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Mohegan Sun Shows Gains
The operator of the Mohegan Sun casino reported Thursday that revenue from gambling continued to increase, fueled by a growth in slot machine income and a new private suite for high-limit table games.
Net income for the Mohegan Tribal Gaming Authority, which runs the casino in the Uncasville section of Montville, was up 11.3 percent for the quarter ending June 30, compared with the same period last year.
Its adjusted earnings before interest, taxes, depreciation and amortization for the quarter increased by $5.3 million, or 5.7 percent, compared with the same period in the prior year.
The authority reported a 3.8 percent increase in gambling revenue for the third quarter, but saw a 3.4 percent decrease in non-gambling revenue, compared with the same period last year. That drop was due in part to the shutdown of a food court for renovations.
On Thursday, after the operating-results report was released, analysts wanted to know when the casino will expand. Nearby Foxwoods Resort Casino is moving forward with a $700 million project.
Mohegan executives said they recently hired an architectural firm to work on a potential hotel and casino expansion plan, but provided no timetable.
The Mohegan Tribal Gaming Authority is required to report its finances publicly because it sold bonds to finance past projects.
Newtown Firm Gets Agency Backing
After a 16-month drought in early-stage company investments, Connecticut Innovations, a state venture capital agency, announced Thursday that it plans to invest $1 million in Environmental Energy Services Inc. of Newtown.
Although the company, which develops technology to help utilities and large industrial boilers burn oil and coal cleaner and more efficiently, was incorporated in 1992, it is redirecting its focus to coal applications. That allows it to qualify as "early-stage," said the company's president, Richard Nowak.
"If we can help a utility burn more efficiently, that's better for everyone all the way around because you're going to get more energy out of the fuel you're using, which would mean that the power would cost less to produce," Nowak said
CI's investment, and the possibility that it will soon invest in two more early-stage information technology companies, marks a step in the agency's recovery from internal problems that detracted from its primary aim of developing promising technology companies.
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