Mohegan Tribal Gaming ends Q4 with increased cash of $114 million

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Mohegan Tribal Gaming Authority ended the fourth quarter with cash and cash equivalents of $114.1 million and total liquidity of $109.9 million, minus its bank roll and restricted cash, said chief financial officer Mario Kontomerkos during the company's earnings call on Thursday.

Cash and cash equivalents at Sept. 30, 2011 totaled $112.2 million.

Total debt at Sept. 30 was $1.71 billion, with no amount drawn under Mohegan's $75 million revolver. Total debt for the prior-year period was $1.64 billion.

The company was in compliance with all of its covenants at quarter-end, said Kontomerkos.

Leverage under Mohegan's bank credit facility was 6.2 times, against the covenant of 7.25 times, while leverage under its senior credit facility was 1.5 times compared to the covenant requirement of 1.75 times.

Leverage under the first-lien loan was 2.36 times versus the covenant of 1.75 times.

Interest expense increased by 49% to $43 million for the period, due primarily to a higher weighted average interest rate driven by a March 6 financing transaction, a company news release said.

The weighted average interest rate was 10.1% for fourth-quarter 2012, compared to 7.2% in the fourth quarter of fiscal 2011.

Compared to the prior-year period, fourth-quarter net revenues were down 5.8% at $351.8 million, gaming revenues were down 6.9% at $313.8 million, and adjusted EBITDA was down 10.5% at $81.0 million.

Mohegan Tribal Gaming is an Uncasville, Conn., operator of gaming and entertainment enterprises.

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