In the same period last year, Mohegan Sun generated EBITDAM of $54.4 million. This represents a 17 percent increase over the prior year. The Authority achieved an EBITDAM margin of 34.5 percent for the quarter ended March 31, 2000, versus 34.7 percent achieved in the same period last year.

Net revenues increased 17 percent from the prior year quarter to $183.9 million. The increase in net revenues and EBITDAM is primarily attributable to the 18 percent increase in gaming revenues. During the quarter ended March 31, 2000, Mohegan Sun averaged a gross win per slot machine per day of $475 compared to $410 in the same period of the prior year. Gross slot revenue of $130.7 million for the quarter represented an increase of $19.2 million or 17 percent over the prior year.  The EBITDAM for the six months ended March 31, 2000 was $116.9 million, a 10 percent increase over the same period last year. For the six months ended March 31, 2000, net revenues were $358.2 million, an increase of $40.2 million, or 13 percent over the same period last year. The increase in net revenues for the six month was driven by strong growth in table games and slot handle.

For the six months ended March 31, 2000, Mohegan Sun averaged a gross win per slot machine per day of $459 compared to $410 in the same period of the prior year. Gross slot revenues were $254.2 million for the six months ended March 31, 2000, representing an increase of $29.2 million or 13 percent over the prior year. The overall Connecticut Slot market grew 12 percent for the six months ended March 31, 2000.  Mohegan Sun EBITDAM margin for the six months ending March 31, 2000 was 32.6 percent compared to 33.4 percent for the same period the prior year. The slight margin decline is attributable to increases in regulatory fees and casino marketing expenses. Management believes the marketing program has driven incremental visitation, expanding our brand awareness and market share.

�We are delighted with the results achieved in the first six months of our fiscal year,� said Bill Velardo, President and General Manager. �This is certainly a tribute to our 5,500 dedicated employees who are so critical to our success.�

Project Sunburst
During the quarter, progress continued on Project Sunburst, the $800 million expansion of Mohegan Sun.  Project Sunburst consists of 115,000 square feet of additional gaming space, a 1,200 room luxury hotel, approximately 100,000 square feet of convention space, a 10,000 seat arena, spectacular restaurants and approximately 150,000 square feet of retail space. During the quarter ended March 31, 2000,  $39.4 million was expended on the expansion project.  Cumulative spending on the project through March 31, 2000 is $110.7 million.  Project spending for the remainder of fiscal 2000 is anticipated to be $127 million.  The casino, arena, restaurants and retail components of the project are anticipated to open in the fall of 2001. The hotel and convention space will open in the spring of 2002. Roland Harris, Chairman of the Mohegan Tribe said, �I am pleased with the pace of the construction schedule at this time.�

Balance Sheet Items
The Authority�s balance sheet reflected cash and cash equivalents of $224.0 million as of March 31, 2000.  The Authority incurred maintenance capital expenditures of $11.8 million and $31.3 million for the three-month and six-month periods ended March 31, 2000. The Authority had $513.3 million of debt outstanding at March 31, 2000.
 
 

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.