net                    337,309        338,243
       Construction in process                        492,093        264,999
       Trademark, net                                 121,410        123,128
       Other assets, net                               19,144         23,238
 
         Total assets                              $1,069,389       $885,379
 
 
     LIABILITIES AND CAPITAL
 
     Current liabilities:
       Current portion of capital lease obligations    $2,721         $4,055
       Current portion of relinquishment liability     46,508         56,646
       Accounts payable and accrued expenses           72,524         57,601
       Accrued interest payable                        11,041         10,625
 
         Total current liabilities                    132,794        128,927
 
 
     Non-current liabilities:
       Long-term debt                                 628,000        500,000
       Relinquishment liability                       623,257        616,234
       Capital lease obligations,
        net of current portion                            950          2,336
 
         Total liabilities                          1,385,001      1,247,497
 
 
     Commitments and contingencies
 
     Capital:
       Retained Earnings                            (313,321)      (362,118)
       Accumulated other comprehensive loss           (2,291)              -
 
         Total capital                              (315,612)      (362,118)
 
         Total liabilities and capital             $1,069,389       $885,379
 
 
 
                        Mohegan Tribal Gaming Authority
                              Statements of Income
                                 (in thousands)
 
                            For the       For the      For the        For the
                            Quarter       Quarter     Six Months     Six Months
                             Ended         Ended        Ended          Ended
                        Mar 31, 2001   Mar 31, 2000  Mar 31, 2001  Mar 31, 2000
                          (unaudited)    (unaudited)  (unaudited)   (unaudited)
     Revenues:
      Gaming                180,605      $175,572      355,563      $340,519
      Food and beverage      11,037        11,680       21,761        22,997
      Retail and other       11,981        10,603       28,576        26,034
 
         Gross revenues     203,623       197,855      405,900       389,550
 
     Less - Promotional
      allowances           (15,843)      (15,646)     (35,030)      (34,029)
 
     Net revenues           187,780       182,209      370,870       355,521
 
     Cost and expenses:
      Gaming                 77,771        74,210      156,160       147,419
      Food and beverage       5,942         5,856       12,020        11,864
      Retail and other        5,656         6,486       11,491        12,125
      General and
       administration        34,266        31,609       75,771        66,026
      Pre-opening costs       1,927         1,110        3,316         2,017
      Management fee              -             0            -        13,634
      Depreciation and
       amortization           6,943         7,760       13,522        15,286
 
         Total costs
          and expenses      132,505       127,031      272,280       268,371
 
     Income from operations  55,275        55,178       98,590        87,150
 
     Other income (expense):
      Relinquishment liability
       reassessment         (8,958)       (5,764)     (17,916)      (11,527)
      Interest and
       other income             578         4,300        1,742         7,545
      Interest expense      (5,890)       (9,131)     (11,815)      (23,159)
      Change in fair value
       of derivative
       instruments              865             -      (1,277)             -
 
                           (13,405)      (10,595)     (29,266)      (27,141)
 
     Income from continuing
      operations             41,870        44,583       69,324        60,009
 
       Loss from discontinued
        operations            (335)          (40)        (527)         (306)
 
     Net income             $41,535       $44,543      $68,797       $59,703
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X37207285
 
 SOURCE  The Mohegan Tribal Gaming Authority