New financial results show that things may be looking up in the casino industry. But even its leaders admit, the rise in fortunes is limited.
Connecticut casino Mohegan Sun reported third quarter profits Wednesday that were a 366% increase over the figures for the same quarter last year. But CEO Mitchell Etess told investors and analysts on a conference call that number reflects how bad things were last year, rather than a big rebound in 2009.
Mohegan Sun did see a big increase in its table games hold – the amount of money taken in and not paid out in winnings, and the results were also improved by a big cost cutting drive. Net revenues at the casino were down marginally, as were gross slot revenues. Non-gaming revenues plunged 18%.
Executives say they expect at least the next five quarters to be challenging.