10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_________________________________

FORM 10-Q

 _____________________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                    

Commission file number 033-80655

 __________________________________________

MOHEGAN TRIBAL GAMING AUTHORITY

(Exact name of registrant as specified in its charter)

 __________________________________________

Not Applicable	06-1436334
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
One Mohegan Sun Boulevard, Uncasville, CT	06382
(Address of principal executive offices)	(Zip Code)

(860) 862-8000

(Registrant’s telephone number, including area code)

 ___________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  o	Accelerated filer  o
Non-accelerated filer  x	Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):     Yes  ¨    No  x

MOHEGAN TRIBAL GAMING AUTHORITY

INDEX TO FORM 10-Q

		Page Number
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of March 31, 2015 and September 30, 2014 (unaudited)	3
	Condensed Consolidated Statements of Income (Loss) for the Three Months and Six Months Ended March 31, 2015 and 2014 (unaudited)	4
	Condensed Consolidated Statements of Changes in Capital for the Three Months and Six Months Ended March 31, 2015 and 2014 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2015 and 2014 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	50
Item 4.	Controls and Procedures	50
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 6.	Exhibits	51
Signatures.	Mohegan Tribal Gaming Authority	52

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MOHEGAN TRIBAL GAMING AUTHORITY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	March 31, 2015		September 30, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	64,549	$	49,108
Restricted cash	1,723		675
Receivables, net	27,940		30,640
Inventories	15,175		14,544
Other current assets	18,579		16,997
Total current assets	127,966		111,964
Non-current assets:
Property and equipment, net	1,362,734		1,424,068
Goodwill	39,459		39,459
Other intangible assets, net	406,994		405,109
Other assets, net	94,413		75,360
Total assets	$	2,031,566	$	2,055,960
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	18,797	$	29,308
Current portion of relinquishment liability	—		25,194
Due to Mohegan Tribe	5,250		2,250
Current portion of capital leases	808		793
Trade payables	15,496		24,086
Construction payables	894		5,832
Accrued interest payable	9,876		8,659
Other current liabilities	134,834		127,175
Total current liabilities	185,955		223,297
Non-current liabilities:
Long-term debt, net of current portion	1,681,502		1,675,958
Due to Mohegan Tribe, net of current portion	20,420		23,420
Capital leases, net of current portion	1,937		2,345
Other long-term liabilities	6,891		6,113
Total liabilities	1,896,705		1,931,133
Commitments and Contingencies
Capital:
Retained earnings	134,856		125,058
Mohegan Tribal Gaming Authority capital	134,856		125,058
Non-controlling interests	5		(231		)
Total capital	134,861		124,827
Total liabilities and capital	$	2,031,566	$	2,055,960

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

MOHEGAN TRIBAL GAMING AUTHORITY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands)

(unaudited)

	For the			For the			For the			For the
	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Revenues:
Gaming	$	275,016		$	278,400		$	552,750		$	553,153
Food and beverage	21,119			22,613			43,790			45,332
Hotel	12,273			11,911			24,499			22,603
Retail, entertainment and other	24,107			26,018			52,406			55,523
Gross revenues	332,515			338,942			673,445			676,611
Less-Promotional allowances	(22,092		)	(22,259		)	(46,290		)	(47,105		)
Net revenues	310,423			316,683			627,155			629,506
Operating costs and expenses:
Gaming	155,666			165,739			321,765			342,041
Food and beverage	10,229			10,749			21,040			20,848
Hotel	3,476			4,074			6,979			7,794
Retail, entertainment and other	9,577			11,352			21,821			24,128
Advertising, general and administrative	48,609			47,869			94,424			94,811
Corporate	8,642			10,860			16,281			20,292
Depreciation and amortization	19,564			20,879			39,617			39,997
Loss on disposition of assets	80			53			819			52
Severance	3,370			—			3,370			—
Pre-opening	—			25			—			1,187
Impairment of Project Horizon	2,502			—			2,502			—
Relinquishment liability reassessment	(299		)	—			(243		)	—
Total operating costs and expenses	261,416			271,600			528,375			551,150
Income from operations	49,007			45,083			98,780			78,356
Other income (expense):
Accretion of discount to the relinquishment liability	—			(551		)	(227		)	(1,102		)
Interest income	1,814			1,602			3,648			3,246
Interest expense, net of capitalized interest	(35,777		)	(36,297		)	(72,032		)	(75,266		)
Loss on early extinguishment of debt	—			(192		)	—			(62,275		)
Other expense, net	(482		)	(174		)	(1,210		)	(878		)
Total other expense	(34,445		)	(35,612		)	(69,821		)	(136,275		)
Net income (loss)	14,562			9,471			28,959			(57,919		)
Loss attributable to non-controlling interests	470			155			839			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	9,626		$	29,798		$	(57,628	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

MOHEGAN TRIBAL GAMING AUTHORITY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(in thousands)

(unaudited)

	Total			Mohegan Tribal  Gaming Authority			Non-controlling       Interests
Balance, December 31, 2014	$	130,299		$	129,824		$	475
Net income (loss)	14,562			15,032			(470		)
Distributions to Mohegan Tribe	(10,000		)	(10,000		)	—
Balance, March 31, 2015	$	134,861		$	134,856		$	5
Balance, September 30, 2014	$	124,827		$	125,058		$	(231	)
Contributions from members	1,075			—			1,075
Net income (loss)	28,959			29,798			(839		)
Distributions to Mohegan Tribe	(20,000		)	(20,000		)	—
Balance, March 31, 2015	$	134,861		$	134,856		$	5
Balance, December 31, 2013	$	121,995		$	121,982		$	13
Net income (loss)	9,471			9,626			(155		)
Distributions to Mohegan Tribe	(10,000		)	(10,000		)	—
Balance, March 31, 2014	$	121,466		$	121,608		$	(142	)
Balance, September 30, 2013	$	199,385		$	199,236		$	149
Net loss	(57,919		)	(57,628		)	(291		)
Distributions to Mohegan Tribe	(20,000		)	(20,000		)	—
Balance, March 31, 2014	$	121,466		$	121,608		$	(142	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

MOHEGAN TRIBAL GAMING AUTHORITY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

	For the Six Months Ended			For the Six Months Ended
	March 31, 2015			March 31, 2014
Cash flows provided by (used in) operating activities:
Net income (loss)	$	28,959		$	(57,919	)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	39,617			39,997
Relinquishment liability reassessment	(243		)	—
Accretion of discount to the relinquishment liability	227			1,102
Cash paid for accretion of discount to the relinquishment liability	(778		)	(1,794		)
Loss on early extinguishment of debt	—			58,479
Payments of tender offer costs and discounts	—			(48,155		)
Amortization of debt issuance costs and accretion of bond discounts	3,816			4,301
Provision for losses on receivables	2,076			1,622
Impairment of Project Horizon	2,502			—
Loss on disposition of assets	819			52
Loss from unconsolidated affiliates	1,263			854
Changes in operating assets and liabilities:
(Increase) decrease in receivables	2,443			(3,863		)
Increase in inventories	(631		)	(1,455		)
Increase in other assets	(4,782		)	(5,206		)
Increase (decrease) in trade payables	(8,446		)	287
Increase (decrease) in accrued interest	1,217			(13,021		)
Increase in other liabilities	7,990			13,680
Net cash flows provided by (used in) operating activities	76,049			(11,039		)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including decreases in construction payables of $4,938 and $5,912, respectively	(7,742		)	(22,345		)
Issuance of third-party loans and advances	(1,135		)	(1,026		)
Payments received on third-party loans	77			569
(Increase) decrease in restricted cash, net	(1,710		)	12,078
Proceeds from asset sales	1,558			36
Payment of escrow deposit	—			(3,356		)
Investments in the New England Black Wolves	(500		)	—
Investments in unconsolidated affiliates	—			(29		)
Net cash flows used in investing activities	(9,452		)	(14,073		)
Cash flows provided by (used in) financing activities:
Prior Bank Credit Facility repayments - Term	—			(393,000		)
Prior Term Loan Facility repayments, net of discount	—			(222,103		)
Senior Secured Credit Facility borrowings - Revolving	212,000			130,000
Senior Secured Credit Facility repayments - Revolving	(199,000		)	(91,000		)
Senior Secured Credit Facility borrowings - Term Loan A, net of discount	—			124,343
Senior Secured Credit Facility repayments - Term Loan A	(3,125		)	(1,563		)
Senior Secured Credit Facility borrowings - Term Loan B, net of discount	—			720,952
Senior Secured Credit Facility repayments - Term Loan B	(3,650		)	(1,825		)
Line of Credit borrowings	221,831			156,992
Line of Credit repayments	(224,459		)	(150,453		)
Repayments to Mohegan Tribe	—			(2,750		)
Repayments of other long-term debt	(9,826		)	(191,010		)
Principal portion of relinquishment liability payments	(24,400		)	(23,457		)
Distributions to Mohegan Tribe	(20,000		)	(20,000		)
Payments of financing fees	—			(12,629		)
Payments on capital lease obligations	(527		)	(1,128		)
Net cash flows provided by (used in) financing activities	(51,156		)	21,369
Net increase (decrease) in cash and cash equivalents	15,441			(3,743		)
Cash and cash equivalents at beginning of period	49,108			63,624
Cash and cash equivalents at end of period	$	64,549		$	59,881
Supplemental disclosure:
Cash paid during the period for interest	$	66,147		$	83,806

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1—ORGANIZATION:

The Mohegan Tribe of Indians of Connecticut (the “Mohegan Tribe” or the “Tribe”) established the Mohegan Tribal Gaming Authority (the “Authority”) in July 1995 with the exclusive authority to conduct and regulate gaming activities for the Tribe on Tribal lands and the non-exclusive authority to conduct such activities elsewhere. The Tribe is a federally-recognized Indian tribe with an approximately 544-acre reservation situated in Southeastern Connecticut, adjacent to Uncasville, Connecticut. Under the Indian Gaming Regulatory Act of 1988, federally-recognized Indian tribes are permitted to conduct full-scale casino gaming operations on tribal lands, subject to, among other things, the negotiation of a compact with the affected state. The Tribe and the State of Connecticut entered into a compact (the “Mohegan Compact”), which was approved by the United States Secretary of the Interior. The Authority is primarily engaged in the ownership, operation and development of gaming facilities. In October 1996, the Authority opened Mohegan Sun, a gaming and entertainment complex situated on an approximately 185-acre site on the Tribe's reservation. The Authority is governed by a nine-member Management Board, whose members also comprise the Mohegan Tribal Council, the governing body of the Tribe. Any change in the composition of the Mohegan Tribal Council results in a corresponding change in the Authority's Management Board.

As of March 31, 2015, the following subsidiaries were wholly-owned by the Authority: Mohegan Basketball Club, LLC (“MBC”), Mohegan Golf, LLC (“Mohegan Golf”), Mohegan Lacrosse, LLC (“Mohegan Lacrosse”), Mohegan Commercial Ventures-PA, LLC (“MCV-PA”), Mohegan Ventures-Northwest, LLC (“Mohegan Ventures-NW”), Mohegan Ventures Wisconsin, LLC (“MVW”), MTGA Gaming, LLC (“MTGA Gaming”), Downs Lodging, LLC ("Downs Lodging") and Mohegan Gaming Advisors, LLC ("Mohegan Gaming Advisors").

MBC owns and operates the Connecticut Sun, a professional basketball team in the Women's National Basketball Association (the “WNBA”). MBC currently owns a 4.2% membership interest in WNBA, LLC.

Mohegan Golf owns and operates the Mohegan Sun Golf Club in Southeastern Connecticut.

In October 2014, the Authority formed Mohegan Lacrosse as a wholly-owned unrestricted subsidiary. Mohegan Lacrosse holds a 50% membership interest in New England Black Wolves, LLC (“NEBW”), which was formed with an unrelated third-party to own and operate the New England Black Wolves, a professional indoor lacrosse team in the National Lacrosse League.

MCV-PA holds a 0.01% general partnership interest in each of Downs Racing, L.P., Backside, L.P., Mill Creek Land, L.P. and Northeast Concessions, L.P. (collectively, along with MCV-PA, the “Pocono Subsidiaries”), while the Authority holds the remaining 99.99% limited partnership interest in each entity. Downs Racing, L.P. (“Downs Racing”) owns and operates Mohegan Sun Pocono, a gaming and entertainment facility situated on an approximately 400-acre site in Plains Township, Pennsylvania, and several off-track wagering facilities located elsewhere in Pennsylvania (collectively, the “Pennsylvania Facilities”). The Authority views Mohegan Sun and the Pennsylvania Facilities as two separate operating segments.

Mohegan Ventures-NW and a subsidiary of the Tribe hold 49.15% and 10.85% membership interests in Salishan-Mohegan, LLC (“Salishan-Mohegan”), respectively. Salishan-Mohegan was formed with an unrelated third-party to participate in the development and management of a proposed casino to be owned by the federally-recognized Cowlitz Indian Tribe of Washington (the “Cowlitz Tribe”) and to be located in Clark County, Washington (the “Cowlitz Project”). Salishan-Mohegan holds 100% membership interests in Salishan-Mohegan Two, LLC and Interchange Development Group, LLC, both of which were formed to acquire certain property related to the Cowlitz Project.

MVW holds a 100% membership interest in Wisconsin Tribal Gaming, LLC (“WTG”), which was formed to participate in the development of a proposed casino to be owned by the federally-recognized Menominee Indian Tribe of Wisconsin (the “Menominee Tribe”) and to be located in Kenosha, Wisconsin (the “Menominee Project”).

MTGA Gaming holds a 100% membership interest in Mohegan Gaming & Hospitality, LLC (“MG&H”), an unrestricted subsidiary of the Authority. MG&H holds a 100% membership interest in Mohegan Resorts, LLC (“Mohegan Resorts”). Mohegan Resorts holds a 100% membership interest in Mohegan Resorts Mass, LLC, which was formed to pursue potential gaming opportunities in the Commonwealth of Massachusetts. Mohegan Resorts also holds 100% membership interests in Mohegan Resorts New York, LLC and Mohegan Gaming New York, LLC (collectively, the “Mohegan New York Entities”). The Mohegan New York Entities were formed to pursue potential gaming opportunities in the State of New York.

Downs Lodging, an unrestricted subsidiary of the Authority, was formed to develop, finance and build Project Sunlight, a hotel and convention center located at Mohegan Sun Pocono.

7

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Mohegan Gaming Advisors, an unrestricted subsidiary of the Authority, was formed to pursue gaming opportunities outside the State of Connecticut, including management contracts and consulting agreements for casino and entertainment properties in the United States. Mohegan Gaming Advisors holds 100% membership interests in MGA Holding NJ, LLC ("MGA Holding NJ") and MGA Gaming NJ, LLC (collectively, the "Mohegan New Jersey Entities"). The Mohegan New Jersey Entities were formed to pursue management contracts and consulting agreements in the State of New Jersey. In October 2012, MGA Holding NJ acquired a 10% ownership interest in Resorts Casino Hotel in Atlantic City, New Jersey.

Mohegan Gaming Advisors also holds 100% membership interests in MGA Holding MA, LLC (“MGA Holding MA”) and MGA Gaming MA, LLC (“MGA Gaming MA”). MGA Holding MA holds a 100% membership interest in MGA Palmer Partners, LLC (“MGA Palmer Partners”). MGA Palmer Partners holds a 100% membership interest in Mohegan Sun Massachusetts, LLC (together with MGA Holding MA, MGA Gaming MA and MGA Palmer Partners, the “Mohegan MA Entities”). The Mohegan MA Entities were formed to pursue potential gaming opportunities in the Commonwealth of Massachusetts.

In addition, Mohegan Gaming Advisors holds 100% membership interests in MGA Holding PA, LLC and MGA Gaming PA, LLC (collectively, the “Mohegan PA Entities”). The Mohegan PA Entities were formed to pursue potential gaming opportunities in the Commonwealth of Pennsylvania.

Additionally, Mohegan Gaming Advisors holds a 100% membership interest in MGA Holding FL, LLC (“MGA Holding FL”). MGA Holding FL holds a 100% membership interest in MGA Miami, LLC (together with MGA Holding FL, the “Mohegan FL Entities”). The Mohegan FL Entities were formed to pursue potential gaming opportunities in the State of Florida.

NOTE 2—BASIS OF PRESENTATION:

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In accordance with Rule 10-01, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In management's opinion, all adjustments, including normal recurring accruals and adjustments, necessary for a fair statement of the Authority's operating results for the interim period, have been included. In addition, certain amounts in the accompanying 2014 supplemental condensed consolidating financial statements have been reclassified to conform to the 2015 presentation.

The gaming market in the Northeastern United States is seasonal in nature, with peak gaming activities often occurring at Mohegan Sun and Mohegan Sun Pocono during the months of May through August. Accordingly, the Authority's operating results for the three months and six months ended March 31, 2015 are not necessarily indicative of operating results for other interim periods or an entire fiscal year.

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Authority's Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Authority and its majority and wholly-owned subsidiaries and entities. In accordance with authoritative guidance issued by the Financial Accounting Standards Board (the “FASB”) pertaining to consolidation of variable interest entities, the accounts of Salishan-Mohegan are consolidated into the accounts of Mohegan Ventures-NW and the accounts of NEBW are consolidated into the accounts of Mohegan Lacrosse as Mohegan Ventures-NW and Mohegan Lacrosse are deemed to be the primary beneficiaries. In consolidation, all inter-company balances and transactions were eliminated.

8

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Long-Term Receivables

Long-term receivables consist primarily of receivables from affiliates and others and were primarily included in other assets, net, in the accompanying condensed consolidated balance sheets. The following table presents a reconciliation of long-term receivables, including current portions, and the related reserves for doubtful collection of these long-term receivables (in thousands):

	Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014 (1)	$	69,048	$	2,595		$	71,643
Additions:
Issuance of affiliate advances and other loans, including interest receivable	2,568		34			2,602
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(39		)	(39		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157
Balance, September 30, 2014 (1)	$	66,596	$	2,612		$	69,208
Additions:
Issuance of affiliate advances and other loans, including interest receivable	5,020		55			5,075
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(77		)	(77		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157

__________

(1) Includes interest receivable of $39.3 million, $37.5 million and $35.7 million as of March 31, 2015, December 31, 2014 and September 30, 2014, respectively. The WTG receivables no longer accrue interest pursuant to a release and reimbursement agreement entered into in September 2010.

(2) Relates to the transfer of land for the proposed Cowlitz Project site between Salishan-Mohegan and the Cowlitz Tribe (refer to Note 7).

	Reserves for Doubtful Collection of Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014	$	27,569	$	802		$	28,371
Additions:
Charges to bad debt expense	988		22			1,010
Deductions:
Adjustments	—		(3		)	(3		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378
Balance, September 30, 2014	$	26,833	$	796		$	27,629
Additions:
Charges to bad debt expense	1,724		30			1,754
Deductions:
Adjustments	—		(5		)	(5		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378

Fair Value of Financial Instruments

The fair value amounts presented below are reported to satisfy disclosure requirements pursuant to authoritative guidance issued by the FASB pertaining to disclosures about fair values of financial instruments and are not necessarily indicative of amounts that the Authority could realize in a current market transaction.

The Authority applies the following fair value hierarchy, which prioritizes the inputs utilized to measure fair value into three levels:

• Level 1 - Quoted prices for identical assets or liabilities in active markets;

• Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets or valuations based on models where the significant inputs are observable or can be corroborated by observable market data; and

• Level 3 - Valuations based on models where the significant inputs are unobservable. The unobservable inputs reflect the Authority's estimates or assumptions that market participants would utilize in pricing such assets or liabilities.

9

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

The Authority's assessment of the significance of a particular input requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy.

The carrying amount of cash and cash equivalents, receivables, trade payables and promissory notes and certain credit facilities approximates fair value. The estimated fair value of the Authority's financing facilities and notes were as follows (in thousands):

	March 31, 2015
	Carrying Value		Fair Value
Senior Secured Credit Facility - Revolving	$	50,000	$	48,813
Senior Secured Credit Facility - Term Loan A	$	115,960	$	114,078
Senior Secured Credit Facility - Term Loan B	$	713,569	$	714,567
2013 9 3/4% Senior Unsecured Notes	$	500,000	$	532,500
2012 11% Senior Subordinated Notes	$	272,044	$	274,502

The estimated fair values of the Authority's financing facilities and notes were based on Level 2 inputs (quoted market prices or prices of similar instruments) on or about March 31, 2015.

Impairment of Project Horizon

In September 2008, the Authority suspended certain elements of its Project Horizon expansion due to a slowdown in business volumes and uncertainties in the financial markets. Costs incurred on the suspended elements related to excavation and foundation work for a planned podium and new hotel tower, as well as professional fees for design and architectural work. During its fourth quarter ended September 30, 2010, the Authority re-evaluated its plans with respect to the development of the new hotel element of the project, and based on a modified plan, which encompassed a smaller hotel to be located closer to the existing hotel, determined that certain assets related to the suspended elements did not have any future benefit to the Authority. Accordingly, in fiscal 2010, the Authority recorded a related $58.1 million impairment charge. During its fourth quarter ended September 30, 2014, the Authority further re-evaluated its modified plan, which included a hotel to be developed and owned by an instrumentality of the Tribe, as well as a third-party developed and owned retail center, and, based on new design plans, including the final location of the planned hotel, determined that certain design and earthwork related assets did not have any future benefit to the Authority. Accordingly, in fiscal 2014, the Authority recorded an additional $5.0 million impairment charge.

In March 2015, the Mohegan Tribal Finance Authority (“MTFA”), a wholly-owned instrumentality of the Tribe, agreed to develop the planned hotel. The Authority received approximately $1.3 million as payment for the carrying value of the remaining hotel related assets which were transferred to MTFA. Concurrent with this transaction, the Authority re-evaluated the planned third-party developed and owned retail center, including master planning costs, and determined that these elements of the project were no longer feasible at this time. Accordingly, the Authority determined that the related assets did not have any future benefit, and, during its second quarter ended March 31, 2015, the Authority recognized a related $2.5 million impairment charge, which was recorded in the accompanying condensed consolidated statements of income for the three months and six months ended March 31, 2015. As of March 31, 2015, there were no assets remaining related to the suspended elements of Project Horizon.

New Accounting Standards

In May 2014, the FASB issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for annual reporting periods beginning after December 15, 2016, with early application not being permitted. However, in April 2015, the FASB issued proposed guidance that would defer the effective date by one year. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In August 2014, the FASB issued an accounting standard update which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The update requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. It also requires management to provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This guidance will be required for annual reporting periods ending after December 15, 2016, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

10

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

In February 2015, the FASB issued an accounting standards update which amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities should be consolidated. This guidance will be required to be applied either on a retrospective or modified retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In April 2015, the FASB issued an accounting standard update to clarify the required presentation of debt issuance costs. The update requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the related debt liability rather than as an asset. This guidance will be required to be applied on a retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

NOTE 3—LONG-TERM DEBT:

Long-term debt consisted of the following (in thousands, including current maturities):

	March 31, 2015			September 30, 2014
Senior Secured Credit Facility - Revolving, due June 2018	$	50,000		$	37,000
Senior Secured Credit Facility - Term Loan A, due June 2018, net of discount of $446 and $523, respectively	115,960			119,789
Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively	713,569			716,188
2013 9 3/4% Senior Unsecured Notes, due September 2021	500,000			500,000
2005 6 7/8% Senior Subordinated Notes, due February 2015	—			9,654
2012 11 % Senior Subordinated Notes, due September 2018, net of discount of $3,146 and $3,506, respectively	272,044			271,684
Line of Credit	413			3,041
2009 Mohegan Tribe Promissory Note, due September 2015	1,750			1,750
2012 Mohegan Tribe Minor's Trust Promissory Note, due March 2017	16,500			16,500
2013 Mohegan Tribe Promissory Note, due December 2018	7,420			7,420
Downs Lodging Credit Facility, due July 2016	45,000			45,000
Other	3,313			2,910
Long-term debt, excluding capital leases	1,725,969			1,730,936
Less: current portion of long-term debt	(24,047		)	(31,558		)
Long-term debt, net of current portion	$	1,701,922		$	1,699,378

Senior Secured Credit Facilities

In November 2013, the Authority entered into a loan agreement among the Authority, the Tribe, the Guarantors as defined below, RBS Citizens, N.A. as Administrative and Collateral Agent and the other lenders and financial institutions party thereto, providing for $955.0 million in aggregate principal amount of senior secured credit facilities (the “Senior Secured Credit Facilities”), comprised of a $100.0 million senior secured revolving credit facility (the “Revolving Facility”), a $125.0 million senior secured term loan A facility (the “Term Loan A Facility”) and a $730.0 million senior secured term loan B facility (the “Term Loan B Facility"). The Senior Secured Credit Facilities mature on June 15, 2018, subject to extension based on the satisfaction of certain conditions to November 19, 2018 (in the case of the Revolving Facility and the Term Loan A Facility) and November 19, 2019 (in the case of the Term Loan B Facility).

The Term Loan A Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 5.0% of the original principal amount for the first year after the closing date, 7.5% of the original principal amount for the second year after the closing date and 10.0% of the original principal amount in each year thereafter, with the balance payable on the maturity date of the Term Loan A Facility. The Term Loan B Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount. Amortization of the Term Loan A Facility and Term Loan B Facility began with the first full fiscal quarter after the closing date.

As of March 31, 2015, amounts outstanding under the Revolving Facility, Term Loan A Facility and Term Loan B Facility totaled $50.0 million, $116.4 million and $720.9 million, respectively. As of March 31, 2015, letters of credit issued under the Revolving Facility totaled $3.0 million, of which no amount was drawn. Inclusive of letters of credit, which reduce borrowing availability under the Revolving Facility, and after taking into account restrictive financial covenant requirements, the Authority had approximately $46.6 million of borrowing capacity under its Revolving Facility and Line of Credit as of March 31, 2015.

11

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Borrowings under the Senior Secured Credit Facilities incur interest as follows: (i) for base rate loans under the Revolving Facility and Term Loan A Facility, a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 basis points and (c) the one-month LIBOR rate plus 100 basis points (the highest of (a), (b) and (c), the “base rate”), plus a leverage-based margin of 250 to 350 basis points; (ii) for Eurodollar rate loans under the Revolving Facility and Term Loan A Facility, the applicable LIBOR rate plus a leverage-based margin of 350 to 450 basis points; (iii) for base rate loans under the Term Loan B Facility, the base rate (subject to a 2.0% floor) plus 350 basis points; and (iv) for Eurodollar rate loans under the Term Loan B Facility, the applicable LIBOR rate (subject to a 1.0% floor) plus 450 basis points. The Authority also is required to pay a leverage-based commitment fee of between 37.5 and 50 basis points for unused commitments under the Revolving Facility. Interest on base rate loans is payable quarterly in arrears. Interest on Eurodollar rate loans of three months or less is payable at the end of each applicable interest period and for Eurodollar rate loans of more than three months, interest is payable at intervals of three months duration after the beginning of such interest period.

As of March 31, 2015, the $50.0 million outstanding under the Revolving Facility was comprised of a $9.0 million base rate loan based on a base rate of 3.25% plus 325 basis points and $41.0 million in Eurodollar rate loans based on a Eurodollar rate of 0.18% plus 425 basis points. The commitment fee was 0.50% as of March 31, 2015. As of March 31, 2015, the $116.4 million outstanding under the Term Loan A Facility was based on a Eurodollar rate of 0.28% plus 425 basis points. As of March 31, 2015, the $720.9 million outstanding under the Term Loan B Facility was based on the Eurodollar rate floor of 1.0% plus 450 basis points. As of March 31, 2015 and September 30, 2014, accrued interest, including commitment fees, on the Senior Secured Credit Facilities was $230,000 and $212,000, respectively.

The Authority's obligations under the Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, by the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming (collectively, the “Guarantors”). The Senior Secured Credit Facilities are collateralized by a first priority lien on substantially all of the Authority's property and assets and those of the Guarantors (other than MBC), including the assets that comprise Mohegan Sun Pocono and a leasehold mortgage on the land and improvements that comprise Mohegan Sun (the Authority and the Guarantors, other than MBC, are collectively referred to herein as the “Grantors”). The Grantors also are required to pledge additional assets as collateral for the Senior Secured Credit Facilities as they and future guarantor subsidiaries acquire them.

The Senior Secured Credit Facilities contain customary covenants applicable to the Authority and its restricted subsidiaries, including covenants governing: incurrence of indebtedness, incurrence of liens, payment of dividends and other distributions, investments, asset sales, affiliate transactions, mergers or consolidations and capital expenditures. Additionally, the Senior Secured Credit Facilities include financial maintenance covenants pertaining to total leverage, secured leverage and minimum fixed charge coverage.

As of March 31, 2015, the Authority and the Tribe were in compliance with all respective covenant requirements under the Senior Secured Credit Facilities.

The Authority continues to monitor revenues and manage expenses and enhance operating efficiencies to ensure continued compliance with its financial covenant requirements under the Senior Secured Credit Facilities. While the Authority anticipates that it will remain in compliance with all covenant requirements under its Senior Secured Credit Facilities for all periods prior to maturity, it may need to increase revenues or offset any future declines in revenues by implementing additional cost saving and other initiatives to ensure compliance with these financial covenant requirements. If the Authority is unable to satisfy its financial covenant requirements, it would need to obtain waivers or consents under the Senior Secured Credit Facilities; however, the Authority can provide no assurance that it would be able to obtain such waivers or consents. If the Authority is unable to obtain such waivers or consents, it would be in default under its Senior Secured Credit Facilities, which may result in cross-defaults under its other outstanding indebtedness and allow its lenders and creditors to exercise their rights and remedies as defined under their respective agreements, including their right to accelerate the repayment of the Authority's outstanding indebtedness. If such acceleration were to occur, the Authority can provide no assurance that it would be able to obtain the financing necessary to repay such accelerated indebtedness.

Senior Unsecured Notes

2013 9 ³/4% Senior Unsecured Notes

In August 2013, the Authority issued $500.0 million Senior Unsecured Notes with fixed interest payable at a rate of 9.75%per annum (the “2013 Senior Unsecured Notes”). The 2013 Senior Unsecured Notes mature on September 1, 2021. The Authority may redeem the 2013 Senior Unsecured Notes, in whole or in part, at any time prior to September 1, 2016 at a price equal to 100% of the principal amount plus a make-whole premium and accrued interest to the date of redemption. On or after September 1, 2016, the Authority may redeem the 2013 Senior Unsecured Notes, in whole or in part, at specified redemption prices, together

12

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

with accrued interest to the date of redemption. If the Authority experiences specific kinds of change of control triggering events, the Authority must offer to repurchase the 2013 Senior Unsecured Notes at a price equal to 101% of the principal amount thereof, plus accrued interest to the purchase date. In addition, if the Authority undertakes certain types of asset sales and does not use the related sale proceeds for specified purposes, the Authority may be required to offer to repurchase the 2013 Senior Unsecured Notes at a price equal to 100% of the principal amount, plus accrued interest. Interest on the 2013 Senior Unsecured Notes is payable semi-annually on March 1^st and September 1^st. On March 11, 2014, the Authority completed an offer to exchange the 2013 Senior Unsecured Notes for a new issue of substantially identical debt securities registered under the Securities Act of 1933, with all outstanding notes being exchanged. As of March 31, 2015 and September 30, 2014, accrued interest on the 2013 Senior Unsecured Notes was $4.1 million.

The 2013 Senior Unsecured Notes are uncollateralized general obligations of the Authority and are effectively subordinated to all of the Authority’s and the Guarantors' and future guarantor subsidiaries' senior secured indebtedness, including the Senior Secured Credit Facilities, to the extent of the value of the collateral securing such indebtedness. The 2013 Senior Unsecured Notes also are effectively subordinated to any indebtedness and other liabilities (including trade payables) of the Authority’s subsidiaries that do not guarantee the 2013 Senior Unsecured Notes. The 2013 Senior Unsecured Notes rank equally in right of payment with the Authority’s other unsecured, unsubordinated indebtedness, including trade payables. The 2013 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

The 2013 Senior Unsecured Notes indenture contains certain covenants that, subject to certain significant exceptions, limit, among other things, the Authority’s and Guarantors’ ability to incur additional debt, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company or transfer and sell assets. The 2013 Senior Unsecured Notes indenture includes customary events of default, including, but not limited to, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay certain other indebtedness, the occurrence of which is caused by a failure to pay principal, premium or interest or results in the acceleration of such indebtedness, certain events of bankruptcy and insolvency and certain judgment defaults.

Senior Subordinated Notes

2005 6 ⁷/8% Senior Subordinated Notes

In February 2005, the Authority issued $150.0 million Senior Subordinated Notes with fixed interest payable at a rate of 6.875%per annum (the “2005 Senior Subordinated Notes”). In March 2012, the Authority completed a private exchange offer and consent solicitation for any or all of its outstanding 2005 Senior Subordinated Notes. As part of the exchange offer, the Authority solicited and received consents from tendering holders to certain amendments to the indentures governing the 2005 Senior Subordinated Notes, which eliminated certain covenants under the notes and related indenture. The aggregate principal amount of 2005 Senior Subordinated Notes tendered and exchanged was $140.3 million. Subsequent to the Authority's March 2012 private exchange offer, $9.7 million of the 2005 Senior Subordinated Notes remained outstanding, which amount, including accrued interest, was repaid at maturity on February 15, 2015 with cash on hand and drawings under the Revolving Facility. As of September 30, 2014, accrued interest on the 2005 Senior Subordinated Notes was $83,000.

2012 11% Senior Subordinated Notes

In March 2012, the Authority issued $344.2 million Senior Subordinated Toggle Notes with fixed interest payable at a rate of 11%per annum (the “2012 Senior Subordinated Notes”) in exchange for $203.8 million of the Authority's then outstanding 2004 7 1/8% Senior Subordinated Notes and $140.3 million of 2005 Senior Subordinated Notes. The 2012 Senior Subordinated Notes mature on September 15, 2018. The Authority may redeem the 2012 Senior Subordinated Notes, in whole or in part, at any time, at a price equal to 100% of the principal amount plus accrued interest. If a change of control of the Authority occurs, the Authority must offer to repurchase the 2012 Senior Subordinated Notes at a price equal to 101% of the principal amount, plus accrued interest. In addition, if the Authority undertakes certain types of asset sales or suffers events of loss, and the Authority does not use the related sale or insurance proceeds for specified purposes, the Authority may be required to offer to repurchase the 2012 Senior Subordinated Notes at a price equal to 100% of the principal amount, plus accrued interest. Interest on the 2012 Senior Subordinated Notes is payable semi-annually on March 15^th and September 15^th. The initial interest payment on the 2012 Senior Subordinated Notes was payable entirely in cash. For any subsequent interest payment period through March 15, 2018, the Authority may, at its option, elect to pay interest on the 2012 Senior Subordinated Notes either entirely in cash or by paying up to 2% in 2012 Senior Subordinated Notes (“PIK Interest”). If the Authority elects to pay PIK Interest, such election will increase the principal amount of the 2012 Senior Subordinated Notes in an amount equal to the amount of PIK Interest for the applicable interest payment period to holders of 2012 Senior Subordinated Notes on the relevant record date.

13

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

In August 2013, the Authority repurchased an aggregate principal amount of $69.0 million 2012 Senior Subordinated Notes. An aggregate principal amount of $275.2 million 2012 Senior Subordinated Notes remains outstanding as of March 31, 2015. As of March 31, 2015 and September 30, 2014, accrued interest on the 2012 Senior Subordinated Notes was $1.3 million.

The 2012 Senior Subordinated Notes and guarantees have not been and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

The Authority's senior subordinated notes are uncollateralized general obligations of the Authority and are subordinated to borrowings under the Senior Secured Credit Facilities and 2013 Senior Unsecured Notes. The senior subordinated notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

The senior and senior subordinated note indentures contain certain non-financial and financial covenant requirements with which the Authority and the Tribe must comply. The non-financial covenant requirements include, among other things, reporting obligations, compliance with laws and regulations, maintenance of licenses and insurances and continued existence of the Authority. The financial covenant requirements include, among other things, subject to certain exceptions, limitations on the Authority's and the Guarantors' ability to incur additional indebtedness, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company, transfer or sell assets or impair assets constituting collateral.

As of March 31, 2015, the Authority and the Tribe were in compliance with all respective covenant requirements under the senior and senior subordinated note indentures.

The Authority or its affiliates may, from time to time, seek to purchase or otherwise retire outstanding indebtedness for cash in open market purchases, privately negotiated transactions or otherwise. Any such transaction will depend on prevailing market conditions and the Authority's liquidity and covenant requirement restrictions, among other factors.

Line of Credit

In November 2013, the Authority entered into a $16.5 million revolving credit facility with Bank of America, N.A. (the “Line of Credit”). The Line of Credit is coterminous with the Senior Secured Credit Facilities. Pursuant to provisions of the Senior Secured Credit Facilities, under certain circumstances, the Line of Credit may be converted into loans under the Senior Secured Credit Facilities. Under the Line of Credit, each advance accrues interest on the basis of a one-month LIBOR Rate plus an applicable margin based on the Authority's total leverage ratio, as each term is defined under the Line of Credit. As of March 31, 2015, amounts outstanding under the Line of Credit totaled $413,000. Borrowings under the Line of Credit are uncollateralized obligations. The Line of Credit contains negative covenants and financial maintenance covenants that are substantially the same as those contained in the Senior Secured Credit Facilities. As of March 31, 2015, the Authority was in compliance with all covenant requirements under the Line of Credit. As of March 31, 2015 and September 30, 2014, accrued interest on the Line of Credit was $22,000 and $23,000, respectively.

2009 Mohegan Tribe Promissory Note

In September 2009, the Tribe made a $10.0 million loan to Salishan-Mohegan (the “2009 Mohegan Tribe Promissory Note”). The 2009 Mohegan Tribe Promissory Note was amended in June 2014 to extend the maturity date to September 30, 2015. The 2009 Mohegan Tribe Promissory Note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) $1.2 million per quarter, commencing December 31, 2013 through March 31, 2014 and (ii) $1.3 million on June 30, 2015, with the balance of accrued and unpaid interest due at maturity. As amended, principal outstanding under the 2009 Mohegan Tribe Promissory Note amortizes as follows: (i) $1.625 million per quarter, commencing December 31, 2012 through September 30, 2013, (ii) $875,000 per quarter, commencing December 31, 2013 through March 31, 2014, (iii) $875,000 on June 30, 2015 and (iv) $875,000 at maturity. As of March 31, 2015 and September 30, 2014, accrued interest on the Mohegan Tribe Promissory Note was $2.6 million and $2.5 million, respectively.

2012 Mohegan Tribe Minor's Trust Promissory Note

In March 2012, Comerica Bank & Trust, N.A., Trustee f/b/o The Mohegan Tribe of Indians of Connecticut Minor's Trust, made a $20.0 million loan to Salishan-Mohegan (the “2012 Mohegan Tribe Minor's Trust Promissory Note”). The 2012 Mohegan Tribe Minor's Trust Promissory Note was amended in June 2014 to extend the maturity date to March 31, 2017. The 2012 Mohegan Tribe Minor's Trust Promissory Note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) quarterly, commencing June 30, 2012 through March 31, 2014, (ii) on July 1, 2014 on the unpaid balance for the period April 1, 2014 through June 30, 2014, (iii) $800,000 per quarter, commencing September 30, 2015 through March 31, 2016 and

14

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

(iv) quarterly, thereafter on the unpaid balance. As amended, principal outstanding under the 2012 Mohegan Tribe Minor's Trust Promissory Note amortizes as follows: (i) $500,000 per quarter, commencing December 31, 2012 through March 31, 2014, (ii) $500,000 on July 1, 2014 and September 30, 2015, (iii) $1.5 million per quarter, commencing December 31, 2015 through September 30, 2016 and (iv) $10.0 million at maturity. As of March 31, 2015 and September 30, 2014, accrued interest on the 2012 Mohegan Tribe Minor's Trust Promissory Note was $1.2 million and $416,000, respectively.

2013 Mohegan Tribe Promissory Note

In March 2013, MG&H purchased and acquired all of the Tribe's membership interest in MG&H in exchange for a promissory note in the principal amount of $7.4 million (the “2013 Mohegan Tribe Promissory Note”). The 2013 Mohegan Tribe Promissory Note matures on December 31, 2018. The 2013 Mohegan Tribe Promissory Note accrues interest at an annual rate of 4.0% payable quarterly. As of March 31, 2015 and September 30, 2014, accrued interest on the 2013 Mohegan Tribe Promissory Note was $1,000.

Downs Lodging Credit Facility

In July 2012, Downs Lodging, a single purpose entity and wholly-owned unrestricted subsidiary of the Authority, entered into a credit agreement providing for a $45.0 million term loan from a third-party lender (the “Downs Lodging Credit Facility”). The proceeds from the Downs Lodging Credit Facility were used by Downs Lodging to fund Project Sunlight, a hotel and convention center expansion project at Mohegan Sun Pocono. The Downs Lodging Credit Facility matures on July 12, 2016 and accrues interest at an annual rate of 13.0%. Under the terms of the Downs Lodging Credit Facility, accrued interest of 10.0% is payable monthly in cash during the term of the loan, with the remaining 3.0% due at maturity. In addition, a 3.0% exit fee is payable upon repayment of the loan principal. The Downs Lodging Credit Facility is a senior secured obligation of Downs Lodging, collateralized by all existing and future assets of Downs Lodging. The Downs Lodging Credit Facility subjects Downs Lodging to certain covenant requirements customarily found in loan agreements for similar transactions. As of March 31, 2015, Downs Lodging was in compliance with all covenant requirements under the Downs Lodging Credit Facility. As of March 31, 2015, accrued interest on the Downs Lodging Credit Facility was $375,000. As of September 30, 2014, there was no accrued interest on the Downs Lodging Credit Facility.

NOTE 4—RELATED PARTY TRANSACTIONS:

Distributions to the Tribe totaled $10.0 million and $20.0 million for each of the three months and six months ended March 31, 2015 and 2014, respectively.

The Tribe provides certain governmental and administrative services in connection with the operation of Mohegan Sun. The Authority incurred expenses for such services totaling $7.1 million and $7.3 million for the three months ended March 31, 2015 and 2014, respectively, and $14.2 million and $14.3 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority purchases most of its utilities, including electricity, gas, water and waste water services, from an instrumentality of the Tribe, the Mohegan Tribal Utility Authority. The Authority incurred costs for such utilities totaling $5.1 million and $6.3 million for the three months ended March 31, 2015 and 2014, respectively, and $9.4 million and $10.8 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority incurred interest expense associated with borrowings from the Mohegan Tribe totaling $523,000 and $569,000 for the three months ended March 31, 2015 and 2014, respectively, and $1.1 million and $1.2 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority leases the land on which Mohegan Sun is located from the Tribe under a long-term lease agreement. On February 27, 2015, the Authority entered into a fourth amendment to the land lease pursuant to which it released from the land lease an approximately 1.2-acre site to be used by the Tribe to finance, develop and own, through MTFA, an approximately 400-room hotel and related improvements. In connection with this transaction, effective March 5, 2015, the Authority entered into a sublease agreement with MTFA to sublease the site and the completed hotel and related improvements for the purpose of operating the hotel on a triple net basis for a term of 28 years and 4 months, commencing upon the completion of the project. Rental payments under the sublease agreement also will commence upon the completion of the project. Completion and opening of the project is anticipated to occur in the fall of 2016. The Authority classified the sublease as an operating lease for financial reporting purposes in accordance with authoritative guidance issued by the FASB pertaining to the accounting for leases.

15

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Minimum future rental expense that the Authority expects to incur under the sublease agreement is as follows (in thousands):

	Fiscal Years Ending September 30,
	2015		2016		2017		2018		2019		Thereafter		Total
Minimum future rental expense	$	—	$	—	$	6,327	$	6,908	$	7,011	$	224,682	$	244,928

NOTE 5—COMMITMENTS AND CONTINGENCIES:

Slot Win and Free Promotional Slot Play Contributions

In May 1994, the Tribe and the State of Connecticut entered into a Memorandum of Understanding (“MOU”), which sets forth certain matters regarding implementation of the Mohegan Compact. The MOU stipulates that a portion of revenues from slot machines must be paid to the State of Connecticut (“Slot Win Contribution”). Slot Win Contribution payments are not required if the State of Connecticut legalizes any other gaming operation with slot machines, video facsimiles of games of chance or other commercial casino games within the State of Connecticut, except those consented to by the Tribe and the Mashantucket Pequot Tribe (the “MPT”). For each 12-month period commencing July 1, 1995, Slot Win Contribution payments shall be the lesser of: (1) 30% of gross revenues from slot machines or (2) the greater of (a) 25% of gross revenues from slot machines or (b) $80.0 million.

In September 2009, the Authority entered into a settlement agreement with the State of Connecticut regarding contribution payments on the Authority's free promotional slot play program. Under the terms of the settlement agreement, effective July 1, 2009, the State of Connecticut agreed that no value shall be attributed to free promotional slot plays utilized by patrons at Mohegan Sun for purposes of calculating monthly contribution payments, provided that the aggregate amount of free promotional slot plays during any month does not exceed a certain threshold of gross revenues from slot machines for such month. In the event free promotional slot plays granted by the Authority exceed such threshold, contribution payments are required on such excess face amount of free promotional slot plays at the same rate as Slot Win Contribution payments, or 25%. The threshold before contribution payments on free promotional slot plays are required is currently 11% of gross revenues from slot machines.

The Authority reflected expenses associated with the combined Slot Win Contribution and free promotional slot play contribution totaling $34.3 million and $34.7 million for the three months ended March 31, 2015 and 2014, respectively, and $70.8 million and $71.0 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, the combined outstanding Slot Win Contribution and free promotional slot play contribution totaled $12.8 million and $11.6 million, respectively.

Pennsylvania Slot Machine Tax

Downs Racing holds a Category One slot machine license issued by the Pennsylvania Gaming Control Board (the “PGCB”) for the operation of slot machines at Mohegan Sun Pocono. This license permits Downs Racing to install and operate up to 3,000 slot machines at Mohegan Sun Pocono, expandable to up to a total of 5,000 slot machines upon request and approval of the PGCB.

The Pennsylvania Race Horse Development and Gaming Act stipulates that holders of Category One slot machine licenses must pay a portion of revenues from slot machines to the PGCB on a daily basis (“Pennsylvania Slot Machine Tax”), which includes local share assessments to be paid to the cities and municipalities hosting Mohegan Sun Pocono and amounts to be paid to the Pennsylvania Harness Horsemen's Association, Inc. (the “PHHA”). The Pennsylvania Slot Machine Tax is currently 55% of gross revenues from slot machines, 2% of which is subject to a $10.0 million minimum annual threshold to ensure that the host cities and municipalities receive an annual minimum of $10.0 million in local share assessments. Downs Racing maintains a $1.5 million escrow deposit in the name of the Commonwealth of Pennsylvania for Pennsylvania Slot Machine Tax payments, which was included in "Other assets, net" in the accompanying condensed consolidated balance sheets.

The Authority reflected expenses associated with the Pennsylvania Slot Machine Tax totaling $28.4 million and $30.6 million for the three months ended March 31, 2015 and 2014, respectively, and $57.6 million and $60.4 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Slot Machine Tax payments totaled $1.9 million and $4.6 million, respectively.

Pennsylvania Table Game Tax

In January 2010, the Commonwealth of Pennsylvania amended the Pennsylvania Race Horse Development and Gaming Act to allow slot machine operators in the Commonwealth of Pennsylvania to obtain a table game operation certificate and operate certain table games, including poker. Under the amended law, holders of table game operation certificates must pay a portion of

16

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

revenues from table games to the PGCB on a weekly basis (“Pennsylvania Table Game Tax”). The Pennsylvania Table Game Tax is currently 12%, plus the 2% local share assessments.

The Authority reflected expenses associated with the Pennsylvania Table Game Tax totaling $1.8 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively, and $3.4 million and $3.0 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Table Game Tax payments totaled $198,000 and $156,000, respectively.

Pennsylvania Regulatory Fee

Slot machine licensees in the Commonwealth of Pennsylvania are required to reimburse state gaming regulatory agencies for various administrative and operating expenses (“Pennsylvania Regulatory Fee”) at a rate of 1.5% of gross revenues from slot machines and table games.

The Authority reflected expenses associated with the Pennsylvania Regulatory Fee totaling $1.1 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively, and $2.2 million and $2.3 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Regulatory Fee payments to the PGCB totaled $171,000 and $147,000, respectively.

Pennsylvania Gaming Control Board Loans

The PGCB was initially granted $36.1 million in loans to fund start-up costs for gaming in the Commonwealth of Pennsylvania, which are to be repaid by slot machine licensees (the "Initial Loans"). The PGCB was subsequently granted an additional $63.8 million in loans to fund ongoing gaming oversight costs, which also are to be repaid by slot machine licensees (the "Subsequent Loans"). Repayment of the Initial Loans will commence when all 14 authorized gaming facilities are opened in the Commonwealth of Pennsylvania. Currently, 12 of the 14 authorized gaming facilities have commenced operations. As of March 31, 2015, the Authority has concluded that a repayment contingency for the Initial Loans is probable but not reasonably estimable since the PGCB has not yet established a method of assessment of repayment for the Initial Loans and, as such, the Authority has not recorded a related accrual for such repayment. In June 2011, the PGCB adopted a method of assessment of repayment for the Subsequent Loans pursuant to which repayment commenced on January 1, 2012 and will continue over a 10-year period in accordance with a formula based on a combination of a single fiscal year and cumulative gross revenues from slot machines for each operating slot machine licensee.

The Authority reflected expenses associated with this repayment schedule totaling $156,000 and $160,000 for the three months ended March 31, 2015 and 2014, respectively, and $313,000 and $320,000 for the six months ended March 31, 2015 and 2014, respectively.

Horsemen’s Agreement

Downs Racing and the PHHA are parties to an agreement that governs all live harness racing and simulcasting and account wagering at the Pennsylvania Facilities through December 31, 2015. As of March 31, 2015 and September 30, 2014, outstanding payments to the PHHA for purses earned by horsemen, but not yet paid, and other fees totaled $6.7 million and $8.1 million, respectively.

Priority Distribution Agreement

In August 2001, the Authority and the Tribe entered into an agreement (the “Priority Distribution Agreement”), which stipulates that the Authority must make monthly payments to the Tribe to the extent of the Authority's Net Cash Flow as defined under the Priority Distribution Agreement. The Priority Distribution Agreement was amended as of December 31, 2014. As amended, the Priority Distribution Agreement, which has a perpetual term, limits the minimum aggregate priority distribution payments in each calendar year to $40.0 million. Payments under the Priority Distribution Agreement: (1) do not reduce the Authority's obligations to reimburse the Tribe for governmental and administrative services provided by the Tribe or to make payments under any other agreements with the Tribe, (2) are limited obligations of the Authority and are payable only to the extent of the Authority's Net Cash Flow as defined under the Priority Distribution Agreement and (3) are not secured by a lien or encumbrance on any of the Authority's assets or properties.

The Authority reflected payments associated with the Priority Distribution Agreement totaling $6.6 million and $4.9 million for the three months ended March 31, 2015 and 2014, respectively, and $11.5 million and $9.7 million for the six months ended March 31, 2015 and 2014, respectively.

17

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Litigation

The Authority is a defendant in various litigation matters resulting from its normal course of business. In management's opinion, the aggregate liability, if any, arising from such litigations will not have a material impact on the Authority's financial position, results of operations or cash flows.

NOTE 6—RELINQUISHMENT AGREEMENT:

In February 1998, the Authority and Trading Cove Associates (“TCA”) entered into a relinquishment agreement (the “Relinquishment Agreement”). Effective January 1, 2000, the Relinquishment Agreement superseded a then-existing management agreement with TCA requiring, among other things, that the Authority make certain payments to TCA out of, and determined as a percentage of, Revenues, as defined under the Relinquishment Agreement, generated by Mohegan Sun over a 15-year period. The Authority, in accordance with authoritative guidance issued by the FASB pertaining to the accounting for contingencies, recorded a $549.1 million relinquishment liability at September 30, 1998 based on the estimated present value of its obligations under the Relinquishment Agreement. The Relinquishment Agreement expired on December 31, 2014. As of March 31, 2015, no amount was outstanding under the Relinquishment Agreement. As of September 30, 2014, the carrying amount of the relinquishment liability was $25.2 million. The decrease in the relinquishment liability during the six months ended March 31, 2015 was due to $25.2 million in relinquishment payments and a $243,000 relinquishment liability reassessment credit. This reduction in the relinquishment liability was offset by $227,000 representing the accretion of discount to the relinquishment liability.

Relinquishment payments consisted of the following (in millions):

	For the Six Months Ended
	March 31, 2015		March 31, 2014
Principal	$	24.4	$	23.5
Accretion of discount	0.8		1.8
Total	$	25.2	$	25.3

The accretion of discount to the relinquishment liability reflects the accretion of the discount to the present value of the relinquishment liability for the impact of the time value of money. As of March 31, 2015, no relinquishment payment was earned but unpaid. As of September 30, 2014, relinquishment payments earned but unpaid were $13.2 million.

NOTE 7—COWLITZ PROJECT:

In September 2004, Salishan-Mohegan entered into development and management agreements with the Cowlitz Tribe in connection with the Cowlitz Project, which agreements have been amended from time to time. Under the terms of the development agreement, Salishan-Mohegan will assist in securing financing, as well as administer and oversee the planning, designing, development, construction and furnishing of the proposed casino. The development agreement provides for development fees of 3% of total project costs, as defined under the development agreement. Under the terms of Salishan-Mohegan's operating agreement, development fees will be distributed to Mohegan Ventures-NW. In 2006, pursuant to the development agreement, Salishan-Mohegan purchased an approximately 152-acre site for the proposed casino.

Under the terms of the management agreement, Salishan-Mohegan will manage, operate and maintain the proposed casino for a period of seven years following its opening. The management agreement provides for management fees of 24% of net revenues, as defined under the management agreement, which approximates net income earned from the Cowlitz Project. Under the terms of Salishan-Mohegan’s operating agreement, management fees will be allocated to the members of Salishan-Mohegan based on their respective membership interests. The management agreement is subject to approval by the National Indian Gaming Commission. On August 7, 2014, the Cowlitz Tribe’s Class III Tribal-State gaming compact with the State of Washington became effective with notice of federal approval published in the Federal Register. According to the notice, the compact allows for two gaming facilities, allocates 975 gaming machines for leasing, authorizes the operation of up to 3,000 gaming machines and 125 table games, and is in effect until terminated by written agreement of both parties.

Under the terms of the development agreement, certain receivables contributed to Salishan-Mohegan and amounts advanced by Salishan-Mohegan on behalf of the Cowlitz Tribe are reimbursable to Salishan-Mohegan by the Cowlitz Tribe, subject to appropriate approvals defined under the development agreement. Reimbursements are contingent and are to be distributed upon: (1) the receipt of necessary financing for the development of the proposed casino and (2) the related property being taken into trust by the United States Department of the Interior. The Authority currently accrues interest on the Salishan-Mohegan receivables at an annual rate of 10.0%.

18

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

In March 2013, two lawsuits challenging a December 2010 decision of the Assistant Secretary - Indian Affairs of the Department of the Interior to take the Cowlitz Project site into trust were dismissed on procedural grounds. In April 2013, pursuant to judicial directive, the Department of the Interior issued a new Record of Decision to take the Cowlitz Project site into trust, determining for a second time that the site will serve as the initial reservation of the Cowlitz Tribe and that the tribe may conduct gaming on such lands under the Indian Gaming Regulatory Act. In June 2013, the plaintiffs in the earlier litigation filed two new lawsuits challenging the new Record of Decision, and, in July 2013, those lawsuits were consolidated. By Notice of Trust Acquisition filed with the court on October 22, 2014, while motions for summary judgment filed by the plaintiffs and the defendants were pending, the federal defendants provided the court notice of the United States Department of the Interior’s planned trust acquisition of the Cowlitz Project site, which was the subject of the litigation, on the earlier of: (1) January 21, 2015 and (2) 30 days after a court order granting summary judgment in favor of the federal defendants. On December 12, 2014, a U.S. District Court for the District of Columbia judge entered an order granting summary judgment in favor of the federal defendants, thereby upholding the Record of Decision and denying the federal plaintiffs’ motion. In December 2014 and February 2015, the plaintiffs filed separate appeals to the Court of Appeals for the District of Columbia Circuit. In February 2015, those appeals were consolidated by the Court of Appeals.

On March 10, 2015, the Cowlitz Project site was taken into trust by the United States Department of the Interior for the benefit of the Cowlitz Tribe. In connection with this event, the Cowlitz Tribe leased a substantial portion of the Cowlitz Project site back to Salishan-Mohegan for a nominal rental fee. The initial term of the lease is 25 years with an option to extend the term for two additional 25-year periods. Under the lease, upon financing of the Cowlitz Project, Salishan-Mohegan shall assign the lease to the Cowlitz Tribe. If the Cowlitz Project does not proceed due to a final court determination that the site is not eligible for gaming, upon payment of certain consideration, the Cowlitz Tribe may purchase the leasehold interest in the premises and terminate the lease.

The carrying value of the land totaling approximately $20.0 million, which was included in property and equipment, net, in the accompanying condensed consolidated balance sheet as of September 30, 2014, was transferred to the Cowlitz Tribe at the time the site was taken into trust. This transfer resulted in an additional long-term receivable due from the Cowlitz Tribe as permitted under the development agreement, and was included in other assets, net, in the accompanying condensed consolidated balance sheet as of March 31, 2015.

Development of the Cowlitz Project remains subject to certain remaining governmental and regulatory approvals and agreements. The Authority can provide no assurance that the remaining steps and conditions for the Cowlitz Project site to be approved for gaming will be satisfied or that necessary financing for the development of the proposed casino will be obtained. Furthermore, the Authority can provide no assurance as to the outcome of the pending federal court appeal or any future litigation relating to the Cowlitz Project. Please refer to the Authority’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and its other reports and filings with the SEC for further information and details regarding the Cowlitz Project.

19

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

NOTE 8—SEGMENT REPORTING:

As of March 31, 2015, the Authority owns and operates, either directly or through wholly-owned subsidiaries, Mohegan Sun, the Connecticut Sun franchise and the Mohegan Sun Golf Club, and has partnered with an unrelated third-party to own and operate the New England Black Wolves franchise (collectively, the “Connecticut Facilities”), and the Pennsylvania Facilities. Substantially all of the Authority's revenues are derived from these operations. The Connecticut Sun franchise, the Mohegan Sun Golf Club and the New England Black Wolves franchise are aggregated with the Mohegan Sun operating segment because these operations all share similar economic characteristics, which is to generate gaming and entertainment revenues by attracting patrons to Mohegan Sun. The Authority's executive officers review and assess the performance and operating results and determine the proper allocation of resources to the Connecticut Facilities and the Pennsylvania Facilities on a separate basis. Accordingly, the Authority has two separate reportable segments: (1) Mohegan Sun, which includes the operations of the Connecticut Facilities and (2) Mohegan Sun Pocono, which includes the operations of the Pennsylvania Facilities. The Authority's operations related to investments in unconsolidated affiliates and certain other Corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and other in the following segment disclosures to reconcile to consolidated results.

	For the Three Months Ended						For the Six Months Ended
(in thousands)	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Net revenues:
Mohegan Sun	$	240,285		$	243,478		$	486,063		$	485,411
Mohegan Sun Pocono	70,128			72,986			140,524			143,669
Corporate and other	1,283			1,492			3,114			2,231
Inter-segment revenues	(1,273		)	(1,273		)	(2,546		)	(1,805		)
Total	$	310,423		$	316,683		$	627,155		$	629,506
Income (loss) from operations:
Mohegan Sun	$	46,598		$	45,728		$	94,016		$	80,371
Mohegan Sun Pocono	10,102			9,042			18,581			16,619
Corporate and other	(7,693		)	(9,687		)	(13,817		)	(18,634		)
Total	49,007			45,083			98,780			78,356
Accretion of discount to the relinquishment liability	—			(551		)	(227		)	(1,102		)
Interest income	1,814			1,602			3,648			3,246
Interest expense, net of capitalized interest	(35,777		)	(36,297		)	(72,032		)	(75,266		)
Loss on early extinguishment of debt	—			(192		)	—			(62,275		)
Other expense, net	(482		)	(174		)	(1,210		)	(878		)
Net income (loss)	14,562			9,471			28,959			(57,919		)
Loss attributable to non-controlling interests	470			155			839			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	9,626		$	29,798		$	(57,628	)

	For the Six Months Ended
(in thousands)	March 31, 2015		March 31, 2014
Capital expenditures incurred:
Mohegan Sun	$	1,830	$	8,218
Mohegan Sun Pocono	901		1,994
Corporate and other	73		8,949
Total	$	2,804	$	19,161
(in thousands)	March 31, 2015		September 30, 2014
Total assets:
Mohegan Sun	$	1,345,348	$	1,368,352
Mohegan Sun Pocono	550,908		551,655
Corporate and other	135,310		135,953
Total	$	2,031,566	$	2,055,960

20

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

NOTE 9—SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION:

As of March 31, 2015, substantially all of the Authority's outstanding debt is fully and unconditionally guaranteed, on a joint and several basis, by the following 100% owned subsidiaries of the Authority: the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming. Separate financial statements and other disclosures concerning the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming are not presented below because the Authority believes that the summarized financial information provided below and in Note 8 are adequate for investor analysis of these subsidiaries. Condensed consolidating financial statement information for the Authority, its 100% owned guarantor subsidiaries and its non-guarantor subsidiaries and entities as of March 31, 2015 and September 30, 2014 and for the three months and six months ended March 31, 2015 and 2014 is as follows (in thousands):

21

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 31, 2015
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	46,244	$	16,758	$	1,547		$	—		$	64,549
Restricted cash	60		1,663		—			—			1,723
Receivables, net	24,105		3,118		1,945			(1,228		)	27,940
Inventories	13,866		1,309		—			—			15,175
Other current assets	17,110		1,385		84			—			18,579
Total current assets	101,385		24,233		3,576			(1,228		)	127,966
Non-current assets:
Property and equipment, net	1,107,165		216,394		39,175			—			1,362,734
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,337		284,567		2,090			—			406,994
Other assets, net	25,799		3,981		70,645			(6,012		)	94,413
Inter-company receivables	246,754		79,439		—			(326,193		)	—
Investment in subsidiaries	316,320		—		—			(316,320		)	—
Total assets	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	18,178	$	—	$	619		$	—		$	18,797
Due to Mohegan Tribe	—		—		5,250			—			5,250
Current portion of capital leases	808		47		—			(47		)	808
Trade payables	13,675		1,796		25			—			15,496
Construction payables	764		7		123			—			894
Accrued interest payable	5,659		—		4,217			—			9,876
Other current liabilities	103,169		30,286		2,560			(1,181		)	134,834
Total current liabilities	142,253		32,136		12,794			(1,228		)	185,955
Non-current liabilities:
Long-term debt, net of current portion	1,636,177		—		45,325			—			1,681,502
Due to Mohegan Tribe, net of current portion	—		—		20,420			—			20,420
Capital leases, net of current portion	1,937		5,816		—			(5,816		)	1,937
Other long-term liabilities	2,221		—		4,670			—			6,891
Inter-company payables	—		241,124		85,069			(326,193		)	—
Accumulated losses in excess of investment in subsidiaries	—		36,621		—			(36,621		)	—
Total liabilities	1,782,588		315,697		168,278			(369,858		)	1,896,705
Capital:
Retained earnings	135,172		332,376		(53,407		)	(279,285		)	134,856
Mohegan Tribal Gaming Authority capital	135,172		332,376		(53,407		)	(279,285		)	134,856
Non-controlling interests	—		—		615			(610		)	5
Total capital	135,172		332,376		(52,792		)	(279,895		)	134,861
Total liabilities and capital	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

22

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

	September 30, 2014
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	33,939	$	14,767	$	402		$	—		$	49,108
Restricted cash	47		628		—			—			675
Receivables, net	27,537		2,637		1,287			(821		)	30,640
Inventories	13,339		1,205		—			—			14,544
Other current assets	15,559		1,182		256			—			16,997
Total current assets	90,421		20,419		1,945			(821		)	111,964
Non-current assets:
Property and equipment, net	1,142,363		222,425		59,280			—			1,424,068
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,395		284,714		—			—			405,109
Other assets, net	28,625		3,970		49,077			(6,312		)	75,360
Inter-company receivables	228,122		65,981		—			(294,103		)	—
Investment in subsidiaries	325,651		—		—			(325,651		)	—
Total assets	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	28,893	$	—	$	415		$	—		$	29,308
Current portion of relinquishment liability	25,194		—		—			—			25,194
Due to Mohegan Tribe	—		—		2,250			—			2,250
Current portion of capital leases	793		58		—			(58		)	793
Trade payables	18,893		5,181		12			—			24,086
Construction payables	4,411		794		627			—			5,832
Accrued interest payable	5,725		—		2,934			—			8,659
Other current liabilities	90,684		29,504		7,750			(763		)	127,175
Total current liabilities	174,593		35,537		13,988			(821		)	223,297
Non-current liabilities:
Long-term debt, net of current portion	1,630,958		—		45,000			—			1,675,958
Due to Mohegan Tribe, net of current portion	—		—		23,420			—			23,420
Capital leases, net of current portion	2,345		6,111		—			(6,111		)	2,345
Other long-term liabilities	2,307		—		3,806			—			6,113
Inter-company payables	—		225,269		68,834			(294,103		)	—
Accumulated losses in excess of investment in subsidiaries	—		31,680		—			(31,680		)	—
Total liabilities	1,810,203		298,597		155,048			(332,715		)	1,931,133
Capital:
Retained earnings	125,374		338,371		(44,746		)	(293,941		)	125,058
Mohegan Tribal Gaming Authority capital	125,374		338,371		(44,746		)	(293,941		)	125,058
Non-controlling interests	—		—		—			(231		)	(231		)
Total capital	125,374		338,371		(44,746		)	(294,172		)	124,827
Total liabilities and capital	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

23

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS)

	For the Three Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,035		$	64,981		$	—		$	—		$	275,016
Food and beverage	14,504			6,523			92			—			21,119
Hotel	10,930			1,343			—			—			12,273
Retail, entertainment and other	21,245			2,089			2,046			(1,273		)	24,107
Gross revenues	256,714			74,936			2,138			(1,273		)	332,515
Less-Promotional allowances	(16,947		)	(4,807		)	—			(338		)	(22,092		)
Net revenues	239,767			70,129			2,138			(1,611		)	310,423
Operating costs and expenses:
Gaming	109,633			46,033			—			—			155,666
Food and beverage	8,481			1,748			—			—			10,229
Hotel	3,313			1,376			—			(1,213		)	3,476
Retail, entertainment and other	8,063			666			1,186			(338		)	9,577
Advertising, general and administrative	40,653			8,118			2,829			(2,991		)	48,609
Corporate	5,711			—			—			2,931			8,642
Depreciation and amortization	15,962			3,280			322			—			19,564
Loss on disposition of assets	80			—			—			—			80
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(299		)	—			—			—			(299		)
Total operating costs and expenses	197,343			61,347			4,337			(1,611		)	261,416
Income (loss) from operations	42,424			8,782			(2,199		)	—			49,007
Other income (expense):
Interest income	10			1,530			1,923			(1,649		)	1,814
Interest expense, net of capitalized interest	(23,671		)	(9,993		)	(3,762		)	1,649			(35,777		)
Loss on interests in subsidiaries	(3,775		)	(1,778		)	—			5,553			—
Other income (expense), net	44			—			(526		)	—			(482		)
Total other expense	(27,392		)	(10,241		)	(2,365		)	5,553			(34,445		)
Net income (loss)	15,032			(1,459		)	(4,564		)	5,553			14,562
Loss attributable to non-controlling interests	—			—			209			261			470
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	(1,459	)	$	(4,355	)	$	5,814		$	15,032

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

24

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

	For the Three Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,530		$	67,870		$	—		$	—		$	278,400
Food and beverage	15,445			7,168			—			—			22,613
Hotel	10,764			1,147			—			—			11,911
Retail, entertainment and other	23,688			2,099			1,504			(1,273		)	26,018
Gross revenues	260,427			78,284			1,504			(1,273		)	338,942
Less-Promotional allowances	(16,960		)	(5,292		)	(6		)	(1		)	(22,259		)
Net revenues	243,467			72,992			1,498			(1,274		)	316,683
Operating costs and expenses:
Gaming	116,506			49,233			—			—			165,739
Food and beverage	8,735			2,014			—			—			10,749
Hotel	3,969			1,318			—			(1,213		)	4,074
Retail, entertainment and other	10,256			1,097			—			(1		)	11,352
Advertising, general and administrative	39,815			8,073			7,856			(7,875		)	47,869
Corporate	3,045			—			—			7,815			10,860
Depreciation and amortization	17,162			3,477			240			—			20,879
Loss on disposition of assets	52			1			—			—			53
Pre-opening	—			25			—			—			25
Total operating costs and expenses	199,540			65,238			8,096			(1,274		)	271,600
Income (loss) from operations	43,927			7,754			(6,598		)	—			45,083
Other income (expense):
Accretion of discount to the relinquishment liability	(551		)	—			—			—			(551		)
Interest income	20			1,113			1,688			(1,219		)	1,602
Interest expense, net of capitalized interest	(23,293		)	(10,888		)	(3,335		)	1,219			(36,297		)
Loss on early extinguishment of debt	(192		)	—			—			—			(192		)
Loss on interests in subsidiaries	(10,402		)	(7,110		)	—			17,512			—
Other (income) expense, net	117			—			(291		)	—			(174		)
Total other expense	(34,301		)	(16,885		)	(1,938		)	17,512			(35,612		)
Net income (loss)	9,626			(9,131		)	(8,536		)	17,512			9,471
Loss attributable to non-controlling interests	—			—			—			155			155
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	9,626		$	(9,131	)	$	(8,536	)	$	17,667		$	9,626

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

25

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	422,578		$	130,172		$	—		$	—		$	552,750
Food and beverage	30,330			13,368			92			—			43,790
Hotel	21,919			2,580			—			—			24,499
Retail, entertainment and other	46,613			4,451			3,888			(2,546		)	52,406
Gross revenues	521,440			150,571			3,980			(2,546		)	673,445
Less-Promotional allowances	(36,150		)	(9,797		)	(3		)	(340		)	(46,290		)
Net revenues	485,290			140,774			3,977			(2,886		)	627,155
Operating costs and expenses:
Gaming	228,060			93,705			—			—			321,765
Food and beverage	17,210			3,830			—			—			21,040
Hotel	6,731			2,674			—			(2,426		)	6,979
Retail, entertainment and other	18,847			1,626			1,688			(340		)	21,821
Advertising, general and administrative	78,741			15,889			6,993			(7,199		)	94,424
Corporate	9,202			—			—			7,079			16,281
Depreciation and amortization	32,243			6,807			567			—			39,617
Loss on disposition of assets	817			2			—			—			819
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(243		)	—			—			—			(243		)
Total operating costs and expenses	397,354			124,659			9,248			(2,886		)	528,375
Income (loss) from operations	87,936			16,115			(5,271		)	—			98,780
Other income (expense):
Accretion of discount to the relinquishment liability	(227		)	—			—			—			(227		)
Interest income	22			2,973			3,852			(3,199		)	3,648
Interest expense, net of capitalized interest	(47,697		)	(20,099		)	(7,435		)	3,199			(72,032		)
Loss on interests in subsidiaries	(10,247		)	(4,941		)	—			15,188			—
Other income (expense), net	11			—			(1,221		)	—			(1,210		)
Total other expense	(58,138		)	(22,067		)	(4,804		)	15,188			(69,821		)
Net income (loss)	29,798			(5,952		)	(10,075		)	15,188			28,959
Loss attributable to non-controlling interests	—			—			460			379			839
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	29,798		$	(5,952	)	$	(9,615	)	$	15,567		$	29,798

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

26

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	419,004		$	134,149		$	—		$	—		$	553,153
Food and beverage	31,369			13,963			—			—			45,332
Hotel	21,015			1,588			—			—			22,603
Retail, entertainment and other	50,947			4,125			2,256			(1,805		)	55,523
Gross revenues	522,335			153,825			2,256			(1,805		)	676,611
Less-Promotional allowances	(37,227		)	(9,867		)	(9		)	(2		)	(47,105		)
Net revenues	485,108			143,958			2,247			(1,807		)	629,506
Operating costs and expenses:
Gaming	244,622			97,419			—			—			342,041
Food and beverage	16,739			4,109			—			—			20,848
Hotel	7,626			1,853			—			(1,685		)	7,794
Retail, entertainment and other	22,188			1,942			—			(2		)	24,128
Advertising, general and administrative	78,318			16,531			13,901			(13,939		)	94,811
Corporate	6,473			—			—			13,819			20,292
Depreciation and amortization	32,694			6,898			405			—			39,997
Loss on disposition of assets	51			1			—			—			52
Pre-opening	—			1,187			—			—			1,187
Total operating costs and expenses	408,711			129,940			14,306			(1,807		)	551,150
Income (loss) from operations	76,397			14,018			(12,059		)	—			78,356
Other income (expense):
Accretion of discount to the relinquishment liability	(1,102		)	—			—			—			(1,102		)
Interest income	45			2,097			3,337			(2,233		)	3,246
Interest expense, net of capitalized interest	(49,289		)	(22,205		)	(6,005		)	2,233			(75,266		)
Loss on early extinguishment of debt	(62,275		)	—			—			—			(62,275		)
Loss on interests in subsidiaries	(21,519		)	(12,417		)	—			33,936			—
Other income (expense), net	115			—			(993		)	—			(878		)
Total other expense	(134,025		)	(32,525		)	(3,661		)	33,936			(136,275		)
Net income (loss)	(57,628		)	(18,507		)	(15,720		)	33,936			(57,919		)
Loss attributable to non-controlling interests	—			—			—			291			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	34,227		$	(57,628	)

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

27

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net income (loss)	$	29,798		$	(5,952	)	$	(10,075	)	$	15,188		$	28,959
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,243			6,807			567			—			39,617
Relinquishment liability reassessment	(243		)				—			—			(243		)
Accretion of discount to the relinquishment liability	227			—			—			—			227
Cash paid for accretion of discount to the relinquishment liability	(778		)	—			—			—			(778		)
Amortization of debt issuance costs and accretion of bond discounts	3,657			—			159			—			3,816
Provision for losses on receivables	302			20			1,754			—			2,076
Impairment of Project Horizon	2,502			—			—			—			2,502
Loss on disposition of assets	817			2			—			—			819
Loss from unconsolidated affiliates	44			—			1,219			—			1,263
Inter-company transactions	(9,757		)	21,841			3,099			(15,183		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	3,225			(501		)	(714		)	433			2,443
Increase in inventories	(527		)	(104		)	—			—			(631		)
Increase in other assets	(1,166		)	(221		)	(3,375		)	(20		)	(4,782		)
Increase (decrease) in trade payables	(5,084		)	(3,385		)	23			—			(8,446		)
Increase (decrease) in accrued interest	(66		)	—			1,283			—			1,217
Increase (decrease) in other liabilities	11,627			1,434			(4,653		)	(418		)	7,990
Net cash flows provided by (used in) operating activities	66,821			19,941			(10,713		)	—			76,049
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(5,474		)	(1,691		)	(577		)	—			(7,742		)
Issuance of third-party loans and advances	—			—			(1,135		)	—			(1,135		)
Payments received on third-party loans	77			—			—			—			77
Increase in restricted cash, net	(23		)	(1,687		)	—			—			(1,710		)
Proceeds from asset sales	1,558			—			—			—			1,558
Investments in the New England Black Wolves	—			—			(500		)				(500		)
Inter-company transactions	456			(10,512		)	26			10,030			—
Net cash flows used in investing activities	(3,406		)	(13,890		)	(2,186		)	10,030			(9,452		)
Cash flows provided by (used in) financing activities:
Senior Secured Credit Facility borrowings - Revolving	212,000			—			—			—			212,000
Senior Secured Credit Facility repayments - Revolving	(199,000		)	—			—			—			(199,000		)
Senior Secured Credit Facility repayments - Term Loan A	(3,125		)	—			—			—			(3,125		)
Senior Secured Credit Facility repayments - Term Loan B	(3,650		)	—			—			—			(3,650		)
Line of Credit borrowings	221,831			—			—			—			221,831
Line of Credit repayments	(224,459		)	—			—			—			(224,459		)
Repayments of other long-term debt	(9,780		)	—			(46		)	—			(9,826		)
Principal portion of relinquishment liability payments	(24,400		)	—			—			—			(24,400		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments on capital lease obligations	(527		)	(26		)	—			26			(527		)
Inter-company transactions	—			(4,034		)	14,090			(10,056		)	—
Net cash flows provided by (used in) financing activities	(51,110		)	(4,060		)	14,044			(10,030		)	(51,156		)
Net increase in cash and cash equivalents	12,305			1,991			1,145			—			15,441
Cash and cash equivalents at beginning of period	33,939			14,767			402			—			49,108

28

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Cash and cash equivalents at end of period $ 46,244 $ 16,758 $ 1,547 $ — $ 64,549

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net loss	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	33,936		$	(57,919	)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,694			6,898			405			—			39,997
Accretion of discount to the relinquishment liability	1,102			—			—			—			1,102
Cash paid for accretion of discount to the relinquishment liability	(1,794		)	—			—			—			(1,794		)
Loss on early extinguishment of debt	58,479			—			—			—			58,479
Payments of tender offer costs and discounts	(48,155		)	—			—			—			(48,155		)
Amortization of debt issuance costs and accretion of bond discounts	4,142			—			159			—			4,301
Provision for losses on receivables	237			119			1,266			—			1,622
Loss on disposition of assets	51			1			—			—			52
(Gain) loss from unconsolidated affiliates	(129		)	—			983			—			854
Inter-company transactions	(617		)	32,389			2,160			(33,932		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(4,274		)	626			(563		)	348			(3,863		)
Increase in inventories	(1,017		)	(438		)	—			—			(1,455		)
Increase in other assets	(1,182		)	(374		)	(3,620		)	(30		)	(5,206		)
Increase (decrease) in trade payables	(360		)	637			10			—			287
Decrease in accrued interest	(11,149		)	—			(1,872		)	—			(13,021		)
Increase in other liabilities	8,826			366			4,834			(346		)	13,680
Net cash flows provided by (used in) operating activities	(20,774		)	21,717			(11,958		)	(24		)	(11,039		)
Cash flows used in investing activities:
Purchases of property and equipment, including change in construction payables	(9,600		)	(2,671		)	(10,074		)	—			(22,345		)
Issuance of third-party loans and advances	—			—			(1,026		)	—			(1,026		)
Payments received on third-party loans	569			—			—			—			569
(Increase) decrease in restricted cash, net	46			(11		)	12,043			—			12,078
Proceeds from asset sales	36			—			—			—			36
Payment of escrow deposit	—			—			(3,356		)	—			(3,356		)
Investments in unconsolidated affiliates	—			—			(29		)	—			(29		)
Inter-company transactions	1,211			(15,416		)	—			14,205			—
Net cash flows used in investing activities	(7,738		)	(18,098		)	(2,442		)	14,205			(14,073		)
Cash flows provided by (used in) financing activities:
Prior Bank Credit Facility repayments - Term	(393,000		)	—			—			—			(393,000		)
Prior Term Loan Facility repayments, net of discount	(222,103		)	—			—			—			(222,103		)
Senior Secured Credit Facility borrowings - Revolving	130,000			—			—			—			130,000
Senior Secured Credit Facility repayments - Revolving	(91,000		)	—			—			—			(91,000		)
Senior Secured Credit Facility borrowings - Term Loan A, net of discount	124,343			—			—			—			124,343
Senior Secured Credit Facility repayments - Term Loan A	(1,563		)	—			—			—			(1,563		)
Senior Secured Credit Facility borrowings - Term Loan B, net of discount	720,952			—			—			—			720,952
Senior Secured Credit Facility repayments - Term Loan B	(1,825		)	—			—			—			(1,825		)

29

MOHEGAN TRIBAL GAMING AUTHORITY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(unaudited)

Line of Credit borrowings	156,992			—			—			—			156,992
Line of Credit repayments	(150,453		)	—			—			—			(150,453		)
Repayments to Mohegan Tribe	—			—			(2,750		)	—			(2,750		)
Repayments of other long-term debt	(190,984		)	—			(26		)	—			(191,010		)
Principal portion of relinquishment liability payments	(23,457		)	—			—			—			(23,457		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments of financing fees	(12,629		)	—			—			—			(12,629		)
Payments on capital lease obligations	(1,128		)	(24		)	—			24			(1,128		)
Inter-company transactions	—			(3,044		)	17,249			(14,205		)	—
Net cash flows provided by (used in) financing activities	24,145			(3,068		)	14,473			(14,181		)	21,369
Net increase (decrease) in cash and cash equivalents	(4,367		)	551			73			—			(3,743		)
Cash and cash equivalents at beginning of period	44,060			18,655			909			—			63,624
Cash and cash equivalents at end of period	$	39,693		$	19,206		$	982		$	—		$	59,881

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

30

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Some information included in this Quarterly Report on Form 10-Q and other materials filed by us with the Securities and Exchange Commission, or the SEC, contains 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, or the Exchange Act. Such statements include information relating to business development activities, as well as capital spending, financing sources and the effects of regulation, including gaming and tax regulation, and increased competition. These statements can sometimes be identified by our use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect” or “intend” and similar expressions. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated future results, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on our behalf. These risks and uncertainties include, but are not limited to, those relating to the following:

• the financial performance of Mohegan Sun and Mohegan Sun Pocono and our Pennsylvania off-track wagering facilities;

• the local, regional, national or global economic climate, including the lingering effects of the most recent economic recession, which negatively affected our revenues and earnings;

• increased competition, including the expansion of gaming in New England, New York, New Jersey or Pennsylvania;

• our leverage and ability to meet our debt service obligations and maintain compliance with financial debt covenants;

• the continued availability of financing;

• our dependence on existing management;

• our ability to integrate new amenities from expansions to our facilities into our current operations and manage the expanded facilities;

• changes in federal or state tax laws or the administration of such laws;

• changes in gaming laws or regulations, including the limitation, denial or suspension of licenses required under gaming laws and regulations;

• changes in applicable laws pertaining to the service of alcohol, smoking or other amenities offered at our facilities;

• our ability to successfully implement our diversification strategy;

• an act of terrorism on the United States;

• our customers' access to inexpensive transportation to our facilities and changes in oil, fuel or other transportation-related expenses; and

• unfavorable weather conditions.

Additional information concerning potential factors that could affect our financial results is included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014, as well as our other reports and filings with the SEC. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances, except as required by law. We cannot assure you that projected results or events will be achieved or will occur.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes beginning on page 3 of this Quarterly Report on Form 10-Q.

31

Overview

The Tribe and the Authority

The Mohegan Tribe of Indians of Connecticut, or the Mohegan Tribe or the Tribe, is a federally-recognized Indian tribe with an approximately 544-acre reservation situated in Southeastern Connecticut, adjacent to Uncasville, Connecticut. Under the Indian Gaming Regulatory Act of 1988, federally-recognized Indian tribes are permitted to conduct full-scale casino gaming operations on tribal lands, subject to, among other things, the negotiation of a compact with the affected state. The Tribe and the State of Connecticut entered into a compact, the Mohegan Compact, which was approved by the United States Secretary of the Interior. We were established as an instrumentality of the Tribe, with the exclusive authority to conduct and regulate gaming activities for the Tribe on Tribal lands and the non-exclusive authority to conduct such activities elsewhere. Our gaming operation at Mohegan Sun is one of only two legally authorized gaming operations in southern New England offering traditional slot machines and table games. Through our subsidiary, Downs Racing, L.P., or Downs Racing, we also own and operate Mohegan Sun Pocono, a gaming and entertainment facility located in Plains Township, Pennsylvania, and several off-track wagering facilities, or OTW facilities, located elsewhere in Pennsylvania, collectively the Pennsylvania facilities. We are governed by a nine-member Management Board, whose members also comprise the Mohegan Tribal Council, the governing body of the Tribe. Any change in the composition of the Mohegan Tribal Council results in a corresponding change in our Management Board.

Mohegan Sun

In October 1996, we opened a gaming and entertainment complex known as Mohegan Sun. Mohegan Sun is located on an approximately 185-acre site on the Tribe's reservation overlooking the Thames River with direct access from Interstate 395 and Connecticut Route 2A. Mohegan Sun is approximately 125 miles from New York City, New York, and approximately 100 miles from Boston, Massachusetts. In 2002, we completed a major expansion of Mohegan Sun known as Project Sunburst, which included increased gaming, restaurant and retail space, an entertainment arena, an approximately 1,200-room luxury Sky Hotel Tower and approximately 100,000 square feet of convention space. In 2007, we opened Sunrise Square, and, in 2008, we opened Casino of the Wind, both components of Mohegan Sun's Project Horizon expansion.

Mohegan Sun currently operates in an approximately 3.1 million square-foot facility, which includes the following:

Casino of the Earth

As of March 31, 2015, Casino of the Earth offered:

• approximately 188,000 square feet of gaming space;

• approximately 2,815 slot machines and 140 table games, including blackjack, roulette and craps;

• Sunrise Square, a 9,800-square-foot Asian-themed gaming area;

• an approximately 9,000-square-foot simulcasting Racebook facility;

• food and beverage amenities, including: Seasons Buffet, a 784-seat multi-station buffet with live cooking stations, a Hong Kong-style food outlet offering authentic Southeast Asian cuisine, Bobby Flay's Bobby's Burger Palace, Bow & Arrow Sports Bar and multiple service bars, all operated by us, as well as Ballo Italian Restaurant & Social Club, Frank Pepe Pizzeria Napoletana, Hash House a Go Go and Fidelia's Market, an approximately 290-seat multi-station food court, operated by third-parties, for a total restaurant seating of approximately 2,125;

• four Mohegan Sun-owned retail shops, offering products ranging from Mohegan Sun logo souvenirs to cigars; and

• the Wolf Den, an approximately 10,000-square-foot, 400-seat lounge featuring live entertainment seven days a week.

Casino of the Sky

As of March 31, 2015, Casino of the Sky offered:

• approximately 119,000 square feet of gaming space;

• approximately 1,990 slot machines and 120 table games, including blackjack, roulette and craps;

• food and beverage amenities, including: Todd English's Tuscany, Bobby Flay's Bar Americain, a 24-hour coffee shop and three lounges and bars, all operated by us, as well as four full-service restaurants, three quick-service restaurants and a multi-station food court operated by third-parties, for a total restaurant seating of approximately 1,865;

• The Shops at Mohegan Sun containing 30 retail shops, six of which we own;

• the Mohegan Sun Arena with seating for up to 10,000;

• a 350-seat Cabaret theatre;

• an approximately 1,200-room luxury Sky Hotel Tower, including a private high-limit table games suite;

• Lansdowne Irish Pub and Music House with restaurant seating of approximately 205, Avalon Nightclub and Vista Lounge, all operated by a third-party;

• an approximately 20,000-square-foot spa operated by a third-party;

• approximately 100,000 square feet of convention space; and

• a child care facility and an arcade-style entertainment area operated by a third-party.

32

Casino of the Wind

As of March 31, 2015, Casino of the Wind offered:

• approximately 45,000 square feet of gaming space;

• approximately 525 slot machines, 30 table games, including blackjack, roulette and craps, and a 42-table themed poker room;

• food and beverage amenities, including: a two-level, 16,000-square-foot Jimmy Buffett's Margaritaville Restaurant and a casual dining restaurant operated by third-parties, for a total restaurant seating of approximately 475;

• Mist, a nightlife entertainment venue operated by us; and

• a retail shop operated by a third-party.

Mohegan Sun offers parking for approximately 13,000 patrons and 3,600 employees. We also operate an approximately 3,600-square-foot, 20-pump gasoline and convenience center for patrons, as well as a 10-pump gasoline center for employees, both located adjacent to Mohegan Sun. In addition, Mohegan Sun is a CT Lottery retailer.

Connecticut Sun

Through Mohegan Basketball Club, LLC, or MBC, we own and operate the Connecticut Sun franchise, a professional basketball team in the Women's National Basketball Association. The team plays its home games in the Mohegan Sun Arena.

New England Black Wolves

Through Mohegan Lacrosse, LLC, we have partnered with an unrelated third-party to own and operate the New England Black Wolvesfranchise, a professional lacrosse team in the National Lacrosse League. The team plays its home games in the Mohegan Sun Arena.

Mohegan Sun Golf Club

Through Mohegan Golf, LLC, or Mohegan Golf, we own and operate the Mohegan Sun Golf Club, a private 18-hole championship golf course, restaurant and bar located in Sprague and Franklin, Connecticut.

Mohegan Sun Pocono

Through Downs Racing, we own and operate a gaming and entertainment facility known as Mohegan Sun Pocono located on an approximately 400-acre site in Plains Township, Pennsylvania, and OTW facilities located in Carbondale, East Stroudsburg and Lehigh Valley, Pennsylvania. In November 2006, Mohegan Sun Pocono became the first location to offer slot machine gaming in the Commonwealth of Pennsylvania when Phase I of its gaming and entertainment facility opened. In July 2008, we completed a major expansion of Mohegan Sun Pocono known as Project Sunrise, which included increased gaming, restaurant and retail space, and, in July 2010, we opened our table game and poker operations, including additional non-smoking sections and a high-limit gaming area. We recently completed Project Sunlight, a hotel and convention center expansion located adjacent to the Mohegan Sun Pocono casino.

Mohegan Sun Pocono currently operates in an approximately 400,000-square-foot facility, which includes the following as of March 31, 2015:

• approximately 94,000 square feet of gaming space;

• approximately 2,330 slot machines, 75 table games, including blackjack, roulette and craps, and an 18-table poker room;

• live harness racing and simulcast and off-track wagering;

• a 238-room hotel;

• approximately 20,000 square feet of convention space;

• food and beverage amenities, including: Ruth's Chris Steakhouse, Rustic Kitchen Bistro and Bar, which features dining and a live cooking show, Bar Louie, a casual bar and restaurant, Timbers Buffet, a 300-seat Mohegan Indian cultural heritage themed multi-station buffet, and a food court, including: Johnny Rockets, Wok 8, Puck Express by Wolfgang Puck and Ben & Jerry's Ice Cream, for a total seating of approximately 1,800;

• five retail shops, one of which we own, offering products ranging from Mohegan Sun Pocono logo souvenirs to fine apparel; and

• three bars/lounges: Sunburst Bar, featured in the center of the gaming floor, Breakers Night Club and Pearl Sushi Bar.

Market and Competition from Other Gaming Operations

Our gaming operation at Mohegan Sun is one of only two current gaming operations in southern New England offering traditional slot machines and table games, with the other operation being our sole gaming competitor in the State of Connecticut, Foxwoods Resort Casino, or Foxwoods, owned by the Mashantucket Pequot Tribe and located approximately 10 miles from

33

Mohegan Sun. We also face competition from gaming facilities in the states of Rhode Island, New York and New Jersey. In addition, we face competition in and from the Northeastern Pennsylvania gaming market.Please refer to “Part I. Item 1. Business-Market and Competition from Other Gaming Operations” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and our other reports and filings with the SEC for further details regarding current and potential competition from other gaming operations.

Explanation of Key Financial Statement Captions

There has been no material change from the explanation of key financial statement captions previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Results of Operations

Summary Operating Results

As of March 31, 2015, we own and operate, either directly or through wholly-owned subsidiaries, Mohegan Sun, the Connecticut Sun franchise and the Mohegan Sun Golf Club, and have partnered with an unrelated third-party to own and operate the New England Black Wolves franchise, or collectively, the Connecticut facilities, and the Pennsylvania facilities. Substantially all of our revenues are derived from these operations. The Connecticut Sun franchise, the Mohegan Sun Golf Club and the New England Black Wolves franchise are aggregated with the Mohegan Sun operating segment because these operations all share similar economic characteristics, which is to generate gaming and entertainment revenues by attracting patrons to Mohegan Sun. Our executive officers review and assess the performance and operating results and determine the proper allocation of resources to the Connecticut facilities and the Pennsylvania facilities on a separate basis. Accordingly, we have two separate reportable segments: (1) Mohegan Sun, which includes the operations of the Connecticut facilities and (2) Mohegan Sun Pocono, which includes the operations of the Pennsylvania facilities. Our operations related to investments in unconsolidated affiliates and certain other Corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and other in the following segment disclosures to reconcile to consolidated results.

The following table summarizes our results on a property basis (in thousands, except where noted):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Net revenues:
Mohegan Sun	$	240,285		$	243,478		$	(3,193	)	(1.3	)%	$	486,063		$	485,411		$	652		0.1	%
Mohegan Sun Pocono	70,128			72,986			(2,858		)	(3.9	)%	140,524			143,669			(3,145		)	(2.2	)%
Corporate and other	1,283			1,492			(209		)	(14.0	)%	3,114			2,231			883			39.6	%
Inter-segment revenues	(1,273		)	(1,273		)	—			—		(2,546		)	(1,805		)	(741		)	(41.1	)%
Total	$	310,423		$	316,683		$	(6,260	)	(2.0	)%	$	627,155		$	629,506		$	(2,351	)	(0.4	)%
Income (loss) from operations:
Mohegan Sun	$	46,598		$	45,728		$	870		1.9	%	$	94,016		$	80,371		$	13,645		17.0	%
Mohegan Sun Pocono	10,102			9,042			1,060			11.7	%	18,581			16,619			1,962			11.8	%
Corporate and other	(7,693		)	(9,687		)	1,994			20.6	%	(13,817		)	(18,634		)	4,817			25.9	%
Total	$	49,007		$	45,083		$	3,924		8.7	%	$	98,780		$	78,356		$	20,424		26.1	%
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	9,626		$	5,406		56.2	%	$	29,798		$	(57,628	)	$	87,426		N.M.
Operating margin:
Mohegan Sun	19.4		%	18.8		%	0.6		%	3.2	%	19.3		%	16.6		%	2.7		%	16.3	%
Mohegan Sun Pocono	14.4		%	12.4		%	2.0		%	16.1	%	13.2		%	11.6		%	1.6		%	13.8	%
Total	15.8		%	14.2		%	1.6		%	11.3	%	15.8		%	12.4		%	3.4		%	27.4	%

_________

N.M. - Not meaningful.

The most significant factors and trends that we believe impacted our operating and financial performance were as follows:

• various strategic operational and marketing and promotional changes designed to lower operating costs and expenses, enhance operating efficiency and improve profitability;

• higher table game hold percentage at Mohegan Sun in both the three months and six months ended March 31, 2015;

• higher table game hold percentage at Mohegan Sun Pocono in the three months ended March 31, 2015;

34

• the continued ramp-up of hotel and convention center operations at Mohegan Sun Pocono;

• a prolonged sluggish regional economic environment and its impact on consumer discretionary spending;

• more competitive gaming markets;

• lower Corporate expenses;

• lower interest expense; and

• a non-recurring $62.3 million non-operating loss on early extinguishment of debt.

Net revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily as a result of decreased slot revenues at both Mohegan Sun and Mohegan Sun Pocono, combined with lower non-gaming revenues at Mohegan Sun.

Income from operations for the three months and six months ended March 31, 2015 compared to the same periods in the prior year increased primarily due to lower operating costs and expenses at both Mohegan Sun and Mohegan Sun Pocono, combined with reduced Corporate expenses. These results were partially offset by the declines in net revenues.

Net income attributable to the Authority for the three months ended March 31, 2015 compared to the same period in the prior year increased primarily as a result of the growth in income from operations. Net income attributable to the Authority for the six months ended March 31, 2015 compared to the same period in the prior year increased primarily due to the non-recurring non-operating loss on early extinguishment of debt, combined with the increase in income from operations.

Mohegan Sun

Revenues

Revenues consisted of the following (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Gaming	$	210,035	$	210,530	$	(495	)	(0.2	)%	$	422,578	$	419,004	$	3,574		0.9	%
Food and beverage	14,596		15,449		(853		)	(5.5	)%	30,486		31,430		(944		)	(3.0	)%
Hotel	10,930		10,764		166			1.5	%	21,919		21,015		904			4.3	%
Retail, entertainment and other	21,990		23,682		(1,692		)	(7.1	)%	47,548		51,165		(3,617		)	(7.1	)%
Gross revenues	257,551		260,425		(2,874		)	(1.1	)%	522,531		522,614		(83		)	0.0	%
Less-Promotional allowances	17,266		16,947		319			1.9	%	36,468		37,203		(735		)	(2.0	)%
Net revenues	$	240,285	$	243,478	$	(3,193	)	(1.3	)%	$	486,063	$	485,411	$	652		0.1	%

The following table summarizes the percentage of gross revenues from each of the four revenue sources:

	For the Three Months Ended March 31,				For the Six Months Ended March 31,
	2015		2014		2015		2014
Gaming	81.6	%	80.9	%	80.9	%	80.2	%
Food and beverage	5.7	%	5.9	%	5.8	%	6.0	%
Hotel	4.2	%	4.1	%	4.2	%	4.0	%
Retail, entertainment and other	8.5	%	9.1	%	9.1	%	9.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Promotional Allowances

The retail value of providing promotional allowances was included in gross revenues as follows (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Food and beverage	$	5,946	$	5,747	$	199		3.5	%	$	12,566	$	12,585	$	(19	)	(0.2	)%
Hotel	3,396		3,177		219			6.9	%	6,860		6,535		325			5.0	%
Retail, entertainment and other	7,924		8,023		(99		)	(1.2	)%	17,042		18,083		(1,041		)	(5.8	)%
Total	$	17,266	$	16,947	$	319		1.9	%	$	36,468	$	37,203	$	(735	)	(2.0	)%

35

The estimated cost of providing promotional allowances was included in gaming costs and expenses as follows (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Food and beverage	$	5,789	$	5,885	$	(96	)	(1.6	)%	$	12,029	$	12,575	$	(546	)	(4.3	)%
Hotel	1,472		1,648		(176		)	(10.7	)%	3,026		3,409		(383		)	(11.2	)%
Retail, entertainment and other	7,305		7,680		(375		)	(4.9	)%	15,922		16,844		(922		)	(5.5	)%
Total	$	14,566	$	15,213	$	(647	)	(4.3	)%	$	30,977	$	32,828	$	(1,851	)	(5.6	)%

The following table presents data related to gaming operations (in thousands, except where noted):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Slots:
Handle	$	1,657,098		$	1,693,935		$	(36,837	)	(2.2	)%	$	3,414,293		$	3,484,765		$	(70,472	)	(2.0	)%
Gross revenues	$	137,310		$	138,918		$	(1,608	)	(1.2	)%	$	283,282		$	283,081		$	201		0.1	%
Net revenues	$	131,965		$	134,439		$	(2,474	)	(1.8	)%	$	272,300		$	273,365		$	(1,065	)	(0.4	)%
Free promotional slot plays (1)	$	13,471		$	14,878		$	(1,407	)	(9.5	)%	$	27,242		$	30,837		$	(3,595	)	(11.7	)%
Weighted average number of machines (in units)	5,335			5,473			(138		)	(2.5	)%	5,345			5,501			(156		)	(2.8	)%
Hold percentage (gross)	8.3		%	8.2		%	0.1		%	1.2	%	8.3		%	8.1		%	0.2		%	2.5	%
Win per unit per day (gross) (in dollars)	$	286		$	282		$	4		1.4	%	$	291		$	283		$	8		2.8	%
Table games:
Drop	$	426,011		$	444,941		$	(18,930	)	(4.3	)%	$	880,143		$	940,663		$	(60,520	)	(6.4	)%
Revenues	$	74,591		$	72,137		$	2,454		3.4	%	$	143,190		$	137,870		$	5,320		3.9	%
Weighted average number of games (in units)	283			289			(6		)	(2.1	)%	284			287			(3		)	(1.0	)%
Hold percentage (2)	17.5		%	16.2		%	1.3		%	8.0	%	16.3		%	14.7		%	1.6		%	10.9	%
Win per unit per day (in dollars)	$	2,927		$	2,770		$	157		5.7	%	$	2,774		$	2,643		$	131		5.0	%
Poker:
Revenues	$	2,522		$	2,634		$	(112	)	(4.3	)%	$	5,168		$	5,105		$	63		1.2	%
Weighted average number of tables (in units)	42			42			—			—		42			42			—			—
Revenue per unit per day (in dollars)	$	667		$	697		$	(30	)	(4.3	)%	$	676		$	670		$	6		0.9	%

_________

(1) Free promotional slot plays are included in slot handle, but not reflected in slot revenues.

(2) Table game hold percentage is relatively predictable over longer periods of time, but can significantly fluctuate over shorter periods.

Gaming revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year were relatively flat. Gaming revenues for the three months and six months ended March 31, 2015 reflected increased table game revenues which benefited from higher year over year hold percentages and lower slot revenues driven, in part, by strategic operational and marketing and promotional changes designed to improve profitability.

The following table presents data related to food and beverage operations (in thousands, except where noted):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Meals served	676		705		(29		)	(4.1	)%	1,411		1,443		(32		)	(2.2	)%
Average price per meal served (in dollars)	$	16.05	$	16.14	$	(0.09	)	(0.6	)%	$	15.94	$	16.18	$	(0.24	)	(1.5	)%

Food and beverage revenues for the three months ended March 31, 2015 compared to the same period in the prior year declined primarily due to lower banquet events, as well as the mix of events held at the Mohegan Sun Arena during the period. Food and beverage revenues for the six months ended March 31, 2015 compared to the same period in the prior year decreased primarily as a result of changes in our promotional programs designed to improve profitability.

36

The following table presents data related to hotel operations (in thousands, except where noted):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Rooms occupied	103			103			—			—		209			207			2			1.0	%
Occupancy rate	97.7		%	97.5		%	0.2		%	0.2	%	97.9		%	96.7		%	1.2		%	1.2	%
Average daily room rate (in dollars)	$	99		$	98		$	1		1.0	%	$	98		$	97		$	1		1.0	%
Revenue per available room (in dollars)	$	97		$	96		$	1		1.0	%	$	96		$	94		$	2		2.1	%

Hotel revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year increased primarily as a result of increases in hotel occupancy by higher paying transient guests.

The following table presents data related to entertainment operations (in thousands, except where noted):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Arena events (in events)	28		24		4			16.7	%	54		49		5			10.2	%
Arena tickets	155		153		2			1.3	%	319		306		13			4.2	%
Average price per arena ticket (in dollars)	$	44.54	$	49.56	$	(5.02	)	(10.1	)%	$	50.86	$	58.13	$	(7.27	)	(12.5	)%

Retail, entertainment and other revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year decreased primarily due to lower gasoline and entertainment revenues. The decreases in gasoline revenues were driven by declines in average price per gallon of gasoline sold at both our patron and employee gasoline and convenience centers. The decreases in entertainment revenues resulted from declines in average price per arena ticket which reflected reductions in the number of headliner shows held at the Mohegan Sun Arena.

Operating Costs and Expenses

Operating costs and expenses consisted of the following (in thousands):

	For the Three Months Ended March 31,										For the Six Months Ended March 31,
	2015			2014		Variance			Percentage Variance		2015			2014		Variance			Percentage Variance
Gaming	$	109,633		$	116,506	$	(6,873	)	(5.9	)%	$	228,060		$	244,622	$	(16,562	)	(6.8	)%
Food and beverage	8,488			8,764		(276		)	(3.1	)%	17,278			16,836		442			2.6	%
Hotel	3,313			3,969		(656		)	(16.5	)%	6,731			7,626		(895		)	(11.7	)%
Retail, entertainment and other	9,303			10,655		(1,352		)	(12.7	)%	21,005			23,098		(2,093		)	(9.1	)%
Advertising, general and administrative	41,071			40,321		750			1.9	%	79,687			79,486		201			0.3	%
Depreciation and amortization	16,352			17,483		(1,131		)	(6.5	)%	32,966			33,321		(355		)	(1.1	)%
Loss on disposition of assets	80			52		28			53.8	%	817			51		766			N.M.
Severance	3,244			—		3,244			100.0	%	3,244			—		3,244			100.0	%
Impairment of Project Horizon	2,502			—		2,502			100.0	%	2,502			—		2,502			100.0	%
Relinquishment liability reassessment	(299		)	—		(299		)	(100.0	)%	(243		)	—		(243		)	(100.0	)%
Total	$	193,687		$	197,750	$	(4,063	)	(2.1	)%	$	392,047		$	405,040	$	(12,993	)	(3.2	)%

_________

N.M. - Not meaningful.

Gaming costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily as a result of various strategic operational and marketing and promotional changes designed to enhance operating efficiency and improve profitability. These initiatives resulted in reduced casino marketing and promotional expenses and lower payroll costs. The reductions in gaming costs and expenses also resulted from lower costs related to coupon and Momentum Dollar redemptions at third-party outlets and Mohegan Sun-owned facilities. Expenses associated with the combined slot win and free promotional slot play contributions totaled $34.3 million and $70.8 million for the three months and six months ended March 31, 2015, respectively, and $34.7 million and $71.0 million for the three months and six months ended March 31, 2014, respectively. Gaming costs and expenses as a percentage of gaming revenues were 52.2% and 54.0% for the three

37

months and six months ended March 31, 2015, respectively, and 55.3% and 58.4% for the three months and six months ended March 31, 2014, respectively.

Food and beverage costs and expenses for the three months ended March 31, 2015 compared to the same period in the prior year decreased primarily due to lower payroll costs and cost of goods sold. Food and beverage costs and expenses for the six months ended March 31, 2015 compared to the same period in the prior year increased primarily as a result of higher medical benefit costs, combined with decreased use of food and beverage complimentaries, resulting in lower amounts of food and beverage costs being allocated to gaming costs and expenses. These results were partially offset by lower payroll costs.

Hotel costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily as a result of lower payroll costs, partially offset by decreased use of hotel complimentaries, resulting in lower amounts of hotel costs being allocated to gaming costs and expenses.

Retail, entertainment and other costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year decreased primarily due to lower gasoline cost of goods sold and direct entertainment costs commensurate with the declines in gasoline and entertainment revenues. These results were partially offset by decreased use of retail, entertainment and other complimentaries, resulting in lower amounts of retail, entertainment and other costs being allocated to gaming costs and expenses.

Advertising, general and administrative costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year increased primarily as a result of higher payroll costs, partially offset by lower utility costs.

Severance for the three months and six months ended March 31, 2015 reflected initial charges related to a February 2015workforce reduction to better align certain staffing levels with current business volumes. The costs associated with related post-employment severance benefits were expensed at the time the termination was communicated to the employees. We do not anticipate incurring any additional severance charges in connection with this workforce reduction, other than charges that may arise from adjustments to the initial estimates utilized under the plan. Cash payments commenced in March 2015 and are anticipated to be completed in November 2015.

Impairment of Project Horizon for the three months and six months ended March 31, 2015 resulted from a further re-evaluation of the planned third-party developed and owned retail center element of the project, including master planning costs, following an agreement with a wholly-owned instrumentality of the Tribe to develop the planned third-party hotel element of the project. Based on our re-evaluation, we determined that these elements of the project were no longer feasible at this time, and, accordingly, the related $2.5 million in assets did not have any future benefit resulting in the impairment charge. There are no remaining assets related to the suspended elements of Project Horizon.

Mohegan Sun Pocono

Revenues

Revenues consisted of the following (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Gaming	$	64,981	$	67,870	$	(2,889	)	(4.3	)%	$	130,172	$	134,149	$	(3,977	)	(3.0	)%
Food and beverage	6,523		7,164		(641		)	(8.9	)%	13,304		13,902		(598		)	(4.3	)%
Hotel (1)	1,343		1,147		196			17.1	%	2,580		1,588		992			62.5	%
Retail, entertainment and other	2,088		2,097		(9		)	(0.4	)%	4,260		3,888		372			9.6	%
Gross revenues	74,935		78,278		(3,343		)	(4.3	)%	150,316		153,527		(3,211		)	(2.1	)%
Less-Promotional allowances	4,807		5,292		(485		)	(9.2	)%	9,792		9,858		(66		)	(0.7	)%
Net revenues	$	70,128	$	72,986	$	(2,858	)	(3.9	)%	$	140,524	$	143,669	$	(3,145	)	(2.2	)%

 ___________

(1) Hotel operations commenced on November 15, 2013.

38

The following table summarizes the percentage of gross revenues from each of the four revenue sources:

	For the Three Months Ended March 31,				For the Six Months Ended March 31,
	2015		2014		2015		2014
Gaming	86.7	%	86.7	%	86.6	%	87.4	%
Food and beverage	8.7	%	9.2	%	8.9	%	9.1	%
Hotel	1.8	%	1.4	%	1.7	%	1.0	%
Retail, entertainment and other	2.8	%	2.7	%	2.8	%	2.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Promotional Allowances

The retail value of providing promotional allowances was included in gross revenues as follows (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Food and beverage	$	3,899	$	4,424	$	(525	)	(11.9	)%	$	7,781	$	8,514	$	(733	)	(8.6	)%
Hotel	425		384		41			10.7	%	871		542		329			60.7	%
Retail, entertainment and other	483		484		(1		)	(0.2	)%	1,140		802		338			42.1	%
Total	$	4,807	$	5,292	$	(485	)	(9.2	)%	$	9,792	$	9,858	$	(66	)	(0.7	)%

The estimated cost of providing promotional allowances was included in gaming costs and expenses as follows (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Food and beverage	$	2,580	$	3,040	$	(460	)	(15.1	)%	$	5,270	$	5,931	$	(661	)	(11.1	)%
Hotel	626		658		(32		)	(4.9	)%	1,355		951		404			42.5	%
Retail, entertainment and other	567		471		96			20.4	%	1,153		828		325			39.3	%
Total	$	3,773	$	4,169	$	(396	)	(9.5	)%	$	7,778	$	7,710	$	68		0.9	%

The following table presents data related to gaming operations (in thousands, except where noted):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Slots:
Handle	$	612,711		$	656,141		$	(43,430	)	(6.6	)%	$	1,236,773		$	1,281,997		$	(45,224	)	(3.5	)%
Gross revenues	$	50,331		$	54,721		$	(4,390	)	(8.0	)%	$	102,277		$	107,670		$	(5,393	)	(5.0	)%
Net revenues	$	50,172		$	54,717		$	(4,545	)	(8.3	)%	$	101,968		$	107,625		$	(5,657	)	(5.3	)%
Free promotional slot plays (1)	$	11,037		$	11,831		$	(794	)	(6.7	)%	$	21,892		$	23,162		$	(1,270	)	(5.5	)%
Weighted average number of machines (in units)	2,332			2,331			1			0.0	%	2,332			2,331			1			0.0	%
Hold percentage (gross)	8.2		%	8.3		%	(0.1		)%	(1.2	)%	8.2		%	8.4		%	(0.2		)%	(2.4	)%
Win per unit per day (gross) (in dollars)	$	239		$	261		$	(22	)	(8.4	)%	$	240		$	254		$	(14	)	(5.5	)%
Table games:
Drop	$	56,572		$	50,809		$	5,763		11.3	%	$	115,410		$	99,217		$	16,193		16.3	%
Revenues	$	12,353		$	10,040		$	2,313		23.0	%	$	22,745		$	19,814		$	2,931		14.8	%
Weighted average number of games (in units)	73			66			7			10.6	%	73			66			7			10.6	%
Hold percentage (2)	21.8		%	19.8		%	2.0		%	10.1	%	19.7		%	20.0		%	(0.3		)%	(1.5	)%
Win per unit per day (in dollars)	$	1,880		$	1,680		$	200		11.9	%	$	1,722		$	1,645		$	77		4.7	%
Poker:
Revenues	$	827		$	893		$	(66	)	(7.4	)%	$	1,591		$	1,766		$	(175	)	(9.9	)%
Weighted average number of tables (in units)	18			18			—			—		18			18			—			—
Revenue per unit per day (in dollars)	$	511		$	551		$	(40	)	(7.3	)%	$	486		$	539		$	(53	)	(9.8	)%

_________

39

(1) Free promotional slot plays are included in slot handle, but not reflected in slot revenues.

(2) Table games hold percentage is relatively predictable over longer periods of time, but can significantly fluctuate over shorter periods.

Gaming revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily due to lower slot revenues which we believe continued to be pressured by a sluggish regional economic environment. These results were partially offset by higher table game revenues which continued to benefit from the addition of our hotel and convention center combined with certain strategic marketing initiatives. The increase in table game revenues for the three months ended March 31, 2015 also reflected higher year over year hold percentage.

The following table presents data related to food and beverage operations (in thousands, except where noted):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Meals served	152		187		(35		)	(18.7	)%	317		366		(49		)	(13.4	)%
Average price per meal served (in dollars)	$	18.75	$	17.69	$	1.06		6.0	%	$	18.65	$	17.56	$	1.09		6.2	%

Food and beverage revenues for the three months and six months ended March 31, 2015 compared to the same periods in the prior year decreased primarily as a result of the reductions in meals served due, in part, to changes in our promotional programs designed to improve profitability.

The following table presents data related to hotel operations (in thousands, except where noted):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Rooms occupied	20			19			1			5.3	%	40			27			13			48.1	%
Occupancy rate	93.7		%	89.9		%	3.8		%	4.2	%	93.0		%	87.3		%	5.7		%	6.5	%
Average daily room rate (in dollars)	$	62		$	57		$	5		8.8	%	$	60		$	56		$	4		7.1	%
Revenue per available room (in dollars)	$	58		$	51		$	7		13.7	%	$	56		$	49		$	7		14.3	%

Hotel revenues for the three months ended March 31, 2015 compared to the same period in the prior year increased primarily due to the continued ramp-up of our hotel operations. Hotel revenues for the six months ended March 31, 2015 compared to the same period in the prior year increased primarily as a result of a full period of hotel operations.

Retail, entertainment and other revenues for the three months ended March 31, 2015 compared to the same period in the prior year were relatively flat. Retail, entertainment and other revenues for the six months ended March 31, 2015 compared to the same period in the prior year increased primarily due to higher retail revenues resulting from changes in our promotional programs.

Operating Costs and Expenses

Operating costs and expenses consisted of the following (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Gaming	$	46,033	$	49,233	$	(3,200	)	(6.5	)%	$	93,705	$	97,419	$	(3,714	)	(3.8	)%
Food and beverage	1,741		1,985		(244		)	(12.3	)%	3,762		4,012		(250		)	(6.2	)%
Hotel (1)	1,376		1,318		58			4.4	%	2,674		1,853		821			44.3	%
Retail, entertainment and other	274		697		(423		)	(60.7	)%	816		1,030		(214		)	(20.8	)%
Advertising, general and administrative	7,538		7,548		(10		)	(0.1	)%	14,737		15,325		(588		)	(3.8	)%
Depreciation and amortization	2,938		3,137		(199		)	(6.3	)%	6,121		6,223		(102		)	(1.6	)%
Loss on disposition of assets	—		1		(1		)	(100.0	)%	2		1		1			100.0	%
Severance	126		—		126			100.0	%	126		—		126			100.0	%
Pre-opening	—		25		(25		)	(100.0	)%	—		1,187		(1,187		)	(100.0	)%
Total	$	60,026	$	63,944	$	(3,918	)	(6.1	)%	$	121,943	$	127,050	$	(5,107	)	(4.0	)%

 ___________

(1) Hotel operations commenced on November 15, 2013.

40

Gaming costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily due to lower Pennsylvania slot machine tax expenses commensurate with the reductions in slot revenues and reduced payroll costs. The decline in gaming costs and expenses for the three months ended March 31, 2015 also resulted from lower costs related to Momentum Dollar redemptions at Mohegan Sun Pocono-owned facilities. Expenses associated with the Pennsylvania slot machine tax totaled $28.4 million and $57.6 million for the three months and six months ended March 31, 2015, respectively, and $30.6 million and $60.4 million for the three months and six months ended March 31, 2014, respectively. Expenses associated with the Pennsylvania table game tax totaled $1.8 million and $3.4 million for the three months and six months ended March 31, 2015, respectively, and $1.5 million and $3.0 million for the three months and six months ended March 31, 2014, respectively. Gaming costs and expenses as a percentage of gaming revenues were 70.8% and 72.0% for the three months and six months ended March 31, 2015, respectively, and 72.5% and 72.6% for the three months and six months ended March 31, 2014, respectively.

Food and beverage costs and expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year decreased primarily as a result of lower payroll costs and cost of goods sold commensurate with the declines in food and beverage revenues. These results were partially offset by decreased use of food and beverage complimentaries, resulting in lower amounts of food and beverage costs being allocated to gaming costs and expenses.

Hotel costs and expenses for the three months ended March 31, 2015 compared to the same period in the prior year increased primarily due to the continued ramp-up of our hotel operations. Hotel costs and expenses for the six months ended March 31, 2015 compared to the same period in the prior year increased primarily as a result of a full period of hotel operations.

Retail, entertainment and other costs and expenses for the three months ended March 31, 2015 compared to the same period in the prior year declined primarily as a result of non-recurring direct entertainment costs associated with the January 2014 grand opening festivities for the hotel. Retail, entertainment and other costs and expenses for the six months ended March 31, 2015 compared to the same period in the prior year decreased primarily due to increased use of retail, entertainment and other complimentaries, resulting in higher amounts of retail, entertainment and other complimentaries costs being allocated to gaming costs and expenses.

Advertising, general and administrative costs and expenses for the three months ended March 31, 2015 compared to the same period in the prior year were relatively flat. Advertising, general and administrative costs and expenses for the six months ended March 31, 2015 compared to the same period in the prior year declined primarily due to our overall focus on managing expenses resulting in reduced payroll and advertising costs.

Corporate and Other

Corporate and other consisted of the following (in thousands):

	For the Three Months Ended March 31,									For the Six Months Ended March 31,
	2015		2014		Variance			Percentage Variance		2015		2014		Variance			Percentage Variance
Corporate and other:
Gross revenues (1)	$	1,302	$	1,512	$	(210	)	(13.9	)%	$	3,144	$	2,275	$	869		38.2	%
Less-Promotional allowances	19		20		(1		)	(5.0	)%	30		44		(14		)	(31.8	)
Net revenues	$	1,283	$	1,492	$	(209	)	(14.0	)%	$	3,114	$	2,231	$	883		39.6	%
Expenses	$	8,702	$	10,920	$	(2,218	)	(20.3	)%	$	16,401	$	20,412	$	(4,011	)	(19.7	)%
Depreciation and amortization	274		259		15			5.8	%	530		453		77			17.0	%
Total expenses	$	8,976	$	11,179	$	(2,203	)	(19.7	)%	$	16,931	$	20,865	$	(3,934	)	(18.9	)%

 ___________

(1) Primarily represented inter-segment revenues which are eliminated in consolidation.

Corporate and other expenses for the three months and six months ended March 31, 2015 compared to the same periods in the prior year declined primarily due to reduced expenditures associated with our pursuit of a Massachusetts casino license, partially offset by higher payroll costs.

41

Other Income (Expense)

Other income (expense) consisted of the following (in thousands):

	For the Three Months Ended March 31,											For the Six Months Ended March 31,
	2015			2014			Variance			Percentage Variance		2015			2014			Variance			Percentage Variance
Accretion of discount to the relinquishment liability (1)	$	—		$	(551	)	$	551		100.0	%	$	(227	)	$	(1,102	)	$	875		79.4	%
Interest income (2)	1,814			1,602			212			13.2	%	3,648			3,246			402			12.4	%
Interest expense, net of capitalized interest	(35,777		)	(36,297		)	520			1.4	%	(72,032		)	(75,266		)	3,234			4.3	%
Loss on early extinguishment of debt (3)	—			(192		)	192			100.0	%	—			(62,275		)	62,275			100.0	%
Other expense, net (4)	(482		)	(174		)	(308		)	(177.0	)%	(1,210		)	(878		)	(332		)	(37.8	)%
Total other expense	$	(34,445	)	$	(35,612	)	$	1,167		3.3	%	$	(69,821	)	$	(136,275	)	$	66,454		48.8	%

_________

(1) Represented accretion of the discount to the present value of the relinquishment liability for the impact of the time value of money.

(2) Primarily represented interest earned on long-term receivables.

(3) Primarily represented financing fees expensed in connection with our November 2013 refinancing transactions.

(4) Primarily represented loss from unconsolidated affiliates.

Interest expense for the three months ended March 31, 2015 compared to the same period in the prior year decreased primarily as a result of lower weighted average outstanding debt. Interest expense for the six months ended March 31, 2015 compared to the same period in the prior year declined primarily due to lower weighted average interest rate. Weighted average outstanding debt was $1.74 billion and $1.75 billion for the three months and six months ended March 31, 2015, respectively, compared to $1.76 billion and $1.75 billion for the three months and six months ended March 31, 2014, respectively. Weighted average interest rate was 8.2% and 8.3% for the three months and six months ended March 31, 2015, respectively, compared to 8.2% and 8.7% for the three months and six months ended March 31, 2014, respectively.

Seasonality

The gaming market in the Northeastern United States is seasonal in nature, with peak gaming activities often occurring at Mohegan Sun and Mohegan Sun Pocono during the months of May through August. Accordingly, our operating results for the three months and six months ended March 31, 2015 are not necessarily indicative of operating results for other interim periods or an entire fiscal year.

Liquidity and Capital Resources

Our cash flows consisted of the following (in thousands):

	For the Six Months Ended March 31,
	2015			2014			Variance			Percentage     Variance
Net cash provided by (used in) operating activities	$	76,049		$	(11,039	)	$	87,088		N.M.
Net cash used in investing activities	(9,452		)	(14,073		)	4,621			32.8	%
Net cash provided by (used in) financing activities	(51,156		)	21,369			(72,525		)	N.M.
Net increase (decrease) in cash and cash equivalents	$	15,441		$	(3,743	)	$	19,184		N.M.

_________

N.M. - Not meaningful.

As of March 31, 2015 and September 30, 2014, we held cash and cash equivalents of $64.5 million and $49.1 million, respectively. As a result of the cash-based nature of our business, operating cash flow levels tend to follow trends in our operating income, excluding the effects of non-cash charges, such as depreciation and amortization, accretion of discounts, relinquishment liability reassessments and gains and losses on early extinguishment of debt.

The increase in cash provided by operating activities for the six months ended March 31, 2015 compared to the same period in the prior year resulted from increased net income and lower working capital requirements. Cash provided by operating activities for the six months ended March 31, 2014 were negatively impacted by approximately $52.0 million as a result of our November 2013 refinancing transactions, including payments of tender and consent fees.

Operating activities are a significant source of our cash flows. We utilize cash flows from operations for scheduled interest payments, relinquishment payments, planned capital expenditures, distributions to the Tribe, projected working capital needs and

42

debt reduction, as well as to make investments, from time to time. There are numerous factors which may cause a substantial reduction in the amount of such cash flows, including, but not limited to, the following:

• reduced discretionary spending by patrons on activities such as gaming, leisure and hospitality;

• increased competition, including the legalization or expansion of gaming in New England, New York, New Jersey, Pennsylvania or other states in the mid-Atlantic region, or the expansion of on-line gaming in the United States;

• unfavorable weather conditions;

• changes in applicable laws or policies regarding smoking or alcohol service at Mohegan Sun or Mohegan Sun Pocono;

• an infrastructure or transportation disruption, such as the closure of a major highway near Mohegan Sun or Mohegan Sun Pocono, for an extended period of time; and

• an act of terrorism on the United States.

The decrease in cash used in investing activities for the six months ended March 31, 2015 compared to the same period in the prior year was primarily driven by a non-recurring escrow deposit related to an unsuccessful diversification effort. The decrease in cash provided by financing activities for the six months ended March 31, 2015 compared to the same period in the prior year primarily resulted from decreased borrowings. Borrowings during the six months ended March 31, 2014 were primarily utilized to fund transaction costs associated with our November 2013 refinancing transactions.

External Sources of Liquidity

Senior Secured Credit Facilities

In November 2013, we entered into a loan agreement among us, the Tribe, the guarantors as defined below, RBS Citizens, N.A. as administrative and collateral agent and the other lenders and financial institutions party thereto, providing for $955.0 million in aggregate principal amount of senior secured credit facilities, or the senior secured credit facilities, comprised of a $100.0 million senior secured revolving credit facility, or the revolving facility, a $125.0 million senior secured term loan A facility, or the term loan A facility, and a $730.0 million senior secured term loan B facility, or the term loan B facility. The senior secured credit facilities mature on June 15, 2018, subject to extension based on the satisfaction of certain conditions to November 19, 2018 (in the case of the revolving facility and the term loan A facility) and November 19, 2019 (in the case of the term loan B facility).

The term loan A facility amortizes in equal quarterly installments in an aggregate annual amount equal to 5.0% of the original principal amount for the first year after the closing date, 7.5% of the original principal amount for the second year after the closing date and 10.0% of the original principal amount in each year thereafter, with the balance payable on the maturity date of the term Loan A facility. The term loan B facility amortizes in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount. Amortization of the term loan A facility and term loan B facility began with the first full fiscal quarter after the closing date.

As of March 31, 2015, amounts outstanding under the revolving facility, term loan A facility and term loan B facility totaled $50.0 million, $116.4 million and $720.9 million, respectively. As of March 31, 2015, letters of credit issued under the revolving facility totaled $3.0 million, of which no amount was drawn. Inclusive of letters of credit, which reduce borrowing availability under the revolving facility, and after taking into account restrictive financial covenant requirements, we had approximately $46.6 million of borrowing capacity under the revolving facility and line of credit as of March 31, 2015.

Borrowings under the senior secured credit facilities incur interest as follows: (i) for base rate loans under the revolving facility and term loan A facility, a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 basis points and (c) the one-month LIBOR rate plus 100 basis points (the highest of (a), (b) and (c), the “base rate”), plus a leverage-based margin of 250 to 350 basis points; (ii) for Eurodollar rate loans under the revolving facility and term loan A facility, the applicable LIBOR rate plus a leverage-based margin of 350 to 450 basis points; (iii) for base rate loans under the term loan B facility, the base rate (subject to a 2.0% floor) plus 350 basis points; and (iv) for Eurodollar rate loans under the term loan B facility, the applicable LIBOR rate (subject to a 1.0% floor) plus 450 basis points. We also are required to pay a leverage-based commitment fee of between 37.5 and 50 basis points for unused commitments under the revolving facility. Interest on base rate loans is payable quarterly in arrears. Interest on Eurodollar rate loans of three months or less is payable at the end of each applicable interest period and for Eurodollar rate loans of more than three months, interest is payable at intervals of three months duration after the beginning of such interest period.

As of March 31, 2015, the $50.0 million outstanding under the revolving facility was comprised of a $9.0 million base rate loan based on a base rate of 3.25% plus 325 basis points and $41.0 million in Eurodollar rate loans based on a Eurodollar rate of 0.18% plus 425 basis points. The commitment fee was 0.50% as of March 31, 2015. As of March 31, 2015, the $116.4 million outstanding under the term loan A facility was based on a Eurodollar rate of 0.28% plus 425 basis points. As of March 31, 2015, the $720.9 million outstanding under the term loan B facility was based on the Eurodollar rate floor of 1.0% plus 450 basis points.

43

Our obligations under the senior secured credit facilities are fully and unconditionally guaranteed, jointly and severally, by the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming, or collectively, the guarantors. The senior secured credit facilities are collateralized by a first priority lien on substantially all of our property and assets and those of the guarantors (other than MBC), including the assets that comprise Mohegan Sun Pocono and a leasehold mortgage on the land and improvements that comprise Mohegan Sun (we and the guarantors, other than MBC, are collectively referred to herein as the grantors). The grantors also are required to pledge additional assets as collateral for the senior secured credit facilities as they and future guarantor subsidiaries acquire them.

The senior secured credit facilities contain customary covenants applicable to us and our restricted subsidiaries, including covenants governing: incurrence of indebtedness, incurrence of liens, payment of dividends and other distributions, investments, asset sales, affiliate transactions, mergers or consolidations and capital expenditures. Additionally, the senior secured credit facilities include financial maintenance covenants pertaining to total leverage, secured leverage and minimum fixed charge coverage.

Maximum total leverage ratio covenant, or ratio of total debt to annualized EBITDA, as such terms are defined under the senior secured credit facilities:

Fiscal Quarters Ending:
March 31, 2015 through June 30, 2015	6.25:1.00
September 30, 2015 and thereafter	6.00:1.00

Maximum secured leverage ratio covenant, or ratio of secured debt to annualized EBITDA, as such terms are defined under the senior secured credit facilities:

Fiscal Quarters Ending:
March 31, 2015 through June 30, 2015	3.50:1.00
September 30, 2015 through June 30, 2016	3.25:1.00
September 30, 2016 and thereafter	3.00:1.00

Minimum fixed charge coverage ratio covenant, as defined under the senior secured credit facilities:

Fiscal Quarters Ending:
March 31, 2015 and thereafter	1.05:1.00

As of March 31, 2015, we and the Tribe were in compliance with all respective covenant requirements under the senior secured credit facilities.

We continue to monitor revenues and manage expenses and enhance operating efficiencies to ensure continued compliance with our financial covenant requirements under the senior secured credit facilities. While we anticipate that we will remain in compliance with all covenant requirements under the senior secured credit facilities for all periods prior to maturity, we may need to increase revenues or offset any future declines in revenues by implementing additional cost saving and other initiatives to ensure compliance with these financial covenant requirements. If we are unable to satisfy our financial covenant requirements, we would need to obtain waivers or consents under the senior secured credit facilities; however, we can provide no assurance that we would be able to obtain such waivers or consents. If we are unable to obtain such waivers or consents, we would be in default under the senior secured credit facilities, which may result in cross-defaults under our other outstanding indebtedness and allow our lenders and creditors to exercise their rights and remedies as defined under their respective agreements, including their right to accelerate the repayment of our outstanding indebtedness. If such acceleration were to occur, we can provide no assurance that we would be able to obtain the financing necessary to repay such accelerated indebtedness.

Senior Unsecured Notes

2013 9 ³/4% Senior Unsecured Notes

In August 2013, we issued $500.0 million senior unsecured notes with fixed interest payable at a rate of 9.75% per annum, or the 2013 senior unsecured notes. The 2013 senior unsecured notes mature on September 1, 2021. We may redeem the 2013 senior unsecured notes, in whole or in part, at any time prior to September 1, 2016 at a price equal to 100% of the principal amount plus a make-whole premium and accrued interest to the date of redemption. On or after September 1, 2016, we may redeem the 2013 senior unsecured notes, in whole or in part, at specified redemption prices, together with accrued interest to the date of redemption. If we experience specific kinds of change of control triggering events, we must offer to repurchase the 2013 senior unsecured notes at a price equal to 101% of the principal amount thereof, plus accrued interest to the purchase date. In addition, if we undertake certain types of asset sales and do not use the related sale proceeds for specified purposes, we may be required to offer to repurchase the 2013 senior unsecured notes at a price equal to 100% of the principal amount, plus accrued interest. Interest

44

on the 2013 senior unsecured notes is payable semi-annually on March 1^st and September 1^st. On March 11, 2014, we completed an offer to exchange the 2013 senior unsecured notes for a new issue of substantially identical debt securities registered under the Securities Act of 1933, with all outstanding notes being exchanged.

The 2013 senior unsecured notes are uncollateralized general obligations and are effectively subordinated to all of our and the guarantors' and future guarantor subsidiaries' senior secured indebtedness, including the senior secured credit facilities, to the extent of the value of the collateral securing such indebtedness. The 2013 senior unsecured notes also are effectively subordinated to any indebtedness and other liabilities (including trade payables) of our subsidiaries that do not guarantee the 2013 senior unsecured notes. The 2013 senior unsecured notes rank equally in right of payment with our other unsecured, unsubordinated indebtedness, including trade payables. The 2013 senior unsecured notes are fully and unconditionally guaranteed, jointly and severally, by the guarantors.

The 2013 senior unsecured notes indenture contains certain covenants that, subject to certain significant exceptions, limit, among other things, our and the guarantors’ ability to incur additional debt, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company or transfer and sell assets. The 2013 senior unsecured notes indenture includes customary events of default, including, but not limited to, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay certain other indebtedness, the occurrence of which is caused by a failure to pay principal, premium or interest or results in the acceleration of such indebtedness, certain events of bankruptcy and insolvency and certain judgment defaults.

Senior Subordinated Notes

2005 6 ⁷/8% Senior Subordinated Notes

In February 2005, we issued $150.0 million senior subordinated notes with fixed interest payable at a rate of 6.875% per annum, or the 2005 senior subordinated notes. In March 2012, we completed a private exchange offer and consent solicitation for any or all of our outstanding 2005 senior subordinated notes. As part of the exchange offer, we solicited and received consents from tendering holders to certain amendments to the indentures governing the 2005 senior subordinated notes, which eliminated certain covenants under the notes and related indenture. The aggregate principal amount of 2005 senior subordinated notes tendered and exchanged was $140.3 million. Subsequent to our March 2012 private exchange offer, $9.7 million of the 2005 senior subordinated notes remained outstanding, which amount, including accrued interest, was repaid at maturity on February 15, 2015 with cash on hand and drawings under the revolving facility.

2012 11% Senior Subordinated Notes

In March 2012, we issued $344.2 million senior subordinated toggle notes with fixed interest payable at a rate of 11% per annum, or the 2012 senior subordinated notes, in exchange for $203.8 million of our then outstanding 2004 7 1/8% senior subordinated notes and $140.3 million of 2005 senior subordinated notes. The 2012 senior subordinated notes mature on September 15, 2018. We may redeem the 2012 senior subordinated notes, in whole or in part, at any time, at a price equal to 100% of the principal amount plus accrued interest. If a change of control occurs, we must offer to repurchase the 2012 senior subordinated notes at a price equal to 101% of the principal amount, plus accrued interest. In addition, if we undertake certain types of asset sales or suffer events of loss, and we do not use the related sale or insurance proceeds for specified purposes, we may be required to offer to repurchase the 2012 senior subordinated notes at a price equal to 100% of the principal amount, plus accrued interest. Interest on the 2012 senior subordinated notes is payable semi-annually on March 15^th and September 15^th. The initial interest payment on the 2012 senior subordinated notes was payable entirely in cash. For any subsequent interest payment period through March 15, 2018, we may, at our option, elect to pay interest on the 2012 senior subordinated notes either entirely in cash or by paying up to 2% in 2012 senior subordinated notes, or PIK interest. If we elect to pay PIK interest, such election will increase the principal amount of the 2012 senior subordinated notes in an amount equal to the amount of PIK interest for the applicable interest payment period to holders of 2012 senior subordinated notes on the relevant record date.

In August 2013, we repurchased an aggregate principal amount of $69.0 million 2012 senior subordinated notes. An aggregate principal amount of $275.2 million 2012 senior subordinated notes remains outstanding as of March 31, 2015.

The 2012 senior subordinated notes and guarantees have not been and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

Our senior subordinated notes are uncollateralized general obligations and are subordinated to borrowings under the senior secured credit facilities and 2013 senior unsecured notes. The senior subordinated notes are fully and unconditionally guaranteed, jointly and severally, by the guarantors.

45

The senior and senior subordinated note indentures contain certain non-financial and financial covenant requirements with which we and the Tribe must comply. The non-financial covenant requirements include, among other things, reporting obligations, compliance with laws and regulations, maintenance of licenses and insurances and our continued existence. The financial covenant requirements include, among other things, subject to certain exceptions, limitations on our and the guarantors' ability to incur additional indebtedness, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company, transfer or sell assets or impair assets constituting collateral.

As of March 31, 2015, we and the Tribe were in compliance with all respective covenant requirements under the senior and senior subordinated note indentures.

We or our affiliates may, from time to time, seek to purchase or otherwise retire outstanding indebtedness for cash in open market purchases, privately negotiated transactions or otherwise. Any such transaction will depend on prevailing market conditions and our liquidity and covenant requirement restrictions, among other factors.

Line of Credit

In November 2013, we entered into a $16.5 million revolving credit facility with Bank of America, N.A., or the line of credit. The line of credit is coterminous with the senior secured credit facilities. Pursuant to provisions of the senior secured credit facilities, under certain circumstances, the line of credit may be converted into loans under the senior secured credit facilities. Under the line of credit, each advance accrues interest on the basis of a one-month LIBOR Rate plus an applicable margin based on our total leverage ratio, as each term is defined under the line of credit. As of March 31, 2015, amounts outstanding under the line of credit totaled $413,000. Borrowings under the line of credit are uncollateralized obligations. The line of credit contains negative covenants and financial maintenance covenants that are substantially the same as those contained in the senior secured credit facilities. As of March 31, 2015, we were in compliance with all covenant requirements under the line of credit.

2009 Mohegan Tribe Promissory Note

In September 2009, the Tribe made a $10.0 million loan to Salishan-Mohegan, LLC, or Salishan-Mohegan, referred to herein as the 2009 Mohegan Tribe promissory note. The 2009 Mohegan Tribe promissory note was amended in June 2014 to extend the maturity date to September 30, 2015. The 2009 Mohegan Tribe promissory note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) $1.2 million per quarter, commencing December 31, 2013 through March 31, 2014 and (ii) $1.3 million on June 30, 2015, with the balance of accrued and unpaid interest due at maturity. As amended, principal outstanding under the 2009 Mohegan Tribe promissory note amortizes as follows: (i) $1.625 million per quarter, commencing December 31, 2012 through September 30, 2013, (ii) $875,000 per quarter, commencing December 31, 2013 through March 31, 2014, (iii) $875,000 on June 30, 2015 and (iv) $875,000 at maturity.

2012 Mohegan Tribe Minor's Trust Promissory Note

In March 2012, Comerica Bank & Trust, N.A., Trustee f/b/o The Mohegan Tribe of Indians of Connecticut Minor's Trust, made a $20.0 million loan to Salishan-Mohegan, referred to herein as the 2012 Mohegan Tribe Minor's Trust promissory note. The 2012 Mohegan Tribe Minor's Trust promissory note was amended in June 2014 to extend the maturity date to March 31, 2017. The 2012 Mohegan Tribe Minor's Trust promissory note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) quarterly, commencing June 30, 2012 through March 31, 2014, (ii) on July 1, 2014 on the unpaid balance for the period April 1, 2014 through June 30, 2014, (iii) $800,000 per quarter, commencing September 30, 2015 through March 31, 2016 and (iv) quarterly, thereafter on the unpaid balance. As amended, principal outstanding under the 2012 Mohegan Tribe Minor's Trust promissory note amortizes as follows: (i) $500,000 per quarter, commencing December 31, 2012 through March 31, 2014, (ii) $500,000 on July 1, 2014 and September 30, 2015, (iii) $1.5 million per quarter, commencing December 31, 2015 through September 30, 2016 and (iv) $10.0 million at maturity.

2013 Mohegan Tribe Promissory Note

In March 2013, Mohegan Gaming & Hospitality, LLC, or MG&H, purchased and acquired all of the Tribe's membership interest in MG&H in exchange for a promissory note in the principal amount of $7.4 million, or the 2013 Mohegan Tribe promissory note. The 2013 Mohegan Tribe promissory note matures on December 31, 2018. The 2013 Mohegan Tribe promissory note accrues interest at an annual rate of 4.0% payable quarterly.

Downs Lodging Credit Facility

In July 2012, Downs Lodging, a single purpose entity and wholly-owned unrestricted subsidiary, entered into a credit agreement providing for a $45.0 million term loan from a third-party lender, or the Downs Lodging credit facility. The proceeds from the Downs Lodging credit facility were used by Downs Lodging to fund Project Sunlight, a hotel and convention center

46

expansion project at Mohegan Sun Pocono. The Downs Lodging credit facility matures on July 12, 2016 and accrues interest at an annual rate of 13.0%. Under the terms of the Downs Lodging credit facility, accrued interest of 10.0% is payable monthly in cash during the term of the loan, with the remaining 3.0% due at maturity. In addition, a 3.0% exit fee is payable upon repayment of the loan principal. The Downs Lodging credit facility is a senior secured obligation of Downs Lodging, collateralized by all existing and future assets of Downs Lodging. The Downs Lodging credit facility subjects Downs Lodging to certain covenant requirements customarily found in loan agreements for similar transactions. As of March 31, 2015, Downs Lodging was in compliance with all covenant requirements under the Downs Lodging credit facility.

Capital Expenditures

The following table presents data related to capital expenditures (in millions):

	Capital Expenditures
	Six Months Ended		Remaining Forecasted		Total Forecasted
	March 31, 2015		Fiscal Year 2015		Fiscal Year 2015
Mohegan Sun:
Maintenance	$	1.8	$	28.2	$	30.0
Subtotal	1.8		28.2		30.0
Mohegan Sun Pocono:
Maintenance	0.7		4.3		5.0
Development	0.2		—		0.2
Subtotal	0.9		4.3		5.2
Corporate:
Expansion - Project Sunlight	0.1		—		0.1
Subtotal	0.1		—		0.1
Total	$	2.8	$	32.5	$	35.3

We primarily rely on cash flows provided by operating activities to fund maintenance capital expenditures at Mohegan Sun and Mohegan Sun Pocono. We plan to fund any development or expansion capital expenditures at Mohegan Sun and Mohegan Sun Pocono through a combination of existing cash, cash flows provided by operating activities and draws under our revolving facility.

47

Interest Expense

The following table presents our interest expense (in thousands, net of capitalized interest):

	For the Three Months Ended March 31,					For the Six Months Ended March 31,
	2015		2014			2015		2014
Prior bank credit facility	$	—	$	(18	)	$	—	$	3,199
Prior term loan facility (1)	—		—			—		2,924
Senior secured credit facility - revolving	550		354			1,140		469
Senior secured credit facility - term loan A (1)	1,425		1,446			2,919		2,127
Senior secured credit facility - term loan B (1)	10,450		10,593			21,152		15,558
2009 11 1/2% second lien senior secured notes (1)	—		—			—		5
2012 11 1/2% second lien senior secured notes (1)	—		—			—		3,285
2013 9 3/4% senior unsecured notes	12,188		12,188			24,375		24,375
2004 7 1/8% senior subordinated notes	—		377			—		754
2005 6 7/8% senior subordinated notes	83		166			249		332
2012 11% senior subordinated notes (1)	7,751		7,731			15,496		15,457
Line of credit	51		59			124		110
2009 Mohegan Tribe promissory note	43		64			87		152
2012 Mohegan Tribe Minor's Trust promissory note	407		431			823		885
2013 Mohegan Tribe promissory note	73		73			148		148
Downs Lodging credit facility	1,557		1,557			3,114		3,251
Capital leases	28		61			58		134
Amortization of debt issuance costs	1,171		1,215			2,347		2,836
Capitalized interest	—		—			—		(735		)
Total interest expense, net of capitalized interest	$	35,777	$	36,297		$	72,032	$	75,266

 ___________

(1) Includes accretion of discount.

Contractual Obligations

Effective March 5, 2015, we entered into a sublease agreement with the Mohegan Tribal Finance Authority, a wholly-owned instrumentality of the Tribe, to sublease an approximately 1.2-acre site upon which will be built an approximately 400-room hotel and related improvements for a term of 28 years and 4 months, commencing upon the completion of the project. Rental payments under the sublease also will commence upon the completion of the project, which is anticipated to occur in the fall of 2016. We classified the sublease as an operating lease for financial reporting purposes. Minimum future rental expense that we expect to incur under the sublease agreement is as follows (in thousands):

	Fiscal Years Ending September 30,
	2015		2016		2017		2018		2019		Thereafter		Total
Minimum future rental expense	$	—	$	—	$	6,327	$	6,908	$	7,011	$	224,682	$	244,928

There has been no material change to the other contractual obligations previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Sufficiency of Resources

We believe that existing cash balances, financing arrangements and operating cash flows will provide us with sufficient resources to meet our existing debt obligations, foreseeable capital expenditure requirements and distributions to the Tribe for at least the next twelve months; however, we can provide no assurance in this regard. Please refer to “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014 for further details regarding risks relating to our sufficiency of resources. Inclusive of letters of credit, which reduce borrowing availability under the revolving facility, and after taking into account restrictive financial covenant requirements, we had approximately $46.6 million of borrowing capacity under the revolving facility and line of credit as of March 31, 2015. Distributions to the Tribe are anticipated to total approximately $50 million for fiscal 2015.

48

Critical Accounting Policies and Estimates

There has been no material change from the critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Impact of Inflation

Absent changes in competitive and economic conditions or in specific prices affecting the hospitality and gaming industry, we do not expect that inflation will have a significant impact on our operations. Changes in specific prices, such as fuel and transportation prices, relative to the general rate of inflation may have a material adverse effect on the hospitality and gaming industry in general.

49

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. As of March 31, 2015, our primary exposure to market risk was interest rate risk associated with our senior secured credit facilities which accrued interest on the basis of a base rate formula or a Eurodollar rate formula, plus applicable rates, as defined under the respective facility.

We attempt to manage our interest rate risk through a controlled combination of long-term fixed rate borrowings and variable rate borrowings in accordance with established policies and procedures. We do not hold or issue financial instruments for speculative or trading purposes.

The following table presents information about our debt obligations as of March 31, 2015 that were sensitive to changes in interest rates. The table presents principal payments and related weighted average interest rates by expected maturity dates. Weighted average variable interest rates were based on implied forward rates in respective yield curves, which should not be considered to be precise indicators of actual future interest rates. Fair values for our debt obligations were based on quoted market prices or prices of similar instruments as of March 31, 2015.

	Expected Maturity Date																		Total			Fair Value
	2015			2016			2017			2018			2019			Thereafter
Liabilities (in thousands)
Long-term debt and capital lease obligations (including current portions):
Fixed rate	$	2,821		$	52,735		$	11,265		$	276,263		$	7,830		$	501,003		$	851,917		$	883,730
Average interest rate	8.6		%	12.3		%	9.2		%	11.0		%	3.8		%	9.7		%	10.2		%
Variable rate	$	8,751		$	19,019		$	19,800		$	840,125		—			—			$	887,695		$	877,861
Average interest rate (1)	4.9		%	5.2		%	5.7		%	6.2		%	—			—			5.7		%

_________

(1) A 100 basis point change in average interest rate would impact annual interest expense by approximately $8.9 million.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2015. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures. Management recognizes that controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on an evaluation of our disclosure controls and procedures as of March 31, 2015, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2015, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

50

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to various claims and legal actions resulting from our normal course of business. Some of these matters relate to personal injuries to patrons and damages to patrons' personal assets. We estimate guest claims expense and accrue for such liabilities based upon historical experience.

Item 1A. Risk Factors

There has been no material change from the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Item 6. Exhibits

The exhibits to this Quarterly Report on Form 10-Q are listed on the Exhibit Index, which appears elsewhere herein and is incorporated herein by reference.

51

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Mohegan Tribal Gaming Authority has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

		MOHEGAN TRIBAL GAMING AUTHORITY
Date:	May 15, 2015	By:	/S/    KEVIN P. BROWN
			Kevin P. Brown Chairman and Member, Management Board
Date:	May 15, 2015	By:	/S/  MITCHELL GROSSINGER ETESS
			Mitchell Grossinger Etess Chief Executive Officer, Mohegan Tribal Gaming Authority (Principal Executive Officer)
Date:	May 15, 2015	By:	/S/    MARIO C. KONTOMERKOS
			Mario C. Kontomerkos Chief Financial Officer, Mohegan Tribal Gaming Authority (Principal Financial and Accounting Officer)

52

EXHIBIT INDEX

Exhibit No.	Description
3.1	Constitution of the Mohegan Tribe of Indians of Connecticut, as amended (filed as Exhibit 3.1 to the Authority’s Registration Statement on Form S-4, filed with the SEC on January 27, 2014 (the “2014 Form S-4”) and incorporated by reference herein).
3.2	Ordinance No. 95-2 of the Tribe for Gaming on Tribal Lands, enacted on July 15, 1995 (filed as Exhibit 3.2 to the Authority’s Amendment No. 1 to its Registration Statement on Form S-1, filed with the SEC on February 29, 1996 and incorporated by reference herein).
3.3	Articles of Organization of Mohegan Basketball Club, LLC, dated as of January 27, 2003 (filed as Exhibit 3.3 to the Authority’s Registration Statement on Form S-4, filed with the SEC on September 23, 2003 (the “2003 Form S-4”) and incorporated by reference herein).
3.4	Operating Agreement of Mohegan Basketball Club, LLC, a Mohegan Tribe of Indians of Connecticut limited liability company, dated as of January 24, 2003 (filed as Exhibit 3.4 to the 2003 Form S-4 and incorporated by reference herein).
3.5	Certificate of Organization of Mohegan Commercial Ventures PA, LLC, dated as of January 5, 2005, as amended (filed as Exhibit 3.5 to the Authority’s Registration Statement on Form S-4, filed with the SEC on June 7, 2005 (the “2005 Form S-4”) and incorporated by reference herein).
3.6	Operating Agreement of Mohegan Commercial Ventures PA, LLC, a Commonwealth of Pennsylvania limited liability company, dated as of December 15, 2004 (filed as Exhibit 3.6 to the 2005 Form S-4 and incorporated by reference herein).
3.7	Certificate of Limited Partnership of Downs Racing, L.P., dated as of January 5, 2005, as amended (filed as Exhibit 3.7 to the 2005 Form S-4 and incorporated by reference herein).
3.8	Amended and Restated Limited Partnership Agreement of Downs Racing, L.P., dated as of January 25, 2005 (filed as Exhibit 3.8 to the 2005 Form S-4 and incorporated by reference herein).
3.9	Certificate of Limited Partnership of Backside, L.P., dated as of January 5, 2005, as amended (filed as Exhibit 3.9 to the 2005 Form S-4 and incorporated by reference herein).
3.10	Amended and Restated Limited Partnership Agreement of Backside, L.P., dated as of January 25, 2005 (filed as Exhibit 3.10 to the 2005 Form S-4 and incorporated by reference herein).
3.11	Certificate of Limited Partnership of Mill Creek Land, L.P., dated as of January 5, 2005, as amended (filed as Exhibit 3.11 to the 2005 Form S-4 and incorporated by reference herein).
3.12	Amended and Restated Limited Partnership Agreement of Mill Creek Land, L.P., dated as of January 25, 2005 (filed as Exhibit 3.12 to the 2005 Form S-4 and incorporated by reference herein).
3.13	Certificate of Limited Partnership of Northeast Concessions, L.P., dated as of January 5, 2005, as amended (filed as Exhibit 3.13 to the 2005 Form S-4 and incorporated by reference herein).
3.14	Amended and Restated Limited Partnership Agreement of Northeast Concessions, L.P., dated as of January 25, 2005 (filed as Exhibit 3.14 to the 2005 Form S-4 and incorporated by reference herein).
3.15	Articles of Organization of Mohegan Ventures-Northwest, LLC, dated as of July 23, 2004 (filed as Exhibit 3.15 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006, filed with the SEC on August 10, 2006 (the “June 2006 Form 10-Q”) and incorporated by reference herein).
3.16	Operating Agreement of Mohegan Ventures-Northwest, LLC, a Mohegan Tribe of Indians of Connecticut limited liability company, dated as of July 23, 2004 (filed as Exhibit 3.16 to the June 2006 Form 10-Q and incorporated by reference herein).
3.17	Articles of Organization of Mohegan Golf, LLC, dated as of November 20, 2006 (filed as Exhibit 3.17 to the Authority’s Annual Report on Form 10-K for the fiscal year ended September 30, 2006, filed with the SEC on December 21, 2006 (the “2006 Form 10-K”) and incorporated by reference herein).
3.18	Certificate of Formation of Wisconsin Tribal Gaming, LLC, dated as of February 27, 2007 (filed as Exhibit 3.18 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007, filed with the SEC on May 15, 2007 (the “March 2007 Form 10-Q”) and incorporated by reference herein).

53

Exhibit No.	Description
3.19	Articles of Organization of Mohegan Ventures Wisconsin, LLC, dated as of March 1, 2007 (filed as Exhibit 3.19 to the March 2007 Form 10-Q and incorporated by reference herein).
3.20	Certificate of Formation of MTGA Gaming, LLC, dated as of July 27, 2007 (filed as Exhibit 3.20 to the Authority’s Annual Report on Form 10-K for the fiscal year ended September 30, 2007, filed with the SEC on December 21, 2007 (the “2007 Form 10-K”) and incorporated by reference herein).
3.21	Articles of Amendment of Mohegan Golf, LLC, dated as of April 8, 2008 (filed as Exhibit 3.18 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008, filed with the SEC on May 15, 2008 and incorporated by reference herein).
3.22	Operating Agreement of Mohegan Golf, LLC, dated as of April 8, 2008 (filed as Exhibit 3.22 to the 2014 Form S-4 and incorporated by reference herein).
3.23	Operating Agreement of Mohegan Ventures Wisconsin, LLC, dated as of March 1, 2007 (filed as Exhibit 3.23 to the 2014 Form S-4 and incorporated by reference herein).
3.24	Certificate of Amendment to Certificate of Formation of Wisconsin Tribal Gaming, LLC, dated as of May 20, 2009 (filed as Exhibit 3.24 to the 2014 Form S-4 and incorporated by reference herein).
3.25	Operating Agreement of Wisconsin Tribal Gaming, LLC, dated as of March 1, 2007 (filed as Exhibit 3.25 to the 2014 Form S-4 and incorporated by reference herein).
3.26	Certificate of Amendment to Certificate of Formation of MTGA Gaming, LLC, dated as of May 20, 2009 (filed as Exhibit 3.26 to the 2014 Form S-4 and incorporated by reference herein).
3.27	Operating Agreement of MTGA Gaming, LLC, dated as of August 1, 2007 (filed as Exhibit 3.27 to the 2014 Form S-4 and incorporated by reference herein).
4.1	Relinquishment Agreement, dated as of February 7, 1998, between the Mohegan Tribal Gaming Authority, The Mohegan Tribe of Indians of Connecticut and Trading Cove Associates (filed as Exhibit 10.14 to the Authority’s Form 10-K405 for the fiscal year ended September 30, 1998, filed with the SEC on December 29, 1998 and incorporated by reference herein).
4.2	Indenture, dated as of February 8, 2005, between the Mohegan Tribal Gaming Authority, the Mohegan Tribe of Indians of Connecticut, the Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 (filed as Exhibit 4.28 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2004, filed with the SEC on February 14, 2005 (the “December 2004 Form 10-Q”) and incorporated by reference herein).
4.3	Supplemental Indenture No. 1, dated as of August 4, 2006, between the Mohegan Tribal Gaming Authority, Mohegan Ventures-Northwest, LLC (as the Subsidiary Guarantor), the other Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.23 to the June 2006 Form 10-Q and incorporated by reference herein).
4.4	Supplemental Indenture No. 2, dated as of December 18, 2006, between the Mohegan Tribal Gaming Authority, Mohegan Golf, LLC (as the Subsidiary Guarantor), the other Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.27 to the 2006 Form 10-K and incorporated by reference herein).
4.5	Supplemental Indenture No. 3, dated as of March 28, 2007, between the Mohegan Tribal Gaming Authority, Wisconsin Tribal Gaming, LLC and Mohegan Ventures Wisconsin, LLC (each a Subsidiary Guarantor), the other Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.31 to the March 2007 Form 10-Q and incorporated by reference herein).
4.6	Supplemental Indenture No. 4, dated as of August 27, 2007, between the Mohegan Tribal Gaming Authority, MTGA Gaming, LLC (as the Subsidiary Guarantor), the other Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.35 to the 2007 Form 10-K and incorporated by reference herein).
4.7	Supplemental Indenture No. 5, dated as of March 5, 2012, between the Mohegan Tribal Gaming Authority, The Mohegan Tribe of Indians of Connecticut, the Subsidiary Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.26 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, filed with the SEC on May 14, 2012 (the “March 2012 Form 10-Q”) and incorporated by reference herein).

54

Exhibit No.	Description
4.8	Form of Global 6 7/8% Senior Subordinated Notes Due 2015 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.29 to the December 2004 Form 10-Q and incorporated by reference herein).
4.9	Indenture, dated as of March 6, 2012, between the Mohegan Tribal Gaming Authority, The Mohegan Tribe of Indians of Connecticut, the Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 11% Senior Subordinated Notes Due 2018 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.42 to the March 2012 Form 10-Q and incorporated by reference herein).
4.10	Form of Global 11% Senior Subordinated Notes Due 2018 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.43 to the March 2012 Form 10-Q and incorporated by reference herein).
4.11	Indenture, dated as of August 15, 2013, between the Mohegan Tribal Gaming Authority, The Mohegan Tribe of Indians of Connecticut, the Guarantors (as defined under the Indenture) and U.S. Bank National Association, as Trustee, relating to the 9 3/4% Senior Notes Due 2021 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.29 to the Authority’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013, filed with the SEC on December 27, 2013 (the “2013 Form 10-K”) and incorporated by reference herein).
4.12	Form of Global 9 3/4% Senior Notes Due 2021 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.30 to the 2013 Form 10-K and incorporated by reference herein).
4.13	Registration Rights Agreement, dated August 15, 2013, between the Mohegan Tribal Gaming Authority, the subsidiary guarantors party thereto and Credit Suisse Securities (USA) LLC and RBS Securities Inc., as representatives of the several initial purchasers, relating to the 9 3/4% Senior Notes Due 2021 of the Mohegan Tribal Gaming Authority (filed as Exhibit 4.31 to the 2013 Form 10-K and incorporated by reference herein).
10.1	First Amendment to the Priority Distribution Agreement, dated as of December 31, 2014, by and between the Mohegan Tribal Gaming Authority and the Mohegan Tribe of Indians of Connecticut (filed as Exhibit 10.1 to the Authority’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2014, filed with the SEC on February 17, 2015 and incorporated by reference herein).
10.2	Amendment to the Land Lease, dated as of February 27, 2015, between the Mohegan Tribe of Indians of Connecticut and the Mohegan Tribal Gaming Authority (filed herewith).
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer (filed herewith).
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer (filed herewith).
32.1	Section 1350 Certification of Chief Executive Officer (filed herewith).
32.2	Section 1350 Certification of Chief Financial Officer (filed herewith).
101.INS*	XBRL Instance Document (filed herewith).
101.SCH*	XBRL Taxonomy Extension Schema (filed herewith).
101.CAL*	XBRL Taxonomy Calculation Linkbase (filed herewith).
101.DEF*	XBRL Taxonomy Extension Definition Linkbase (filed herewith).
101.LAB*	XBRL Taxonomy Extension Label Linkbase (filed herewith).
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase (filed herewith).

 _____________

* Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibits 101 to this Quarterly Report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

55

EX-10.2

Exhibit 10.2

FOURTH AMENDMENT TO LAND LEASE

This Fourth Amendment to Land Lease (“Fourth Amendment”) is entered into as of this 27th day of February, 2015, between THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT, a federally recognized Indian tribe (as lessor or landlord under the Land Lease referred to below, being hereinafter referred to as the “Tribe”), and the MOHEGAN TRIBAL GAMING AUTHORITY, an instrumentality of the Tribe (as lessee or tenant under such Land Lease, being hereinafter referred to as the “Authority”).

WHEREAS, the Tribe and the Authority are parties to that certain Land Lease dated September 29, 1995, as amended by Amendment of Land Lease dated September 29, 1995, as further amended by Amendment to Land Lease dated February 18, 1999, and as further amended by Amendment to Land Lease dated March 6, 2007 (the Land Lease, as so amended, the “Land Lease”); and

WHEREAS, the Tribe and the Authority desire to further amend the Land Lease for the purpose of updating and replacing (i) the description of the Premises as set forth in Exhibit A of the Land Lease to exclude therefrom a certain parcel known as the Hotel Lease Area and (ii) the Survey Plan depicting the Premises as set forth in Exhibit B of the Land Lease.

NOW, THEREFORE, in consideration of the foregoing and the agreements of the parties hereinafter set forth, the parties hereto hereby agree as follows:

1.    The Land Lease is hereby amended by deleting the Legal Description of the Property located in Exhibit A thereto, and by inserting in lieu thereof the Legal Description of the Property attached hereto as Exhibit A.

2.    The Land Lease is hereby amended by deleting the Survey Plan located at Exhibit B thereto, and by inserting in lieu thereof the General Location Survey attached hereto as Exhibit B.

3.    Except as modified hereby, the Land Lease shall remain in full force and effect.

[SPACE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment on the year and day first above written.

WITNESSES:	THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT
/S/ HELGA M. WOODS	By:	/S/ KEVIN P. BROWN
Helga M. Woods		Name: Kevin P. Brown
		Title: Chairman, Tribal Council
/S/ DONNA R. GRIFFIN
Donna R. Griffin
	MOHEGAN TRIBAL GAMING AUTHORITY
/S/ SCOTT WELLS	By:	/S/ MITCHELL G. ETESS
Scott Wells		Name: Mitchell G. Etess
		Title: Chief Executive Officer
/S/ DENISE A. RUBINO
Denise A. Rubino

STATE OF CONNECTICUT    )

)    ss: Uncasville

COUNTY OF NEW LONDON)

On this the 27th day of February, 2015, before me, the undersigned officer, personally appeared KEVIN P. BROWN, Chairman of the Tribal Council of THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT, a federally recognized Indian tribe, the duly authorized signer and sealer of the foregoing instrument who acknowledged that he executed the foregoing instrument for the purposes and in the capacity herein contained as and for his free act and deed and the free act and deed of the Tribe.

/S/ DONNA R. GRIFFIN

Commissioner of the Superior Court

Notary Public

My Commission Expires: 10/31/2017

2

STATE OF CONNECTICUT    )

)    ss: Uncasville

COUNTY OF NEW LONDON    )

On this the 26th day of February, 2015, before me, the undersigned officer, personally appeared MITCHELL G. ETESS, the Chief Executive Officer of the MOHEGAN TRIBAL GAMING AUTHORITY, the duly authorized signer and sealer of the foregoing instrument who acknowledged that he executed the foregoing instrument for the purposes and in the capacity herein contained as and for his free act and deed and the free act and deed of the Authority.

/S/ DENISE A. RUBINO

Commissioner of the Superior Court

Notary Public

My Commission Expires: 5/31/2015

3

The undersigned parties agree that the foregoing agreement is in compliance with 25 U.S.C. §415 and 25 C.F.R. §162:

	The Mohegan Tribe of Indians of Connecticut
Date: 2/27/2015	By:	/S/ KEVIN P. BROWN
		Name: Kevin P. Brown
		Title: Chairman, Tribal Council
	Mohegan Tribal Gaming Authority
Date: 2/26/2015	By:	/S/ MITCHELL G. ETESS
		Name: Mitchell G. Etess
		Title: Chief Executive Officer
	Approved pursuant to 25 U.S.C. §415 and 25 C.F.R. §162, and delegated authority of 209 DM 8, 230 DM 1, and 3 IAM 4.
	United States Department of Interior Bureau of Indian Affairs
Date: 3/3/2015	By:	/S/ SCOTT C. MENEELY
		Name: Scott C. Meneely
		Title: Acting Regional Director

STATE OF TENNESSEE     )

) ss.

COUNTY OF DAVIDSON )

PERSONALLY APPEARED BEFORE ME, the undersigned Authority in and for said

County and State, on the 3rd day of March, 2015, within my jurisdiction, the within named Scott C. Meneely, who acknowledged that he is the Acting Regional Director of the Bureau of Indian Affairs, and that in said representative capacity, he/she executed the foregoing instrument, after having been duly authorized so to do.

4

/S/ JOHN W. SMITH

Notary Public

My Commission Expires: 3/6/2018

5

EXHIBIT A

Legal Description of the Property

A certain tract or parcel of land, together with the buildings and all other improvements thereon, situated on the southeasterly side of Sandy Desert Road, easterly of Connecticut Route No. 32, northeasterly of Crow Hill Road, westerly of Thames River and southerly of Trading Cove in the Town of Montville, County of New London and State of Connecticut and being more particularly shown and delineated on a certain map or plan entitled “SURVEY PLAN LAND OF UNITED STATES OF AMERICA IN TRUST FOR THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT TO BE LEASED TO MOHEGAN TRIBAL GAMING AUTHORITY PREPARED FOR THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT Located At Sandy Desert Road, Crow Hill Road and Mohegan Sun Boulevard Montville (Uncasville), Connecticut Date: January 2, 2007 Scale: 1” = 200’ Project No: 200614 Sheet 1 of 1” Prepared By The Mohegan Tribe CAD Document Control Department, which premises are more particularly bounded and described as follows:

Beginning at a point in the southeasterly line of land now or formerly of The Mohegan Tribe Of Indians Of Connecticut (southeasterly street line of Sandy Desert Road) at a northwesterly corner of the herein-described tract and on the dividing line between the herein-described tract and other land of The United States Of America In Trust For The Mohegan Tribe Of Indians Of Connecticut;

Thence running South 02° 41’ 50” East for a distance of 322.32 feet to a point;

Thence running North 85° 24’ 27” East for a distance of 304.00 feet to a point;

Thence running South 04° 35’ 33” East for a distance of 254.69 feet to a point;

Thence running North 85° 28’ 43” West for a distance of 52.08 feet to a point;

Thence running South 06° 35’ 16” East for a distance of 190.41 feet to a point;

Thence running South 52° 42’ 03” East for a distance of 63.49 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left with a radius of 400.00 feet, a central angle of 17° 33’ 57” for a distance of 122.63 feet to a point;

Thence running South 70° 16’ 00” East for a distance of 141.88 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right with a radius of 1240.00 feet, a central angle of 17° 06’ 42” for a distance of 370.34 feet to a point;

Thence running South 53° 09’ 17” East for a distance of 184.55 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left with a radius of 1150.00 feet, a central angle of 23° 37’ 52” for a distance of 474.31 feet to a point;

Thence running South 76° 47’ 09” East for a distance of 402.28 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right with a radius of 649.90 feet, a central angle of 30° 29’ 57” for a distance of 345.95 feet to a point;

Thence running South 46° 17’ 12” East for a distance of 137.84 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left with a radius of 350.09 feet, a central angle of 20° 44’ 48” for a distance of 126.77 feet to a point;

Thence running South 67° 02’ 00” East for a distance of 358.04 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left with a radius of 850.00 feet, a central angle of 11° 27’ 44” for a distance of 170.05 feet to a point;

Thence running South 78° 29’ 44” East for a distance of 290.02 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right with a radius of 649.90 feet, a central angle of 45° 11’ 01” for a distance of 512.51 feet to a point;

Thence running South 33° 18’ 27” East for a distance of 546.87 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left with a radius of 624.21 feet, a central angle of 07° 41’ 21” for a distance of 83.77 feet to the southerly corner of the herein described tract;

Thence running North 17° 46’ 50” West for a distance of 86.72 feet to a point;

Thence running North 15° 59’ 54” West for a distance of 69.57 feet to a point;

Thence running North 13° 09’ 20” West for a distance of 241.49 feet to a point;

Thence running North 08° 51’ 10” West for a distance of 99.13 feet to a point;

Thence running North 13° 11’ 22” West for a distance of 44.72 feet to a point;

Thence running North 06° 55’ 31” West for a distance of 44.45 feet to a point, the last twenty seven courses being bounded by other land of The United States Of America In Trust For The Mohegan Tribe Of Indians Of Connecticut;

Thence running North 73° 35’ 41” East for a distance of 71.66 feet to a point, the last course being bounded southeasterly in part by other land of The United States Of America In Trust For The Mohegan Tribe Of Indians Of Connecticut and in part by land now or formerly of MTIC Acquisitions, LLC;

Thence running North 73° 57’ 46” East for a distance of 48.45 feet to a concrete monument recovered, the last course being bounded southeasterly by land now or formerly of MTIC Acquisitions, LLC;

Thence running North 75° 05’ 39’ East for a distance of 190.94 feet, bounded southeasterly in part by land now or formerly of MTIC Acquisitions, LLC and in part by land now or formerly of Southeastern Connecticut Regional Resource Recovery Authority to a concrete monument recovered;

Thence running North 73° 18’ 39” East for a distance of 166.10 feet to an angle point;

Thence running North 75° 48’ 39” East for a distance of 241.15 feet to a point at Connecticut Grid Coordinates North 738813.29, East 1183036.66;

Thence continuing North 75° 48’ 39” East for a distance of 242.59 feet to the southeasterly corner of the herein described tract, said point lying in the southwesterly line of land now or formerly of Central Vermont Railway, Inc., the last three courses being bounded southeasterly by land now or formerly of Southeastern Connecticut Regional Resource Recovery Authority;

Thence running North 44° 36’ 07” West for a distance of 550.97 feet to a point;

Thence running in a general northwesterly direction along the arc of a curve to the left with a radius of 3100.09 feet, a central angle of 02° 45’ 25” for a distance of 149.17 feet to a point;

Thence running in a general northwesterly direction along the arc of a curve to the left with a radius of 3100.00 feet, a central angel of 04° 34’ 39” for a distance of 247.66 feet to a point;

Thence running North 51° 56’ 11” West for a distance of 150.00 feet to a point;

Thence running in a general northwesterly direction along the arc of a curve to the right with a radius of 1132.75 feet, a central angle of 37° 19’ 02” for a distance of 737.77 feet to a point;

Thence running in a general northerly direction along the arc of a curve to the right with a radius of 883.00 feet, a central angle of 38° 49’ 37” for a distance of 598.37 feet to a concrete

monument recovered, the last six courses being bounded northeasterly and easterly by land now or formerly of Central Vermont Railway, Inc.;

Thence running North 45° 14’ 00” West for a distance of 35 feet, more or less, bounded northeasterly by land now or formerly of Central Vermont Railway, Inc. to a monument set in the tidal high water mark of Trading Cove;

Thence running in a general westerly direction along the tidal high water mark of Trading Cove for a distance of 3743 feet, more or less, to a point which is located North 06° 33’ 05” East 77 feet, more or less, from a rebar recovered at Connecticut Grid Coordinates North 741768.53, East 1179180.50;

Thence running South 06° 33’ 05” West for a distance of 77 feet, more or less, to a rebar recovered;

Thence running South 06° 33’ 05” West for a distance of 547.80 feet to an iron pipe recovered;

Thence running South 06° 34’ 37” West for a distance of 275.26 feet to a concrete monument recovered;

Thence running South 07° 16’ 42” West for a distance of 52.35 feet to a point;

Thence running South 88° 08’ 28” West for a distance of 246.94 feet to a point;

Thence running South 89° 56’ 24” West for a distance of 294.38 feet to the point and place of beginning, the last six courses being bounded by land now or formerly of The Mohegan Tribe Of Indians Of Connecticut.

Said Lease Area Containing 185 acres, more or less.

Together with the non-exclusive right to pass and repass over that certain roadway known as Sandy Desert Road (which roadway leads from the westerly portion of the herein described property to Conn. Route #32 as shown on said map), as the same now exists or may hereafter be relocated, expanded or extended, including any extension thereof from the northwesterly portion of the herein described property to Conn. Route #32; and

Together with the non-exclusive right to pass and repass over that certain roadway known as Mohegan Sun Boulevard, as the same now exists or may hereafter be relocated, expanded or extended, which roadway leads from the southeasterly portion of the herein described property to Conn. Route #2A as shown on said map; and

Together with all rights, easements, hereditaments and appurtenances thereto appertaining and all right, title and interest, if any, in and to strips and gores adjoining said premises and in and to the land lying in the bed of any street or streets adjoining said premises.

EXCEPTING THEREFROM that certain piece or parcel of land together with the improvements thereon located, shown as:

That certain Hotel Lease Area, located at 1 Mohegan Sun Boulevard, in the Town of Montville, County of New London and State of Connecticut, and being more particularly bounded and described as follows:

Beginning at the northwesterly corner of the herein described Hotel Lease Area, said point having coordinates of North 741,349.56 feet, East 1,180,631.40 feet, as more particularly shown on the herein referenced survey plan;

Thence running S63° 51' 11"E by and along the edge of said Hotel Lease Area, for a distance of 46.84 feet to a point;

Thence running N06° 10' 48"E by and along the edge of said Hotel Lease Area, for a distance of 12.54 feet to a point;

Thence running S63° 42' 51"E by and along the edge of said Hotel Lease Area, for a distance of 20.58 feet to a point;

Thence running S66° 26' 35"E by and along the edge of said Hotel Lease Area, for a distance of 62.37 feet to a point;

Thence running S36° 06' 28"E by and along the edge of said Hotel Lease Area, for a distance of 40.95 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right having a central angle of 09º54’45”, a radius of 95.74’, a chord bearing of S66° 55' 39"E and a chord length of 16.54 feet, by and along the edge of said Hotel Lease Area, for a distance of 16.56 feet to a point;

Thence running S64° 30' 28"E by and along the edge of said Hotel Lease Area, for a distance of 33.30 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the left having a central angle of 18º01’22” and a radius of 95.00’, a chord bearing of S76° 02' 54"E and a chord length of 29.76 feet, by and along the edge of said Hotel Lease Area, for a distance of 29.88 feet to a point;

Thence running S85° 03' 35"E by and along the edge of said Hotel Lease Area, for a distance of 11.66 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right having a central angle of 52º22’26” and a radius of 45.00’, a chord bearing of S58° 52' 23"E and a chord length of 39.72 feet, by and along the edge of said Hotel Lease Area, for a distance of 41.13 feet to a point;

Thence running in a general southeasterly direction along the arc of a curve to the right having a central angle of 39º05’07” and a radius of 68.00’, a chord bearing of S13° 08' 36"E and a chord length of 45.49 feet, by and along the edge of said Hotel Lease Area, for a distance of 46.39 feet to a point;

Thence running in a general southerly direction along the arc of a curve to the left having a central angle of 18º17’17” and a radius of 95.00’, a chord bearing of S02° 44' 41"E and a chord length of 30.19 feet, by and along the edge of said Hotel Lease Area, for a distance of 30.32 feet to a point;

Thence running S24° 22' 59"E by and along the edge of said Hotel Lease Area, for a distance of 26.59 feet to the southeasterly corner of the herein described lease area;

Thence running in a general northwesterly direction along the arc of a curve to the left having a central angle of 105º50’47” and a radius of 10.00’, a chord bearing of N83° 51' 50"W and a chord length of 15.96 feet, by and along the edge of said Hotel Lease Area, for a distance of 18.47 feet to a point;

Thence running in a general westerly direction along the arc of a curve to the right having a central angle of 81º53’24” and a radius of 88.00’, a chord bearing of S84° 09' 28"W and a chord

length of 115.34 feet, by and along the edge of said Hotel Lease Area, for a distance of 125.77 feet to a point;

Thence running S56° 38' 55"W by and along the edge of said Hotel Lease Area, for a distance of 80.16 feet to a point having coordinates of North 741,071.96 feet, East 1,180,719.52 feet;

Thence running N53° 49' 12"W by and along the edge of said Hotel Lease Area, for a distance of 135.67 feet to a point having coordinates of North 741,152.05 feet, East 1,180,610.01 feet;

Thence running N06° 10' 48"E by and along the edge of said Hotel Lease Area, for a distance of 198.67 feet to the point and place of beginning;

Said Hotel Lease Area being bounded on all sides by other land of the United States of America In Trust For The Mohegan Tribe of Indians of Connecticut (Leased to The Mohegan Tribal Gaming Authority) (“Tribe’s Other Land”);

Said Hotel Lease Area contains 1.21 acres, more or less (52,764 square feet, more or less), and is more particularly shown as “HOTEL LEASE AREA” on a survey plan entitled: “Mohegan Hotel Lease Area Mohegan Tribe of Indians of Connecticut Mohegan Sun Resort Casino” 1 Mohegan Sun Boulevard Uncasville (Montville), Connecticut” Date: 01/28/2015 Scale: 1’=20’, Project # 2014-051. Prepared By The Mohegan Tribe, CAD/GIS Document Control Department.

Said Hotel Lease Area being leased (1) together with the non-exclusive right to use on, over and across the Tribe’s Other Land the public access roads (including Mohegan Sun Boulevard and Cove Road) and public parking areas in common with others (and subject to the rules and regulatory requirements of the Tribe or its designee) on the Tribe’s Other Land to serve the HOTEL LEASE AREA, together with the right to construct, install, maintain, repair, replace, use and operate the “PROPOSED VALET DRIVEWAY”, the “PROPOSED HOTEL LOADING DOCK”, and the “PROPOSED HOTEL CONNECTOR TO WINTER ENTRANCE” all as shown on the aforesaid survey plan, provided, however, that such driveway, loading dock and connector shall be subject to relocation at any time and from time to time by the Tribe or its designee as the Tribe may require, so long as such relocation does not unreasonably interfere with the use of the HOTEL LEASE AREA for its intended purposes; and (2) together with the non-exclusive right to use and operate in, on, over and across the Tribe’s Other Land the utilities lines serving the Tribe’s Other Land to serve the HOTEL LEASE AREA, together with the non-exclusive right to construct, install, maintain, repair, replace, use and operate, in, on , over and across the Tribe’s Other Land such electric power, water, sanitary and storm sewer, and other utilities serving the HOTEL LEASE AREA, all as shown on the plans and specifications for the construction of the Hotel delivered to and approved by the Tribe and subject to the regulatory requirements of the Tribe, provided, however, that such utilities shall be subject to relocation at any time and from time to time by the Tribe or its designee as the Tribe may require, so long as such relocation does not unreasonably interfere with the use of the HOTEL LEASE AREA for its intended purposes.

EXHIBIT B

General Location Survey - Attached

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Mitchell Grossinger Etess, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the three months ended March 31, 2015 of the Mohegan Tribal Gaming Authority;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the condensed consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) and internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 15, 2015	/s/ MITCHELL GROSSINGER ETESS
		Mitchell Grossinger Etess Chief Executive Officer, Mohegan Tribal Gaming Authority

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Mario C. Kontomerkos, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the three months ended March 31, 2015 of the Mohegan Tribal Gaming Authority;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the condensed consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) and internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 15, 2015	/s/ MARIO C. KONTOMERKOS
		Mario C. Kontomerkos Chief Financial Officer, Mohegan Tribal Gaming Authority

EX-32.1

Exhibit 32.1

Written Statement of Chief Executive Officer

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Chief Executive Officer of the Mohegan Tribal Gaming Authority (the “Authority”), hereby certifies that, to his knowledge, on the date hereof:

(a) this Quarterly Report on Form 10-Q of the Authority for the three months ended March 31, 2015 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Authority.

/s/ MITCHELL GROSSINGER ETESS

Mitchell Grossinger Etess

Chief Executive Officer,

Mohegan Tribal Gaming Authority

May 15, 2015

A signed original of this written statement required by Section 906 has been provided to the Authority and will be retained by the Authority and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Written Statement of Chief Financial Officer

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Chief Financial Officer of the Mohegan Tribal Gaming Authority (the “Authority”), hereby certifies that, to his knowledge, on the date hereof:

(a) this Quarterly Report on Form 10-Q of the Authority for the three months ended March 31, 2015 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Authority.

/s/ MARIO C. KONTOMERKOS

Mario C. Kontomerkos

Chief Financial Officer,

Mohegan Tribal Gaming Authority

May 15, 2015

A signed original of this written statement required by Section 906 has been provided to the Authority and will be retained by the Authority and furnished to the Securities and Exchange Commission or its staff upon request.

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION - BALANCE SHEETS (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014	Sep. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013
Current assets:
Cash and cash equivalents	$ 64,549,000			$ 49,108,000		$ 59,881,000			$ 63,624,000
Restricted cash	1,723,000			675,000
Receivables, net	27,940,000			30,640,000
Inventories	15,175,000			14,544,000
Other current assets	18,579,000			16,997,000
Total current assets	127,966,000			111,964,000
Non-current assets:
Property and equipment, net	1,362,734,000			1,424,068,000
Goodwill	39,459,000			39,459,000
Other intangible assets, net	406,994,000			405,109,000
Other assets, net	94,413,000			75,360,000
Inter-company receivables	0			0
Investment in subsidiaries	0			0
Total assets	2,031,566,000			2,055,960,000
Current liabilities:
Current portion of long-term debt	18,797,000			29,308,000
Current portion of relinquishment liability	0			25,194,000
Due to Mohegan Tribe	5,250,000			2,250,000
Current portion of capital leases	808,000			793,000
Trade payables	15,496,000			24,086,000
Construction payables	894,000			5,832,000
Accrued interest payable	9,876,000			8,659,000
Other current liabilities	134,834,000			127,175,000
Total current liabilities	185,955,000			223,297,000
Non-current liabilities:
Long-term debt, net of current portion	1,681,502,000			1,675,958,000
Due to Mohegan Tribe, net of current portion	20,420,000			23,420,000
Capital leases, net of current portion	1,937,000			2,345,000
Other long-term liabilities	6,891,000			6,113,000
Inter-company payables	0			0
Accumulated losses in excess of investment in subsidiaries	0			0
Total liabilities	1,896,705,000			1,931,133,000
Capital:
Retained earnings	134,856,000			125,058,000
Mohegan Tribal Gaming Authority capital	134,856,000			125,058,000
Non-controlling interests	5,000			(231,000)
Total capital	134,861,000		130,299,000	124,827,000		121,466,000		121,995,000	199,385,000
Total liabilities and capital	2,031,566,000			2,055,960,000
Authority
Current assets:
Cash and cash equivalents	46,244,000			33,939,000		39,693,000			44,060,000
Restricted cash	60,000			47,000
Receivables, net	24,105,000			27,537,000
Inventories	13,866,000			13,339,000
Other current assets	17,110,000			15,559,000
Total current assets	101,385,000			90,421,000
Non-current assets:
Property and equipment, net	1,107,165,000			1,142,363,000
Goodwill	0			0
Other intangible assets, net	120,337,000			120,395,000
Other assets, net	25,799,000			28,625,000
Inter-company receivables	246,754,000			228,122,000
Investment in subsidiaries	316,320,000			325,651,000
Total assets	1,917,760,000			1,935,577,000
Current liabilities:
Current portion of long-term debt	18,178,000			28,893,000
Current portion of relinquishment liability				25,194,000
Due to Mohegan Tribe	0			0
Current portion of capital leases	808,000			793,000
Trade payables	13,675,000			18,893,000
Construction payables	764,000			4,411,000
Accrued interest payable	5,659,000			5,725,000
Other current liabilities	103,169,000			90,684,000
Total current liabilities	142,253,000			174,593,000
Non-current liabilities:
Long-term debt, net of current portion	1,636,177,000			1,630,958,000
Due to Mohegan Tribe, net of current portion	0			0
Capital leases, net of current portion	1,937,000			2,345,000
Other long-term liabilities	2,221,000			2,307,000
Inter-company payables	0			0
Accumulated losses in excess of investment in subsidiaries	0			0
Total liabilities	1,782,588,000			1,810,203,000
Capital:
Retained earnings	135,172,000			125,374,000
Mohegan Tribal Gaming Authority capital	135,172,000			125,374,000
Non-controlling interests	0			0
Total capital	135,172,000			125,374,000
Total liabilities and capital	1,917,760,000			1,935,577,000
Total Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	16,758,000	[1]		14,767,000	[1]	19,206,000	[1]		18,655,000	[1]
Restricted cash	1,663,000	[1]		628,000	[1]
Receivables, net	3,118,000	[1]		2,637,000	[1]
Inventories	1,309,000	[1]		1,205,000	[1]
Other current assets	1,385,000	[1]		1,182,000	[1]
Total current assets	24,233,000	[1]		20,419,000	[1]
Non-current assets:
Property and equipment, net	216,394,000	[1]		222,425,000	[1]
Goodwill	39,459,000	[1]		39,459,000	[1]
Other intangible assets, net	284,567,000	[1]		284,714,000	[1]
Other assets, net	3,981,000	[1]		3,970,000	[1]
Inter-company receivables	79,439,000	[1]		65,981,000	[1]
Investment in subsidiaries	0	[1]		0	[1]
Total assets	648,073,000	[1]		636,968,000	[1]
Current liabilities:
Current portion of long-term debt	0	[1]		0	[1]
Current portion of relinquishment liability				0	[1]
Due to Mohegan Tribe	0	[1]		0	[1]
Current portion of capital leases	47,000	[1]		58,000	[1]
Trade payables	1,796,000	[1]		5,181,000	[1]
Construction payables	7,000	[1]		794,000	[1]
Accrued interest payable	0	[1]		0	[1]
Other current liabilities	30,286,000	[1]		29,504,000	[1]
Total current liabilities	32,136,000	[1]		35,537,000	[1]
Non-current liabilities:
Long-term debt, net of current portion	0	[1]		0	[1]
Due to Mohegan Tribe, net of current portion	0	[1]		0	[1]
Capital leases, net of current portion	5,816,000	[1]		6,111,000	[1]
Other long-term liabilities	0	[1]		0	[1]
Inter-company payables	241,124,000	[1]		225,269,000	[1]
Accumulated losses in excess of investment in subsidiaries	36,621,000	[1]		31,680,000	[1]
Total liabilities	315,697,000	[1]		298,597,000	[1]
Capital:
Retained earnings	332,376,000	[1]		338,371,000	[1]
Mohegan Tribal Gaming Authority capital	332,376,000	[1]		338,371,000	[1]
Non-controlling interests	0	[1]		0	[1]
Total capital	332,376,000	[1]		338,371,000	[1]
Total liabilities and capital	648,073,000	[1]		636,968,000	[1]
Total Non-Guarantor Subsidiaries and Entities
Current assets:
Cash and cash equivalents	1,547,000	[2]		402,000	[2],[3]	982,000	[3]		909,000	[3]
Restricted cash	0	[2]		0	[3]
Receivables, net	1,945,000	[2]		1,287,000	[3]
Inventories	0	[2]		0	[3]
Other current assets	84,000	[2]		256,000	[3]
Total current assets	3,576,000	[2]		1,945,000	[3]
Non-current assets:
Property and equipment, net	39,175,000	[2]		59,280,000	[3]
Goodwill	0	[2]		0	[3]
Other intangible assets, net	2,090,000	[2]		0	[3]
Other assets, net	70,645,000	[2]		49,077,000	[3]
Inter-company receivables	0	[2]		0	[3]
Investment in subsidiaries	0	[2]		0	[3]
Total assets	115,486,000	[2]		110,302,000	[3]
Current liabilities:
Current portion of long-term debt	619,000	[2]		415,000	[3]
Current portion of relinquishment liability				0	[3]
Due to Mohegan Tribe	5,250,000	[2]		2,250,000	[3]
Current portion of capital leases	0	[2]		0	[3]
Trade payables	25,000	[2]		12,000	[3]
Construction payables	123,000	[2]		627,000	[3]
Accrued interest payable	4,217,000	[2]		2,934,000	[3]
Other current liabilities	2,560,000	[2]		7,750,000	[3]
Total current liabilities	12,794,000	[2]		13,988,000	[3]
Non-current liabilities:
Long-term debt, net of current portion	45,325,000	[2]		45,000,000	[3]
Due to Mohegan Tribe, net of current portion	20,420,000	[2]		23,420,000	[3]
Capital leases, net of current portion	0	[2]		0	[3]
Other long-term liabilities	4,670,000	[2]		3,806,000	[3]
Inter-company payables	85,069,000	[2]		68,834,000	[3]
Accumulated losses in excess of investment in subsidiaries	0	[2]		0	[3]
Total liabilities	168,278,000	[2]		155,048,000	[3]
Capital:
Retained earnings	(53,407,000)	[2]		(44,746,000)	[3]
Mohegan Tribal Gaming Authority capital	(53,407,000)	[2]		(44,746,000)	[3]
Non-controlling interests	615,000	[2]		0	[3]
Total capital	(52,792,000)	[2]		(44,746,000)	[3]
Total liabilities and capital	115,486,000	[2]		110,302,000	[3]
Consolidating/Eliminating Adjustments
Current assets:
Cash and cash equivalents	0			0		0			0
Restricted cash	0			0
Receivables, net	(1,228,000)			(821,000)
Inventories	0			0
Other current assets	0			0
Total current assets	(1,228,000)			(821,000)
Non-current assets:
Property and equipment, net	0			0
Goodwill	0			0
Other intangible assets, net	0			0
Other assets, net	(6,012,000)			(6,312,000)
Inter-company receivables	(326,193,000)			(294,103,000)
Investment in subsidiaries	(316,320,000)			(325,651,000)
Total assets	(649,753,000)			(626,887,000)
Current liabilities:
Current portion of long-term debt	0			0
Current portion of relinquishment liability				0
Due to Mohegan Tribe	0			0
Current portion of capital leases	(47,000)			(58,000)
Trade payables	0			0
Construction payables	0			0
Accrued interest payable	0			0
Other current liabilities	(1,181,000)			(763,000)
Total current liabilities	(1,228,000)			(821,000)
Non-current liabilities:
Long-term debt, net of current portion	0			0
Due to Mohegan Tribe, net of current portion	0			0
Capital leases, net of current portion	(5,816,000)			(6,111,000)
Other long-term liabilities	0			0
Inter-company payables	(326,193,000)			(294,103,000)
Accumulated losses in excess of investment in subsidiaries	(36,621,000)			(31,680,000)
Total liabilities	(369,858,000)			(332,715,000)
Capital:
Retained earnings	(279,285,000)			(293,941,000)
Mohegan Tribal Gaming Authority capital	(279,285,000)			(293,941,000)
Non-controlling interests	(610,000)			(231,000)
Total capital	(279,895,000)			(294,172,000)
Total liabilities and capital	$ (649,753,000)			$ (626,887,000)

[1] Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

[2] Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

[3] Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

XML

RELATED PARTY TRANSACTIONS (Details) (USD $)	6 Months Ended		3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 05, 2015 rooms acre	Sep. 30, 2014
Related Party Transaction [Line Items]
Distributions to Mohegan Tribe	$ 20,000,000	$ 20,000,000
Minimum Future Rental Expense
Minimum future rental expense - Remainder of 2015						0
Minimum future rental expense - 2016						0
Minimum future rental expense - 2017						6,327,000
Minimum future rental expense - 2018						6,908,000
Minimum future rental expense - 2019						7,011,000
Minimum future rental expense - Thereafter						224,682,000
Total minimum future rental expense						244,928,000
Mohegan Tribe of Indians of Connecticut
Related Party Transaction [Line Items]
Distributions to Mohegan Tribe	20,000,000	20,000,000	10,000,000	10,000,000
Expenses for services provided to related party	14,200,000	14,300,000	7,100,000	7,300,000
Incurred interest expense associated with a related party debt	1,100,000	1,200,000	523,000	569,000
Mohegan Tribal Utility Authority
Related Party Transaction [Line Items]
Utilities purchased from related party	$ 9,400,000	$ 10,800,000	$ 5,100,000	$ 6,300,000
Mohegan Tribal Finance Authority
Related Party Transaction [Line Items]
Fourth Amendment, Amount of acres released for use					1.2
Fourth Amendment, Amount of rooms to be developed					400
Duration of the term of the Fourth Amendment					28 years 4 months

XML

BASIS OF PRESENTATION - Reserves For Doubtful Collection of Long-term Receivables (Details) (Allowance for Notes Receivable, USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2015
Allowance for Notes, Loans and Financing Receivable, Noncurrent [Roll Forward]
Balance, beginning of period	$ 28,371	$ 27,629
Additions: Charges to bad debt expense	1,010	1,754
Deductions: Adjustments	(3)	(5)
Balance, end of period	29,378	29,378
Affiliates
Allowance for Notes, Loans and Financing Receivable, Noncurrent [Roll Forward]
Balance, beginning of period	27,569	26,833
Additions: Charges to bad debt expense	988	1,724
Deductions: Adjustments	0	0
Balance, end of period	28,557	28,557
Tenants and Others
Allowance for Notes, Loans and Financing Receivable, Noncurrent [Roll Forward]
Balance, beginning of period	802	796
Additions: Charges to bad debt expense	22	30
Deductions: Adjustments	(3)	(5)
Balance, end of period	$ 821	$ 821

XML

SEGMENT REPORTING (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015 segment	Mar. 31, 2014	Sep. 30, 2014
Segment Reporting [Abstract]
Number of reportable segments			2
Segment Reporting Information [Line Items]
Net revenues	$ 310,423	$ 316,683	$ 627,155	$ 629,506
Income (loss) from operations	49,007	45,083	98,780	78,356
Accretion of discount to the relinquishment liability	0	(551)	(227)	(1,102)
Interest income	1,814	1,602	3,648	3,246
Interest expense, net of capitalized interest	(35,777)	(36,297)	(72,032)	(75,266)
Loss on early extinguishment of debt	0	(192)	0	(62,275)
Other expense, net	(482)	(174)	(1,210)	(878)
Net income (loss)	14,562	9,471	28,959	(57,919)
Loss attributable to non-controlling interests	470	155	839	291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	15,032	9,626	29,798	(57,628)
Capital expenditures incurred			2,804	19,161
Total assets	2,031,566		2,031,566		2,055,960
Mohegan Sun
Segment Reporting Information [Line Items]
Net revenues	240,285	243,478	486,063	485,411
Income (loss) from operations	46,598	45,728	94,016	80,371
Capital expenditures incurred			1,830	8,218
Total assets	1,345,348		1,345,348		1,368,352
Mohegan Sun Pocono
Segment Reporting Information [Line Items]
Net revenues	70,128	72,986	140,524	143,669
Income (loss) from operations	10,102	9,042	18,581	16,619
Capital expenditures incurred			901	1,994
Total assets	550,908		550,908		551,655
Corporate and other
Segment Reporting Information [Line Items]
Net revenues	1,283	1,492	3,114	2,231
Income (loss) from operations	(7,693)	(9,687)	(13,817)	(18,634)
Capital expenditures incurred			73	8,949
Total assets	135,310		135,310		135,953
Intersegment Elimination
Segment Reporting Information [Line Items]
Net revenues	$ (1,273)	$ (1,273)	$ (2,546)	$ (1,805)

XML

LONG-TERM DEBT

6 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT:

Long-term debt consisted of the following (in thousands, including current maturities):

	March 31, 2015			September 30, 2014
Senior Secured Credit Facility - Revolving, due June 2018	$	50,000		$	37,000
Senior Secured Credit Facility - Term Loan A, due June 2018, net of discount of $446 and $523, respectively	115,960			119,789
Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively	713,569			716,188
2013 9 3/4% Senior Unsecured Notes, due September 2021	500,000			500,000
2005 6 7/8% Senior Subordinated Notes, due February 2015	—			9,654
2012 11 % Senior Subordinated Notes, due September 2018, net of discount of $3,146 and $3,506, respectively	272,044			271,684
Line of Credit	413			3,041
2009 Mohegan Tribe Promissory Note, due September 2015	1,750			1,750
2012 Mohegan Tribe Minor's Trust Promissory Note, due March 2017	16,500			16,500
2013 Mohegan Tribe Promissory Note, due December 2018	7,420			7,420
Downs Lodging Credit Facility, due July 2016	45,000			45,000
Other	3,313			2,910
Long-term debt, excluding capital leases	1,725,969			1,730,936
Less: current portion of long-term debt	(24,047		)	(31,558		)
Long-term debt, net of current portion	$	1,701,922		$	1,699,378

Senior Secured Credit Facilities

In November 2013, the Authority entered into a loan agreement among the Authority, the Tribe, the Guarantors as defined below, RBS Citizens, N.A. as Administrative and Collateral Agent and the other lenders and financial institutions party thereto, providing for $955.0 million in aggregate principal amount of senior secured credit facilities (the “Senior Secured Credit Facilities”), comprised of a $100.0 million senior secured revolving credit facility (the “Revolving Facility”), a $125.0 million senior secured term loan A facility (the “Term Loan A Facility”) and a $730.0 million senior secured term loan B facility (the “Term Loan B Facility"). The Senior Secured Credit Facilities mature on June 15, 2018, subject to extension based on the satisfaction of certain conditions to November 19, 2018 (in the case of the Revolving Facility and the Term Loan A Facility) and November 19, 2019 (in the case of the Term Loan B Facility).

The Term Loan A Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 5.0% of the original principal amount for the first year after the closing date, 7.5% of the original principal amount for the second year after the closing date and 10.0% of the original principal amount in each year thereafter, with the balance payable on the maturity date of the Term Loan A Facility. The Term Loan B Facility amortizes in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount. Amortization of the Term Loan A Facility and Term Loan B Facility began with the first full fiscal quarter after the closing date.

As of March 31, 2015, amounts outstanding under the Revolving Facility, Term Loan A Facility and Term Loan B Facility totaled $50.0 million, $116.4 million and $720.9 million, respectively. As of March 31, 2015, letters of credit issued under the Revolving Facility totaled $3.0 million, of which no amount was drawn. Inclusive of letters of credit, which reduce borrowing availability under the Revolving Facility, and after taking into account restrictive financial covenant requirements, the Authority had approximately $46.6 million of borrowing capacity under its Revolving Facility and Line of Credit as of March 31, 2015.

Borrowings under the Senior Secured Credit Facilities incur interest as follows: (i) for base rate loans under the Revolving Facility and Term Loan A Facility, a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 basis points and (c) the one-month LIBOR rate plus 100 basis points (the highest of (a), (b) and (c), the “base rate”), plus a leverage-based margin of 250 to 350 basis points; (ii) for Eurodollar rate loans under the Revolving Facility and Term Loan A Facility, the applicable LIBOR rate plus a leverage-based margin of 350 to 450 basis points; (iii) for base rate loans under the Term Loan B Facility, the base rate (subject to a 2.0% floor) plus 350 basis points; and (iv) for Eurodollar rate loans under the Term Loan B Facility, the applicable LIBOR rate (subject to a 1.0% floor) plus 450 basis points. The Authority also is required to pay a leverage-based commitment fee of between 37.5 and 50 basis points for unused commitments under the Revolving Facility. Interest on base rate loans is payable quarterly in arrears. Interest on Eurodollar rate loans of three months or less is payable at the end of each applicable interest period and for Eurodollar rate loans of more than three months, interest is payable at intervals of three months duration after the beginning of such interest period.

As of March 31, 2015, the $50.0 million outstanding under the Revolving Facility was comprised of a $9.0 million base rate loan based on a base rate of 3.25% plus 325 basis points and $41.0 million in Eurodollar rate loans based on a Eurodollar rate of 0.18% plus 425 basis points. The commitment fee was 0.50% as of March 31, 2015. As of March 31, 2015, the $116.4 million outstanding under the Term Loan A Facility was based on a Eurodollar rate of 0.28% plus 425 basis points. As of March 31, 2015, the $720.9 million outstanding under the Term Loan B Facility was based on the Eurodollar rate floor of 1.0% plus 450 basis points. As of March 31, 2015 and September 30, 2014, accrued interest, including commitment fees, on the Senior Secured Credit Facilities was $230,000 and $212,000, respectively.

The Authority's obligations under the Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, by the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming (collectively, the “Guarantors”). The Senior Secured Credit Facilities are collateralized by a first priority lien on substantially all of the Authority's property and assets and those of the Guarantors (other than MBC), including the assets that comprise Mohegan Sun Pocono and a leasehold mortgage on the land and improvements that comprise Mohegan Sun (the Authority and the Guarantors, other than MBC, are collectively referred to herein as the “Grantors”). The Grantors also are required to pledge additional assets as collateral for the Senior Secured Credit Facilities as they and future guarantor subsidiaries acquire them.

The Senior Secured Credit Facilities contain customary covenants applicable to the Authority and its restricted subsidiaries, including covenants governing: incurrence of indebtedness, incurrence of liens, payment of dividends and other distributions, investments, asset sales, affiliate transactions, mergers or consolidations and capital expenditures. Additionally, the Senior Secured Credit Facilities include financial maintenance covenants pertaining to total leverage, secured leverage and minimum fixed charge coverage.

As of March 31, 2015, the Authority and the Tribe were in compliance with all respective covenant requirements under the Senior Secured Credit Facilities.

The Authority continues to monitor revenues and manage expenses and enhance operating efficiencies to ensure continued compliance with its financial covenant requirements under the Senior Secured Credit Facilities. While the Authority anticipates that it will remain in compliance with all covenant requirements under its Senior Secured Credit Facilities for all periods prior to maturity, it may need to increase revenues or offset any future declines in revenues by implementing additional cost saving and other initiatives to ensure compliance with these financial covenant requirements. If the Authority is unable to satisfy its financial covenant requirements, it would need to obtain waivers or consents under the Senior Secured Credit Facilities; however, the Authority can provide no assurance that it would be able to obtain such waivers or consents. If the Authority is unable to obtain such waivers or consents, it would be in default under its Senior Secured Credit Facilities, which may result in cross-defaults under its other outstanding indebtedness and allow its lenders and creditors to exercise their rights and remedies as defined under their respective agreements, including their right to accelerate the repayment of the Authority's outstanding indebtedness. If such acceleration were to occur, the Authority can provide no assurance that it would be able to obtain the financing necessary to repay such accelerated indebtedness.

Senior Unsecured Notes

2013 9 ³/4% Senior Unsecured Notes

In August 2013, the Authority issued $500.0 million Senior Unsecured Notes with fixed interest payable at a rate of 9.75%per annum (the “2013 Senior Unsecured Notes”). The 2013 Senior Unsecured Notes mature on September 1, 2021. The Authority may redeem the 2013 Senior Unsecured Notes, in whole or in part, at any time prior to September 1, 2016 at a price equal to 100% of the principal amount plus a make-whole premium and accrued interest to the date of redemption. On or after September 1, 2016, the Authority may redeem the 2013 Senior Unsecured Notes, in whole or in part, at specified redemption prices, together with accrued interest to the date of redemption. If the Authority experiences specific kinds of change of control triggering events, the Authority must offer to repurchase the 2013 Senior Unsecured Notes at a price equal to 101% of the principal amount thereof, plus accrued interest to the purchase date. In addition, if the Authority undertakes certain types of asset sales and does not use the related sale proceeds for specified purposes, the Authority may be required to offer to repurchase the 2013 Senior Unsecured Notes at a price equal to 100% of the principal amount, plus accrued interest. Interest on the 2013 Senior Unsecured Notes is payable semi-annually on March 1^st and September 1^st. On March 11, 2014, the Authority completed an offer to exchange the 2013 Senior Unsecured Notes for a new issue of substantially identical debt securities registered under the Securities Act of 1933, with all outstanding notes being exchanged. As of March 31, 2015 and September 30, 2014, accrued interest on the 2013 Senior Unsecured Notes was $4.1 million.

The 2013 Senior Unsecured Notes are uncollateralized general obligations of the Authority and are effectively subordinated to all of the Authority’s and the Guarantors' and future guarantor subsidiaries' senior secured indebtedness, including the Senior Secured Credit Facilities, to the extent of the value of the collateral securing such indebtedness. The 2013 Senior Unsecured Notes also are effectively subordinated to any indebtedness and other liabilities (including trade payables) of the Authority’s subsidiaries that do not guarantee the 2013 Senior Unsecured Notes. The 2013 Senior Unsecured Notes rank equally in right of payment with the Authority’s other unsecured, unsubordinated indebtedness, including trade payables. The 2013 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

The 2013 Senior Unsecured Notes indenture contains certain covenants that, subject to certain significant exceptions, limit, among other things, the Authority’s and Guarantors’ ability to incur additional debt, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company or transfer and sell assets. The 2013 Senior Unsecured Notes indenture includes customary events of default, including, but not limited to, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay certain other indebtedness, the occurrence of which is caused by a failure to pay principal, premium or interest or results in the acceleration of such indebtedness, certain events of bankruptcy and insolvency and certain judgment defaults.

Senior Subordinated Notes

2005 6 ⁷/8% Senior Subordinated Notes

In February 2005, the Authority issued $150.0 million Senior Subordinated Notes with fixed interest payable at a rate of 6.875%per annum (the “2005 Senior Subordinated Notes”). In March 2012, the Authority completed a private exchange offer and consent solicitation for any or all of its outstanding 2005 Senior Subordinated Notes. As part of the exchange offer, the Authority solicited and received consents from tendering holders to certain amendments to the indentures governing the 2005 Senior Subordinated Notes, which eliminated certain covenants under the notes and related indenture. The aggregate principal amount of 2005 Senior Subordinated Notes tendered and exchanged was $140.3 million. Subsequent to the Authority's March 2012 private exchange offer, $9.7 million of the 2005 Senior Subordinated Notes remained outstanding, which amount, including accrued interest, was repaid at maturity on February 15, 2015 with cash on hand and drawings under the Revolving Facility. As of September 30, 2014, accrued interest on the 2005 Senior Subordinated Notes was $83,000.

2012 11% Senior Subordinated Notes

In March 2012, the Authority issued $344.2 million Senior Subordinated Toggle Notes with fixed interest payable at a rate of 11%per annum (the “2012 Senior Subordinated Notes”) in exchange for $203.8 million of the Authority's then outstanding 2004 7 1/8% Senior Subordinated Notes and $140.3 million of 2005 Senior Subordinated Notes. The 2012 Senior Subordinated Notes mature on September 15, 2018. The Authority may redeem the 2012 Senior Subordinated Notes, in whole or in part, at any time, at a price equal to 100% of the principal amount plus accrued interest. If a change of control of the Authority occurs, the Authority must offer to repurchase the 2012 Senior Subordinated Notes at a price equal to 101% of the principal amount, plus accrued interest. In addition, if the Authority undertakes certain types of asset sales or suffers events of loss, and the Authority does not use the related sale or insurance proceeds for specified purposes, the Authority may be required to offer to repurchase the 2012 Senior Subordinated Notes at a price equal to 100% of the principal amount, plus accrued interest. Interest on the 2012 Senior Subordinated Notes is payable semi-annually on March 15^th and September 15^th. The initial interest payment on the 2012 Senior Subordinated Notes was payable entirely in cash. For any subsequent interest payment period through March 15, 2018, the Authority may, at its option, elect to pay interest on the 2012 Senior Subordinated Notes either entirely in cash or by paying up to 2% in 2012 Senior Subordinated Notes (“PIK Interest”). If the Authority elects to pay PIK Interest, such election will increase the principal amount of the 2012 Senior Subordinated Notes in an amount equal to the amount of PIK Interest for the applicable interest payment period to holders of 2012 Senior Subordinated Notes on the relevant record date.

In August 2013, the Authority repurchased an aggregate principal amount of $69.0 million 2012 Senior Subordinated Notes. An aggregate principal amount of $275.2 million 2012 Senior Subordinated Notes remains outstanding as of March 31, 2015. As of March 31, 2015 and September 30, 2014, accrued interest on the 2012 Senior Subordinated Notes was $1.3 million.

The 2012 Senior Subordinated Notes and guarantees have not been and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

The Authority's senior subordinated notes are uncollateralized general obligations of the Authority and are subordinated to borrowings under the Senior Secured Credit Facilities and 2013 Senior Unsecured Notes. The senior subordinated notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

The senior and senior subordinated note indentures contain certain non-financial and financial covenant requirements with which the Authority and the Tribe must comply. The non-financial covenant requirements include, among other things, reporting obligations, compliance with laws and regulations, maintenance of licenses and insurances and continued existence of the Authority. The financial covenant requirements include, among other things, subject to certain exceptions, limitations on the Authority's and the Guarantors' ability to incur additional indebtedness, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates, merge or consolidate with another company, transfer or sell assets or impair assets constituting collateral.

As of March 31, 2015, the Authority and the Tribe were in compliance with all respective covenant requirements under the senior and senior subordinated note indentures.

The Authority or its affiliates may, from time to time, seek to purchase or otherwise retire outstanding indebtedness for cash in open market purchases, privately negotiated transactions or otherwise. Any such transaction will depend on prevailing market conditions and the Authority's liquidity and covenant requirement restrictions, among other factors.

Line of Credit

In November 2013, the Authority entered into a $16.5 million revolving credit facility with Bank of America, N.A. (the “Line of Credit”). The Line of Credit is coterminous with the Senior Secured Credit Facilities. Pursuant to provisions of the Senior Secured Credit Facilities, under certain circumstances, the Line of Credit may be converted into loans under the Senior Secured Credit Facilities. Under the Line of Credit, each advance accrues interest on the basis of a one-month LIBOR Rate plus an applicable margin based on the Authority's total leverage ratio, as each term is defined under the Line of Credit. As of March 31, 2015, amounts outstanding under the Line of Credit totaled $413,000. Borrowings under the Line of Credit are uncollateralized obligations. The Line of Credit contains negative covenants and financial maintenance covenants that are substantially the same as those contained in the Senior Secured Credit Facilities. As of March 31, 2015, the Authority was in compliance with all covenant requirements under the Line of Credit. As of March 31, 2015 and September 30, 2014, accrued interest on the Line of Credit was $22,000 and $23,000, respectively.

2009 Mohegan Tribe Promissory Note

In September 2009, the Tribe made a $10.0 million loan to Salishan-Mohegan (the “2009 Mohegan Tribe Promissory Note”). The 2009 Mohegan Tribe Promissory Note was amended in June 2014 to extend the maturity date to September 30, 2015. The 2009 Mohegan Tribe Promissory Note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) $1.2 million per quarter, commencing December 31, 2013 through March 31, 2014 and (ii) $1.3 million on June 30, 2015, with the balance of accrued and unpaid interest due at maturity. As amended, principal outstanding under the 2009 Mohegan Tribe Promissory Note amortizes as follows: (i) $1.625 million per quarter, commencing December 31, 2012 through September 30, 2013, (ii) $875,000 per quarter, commencing December 31, 2013 through March 31, 2014, (iii) $875,000 on June 30, 2015 and (iv) $875,000 at maturity. As of March 31, 2015 and September 30, 2014, accrued interest on the Mohegan Tribe Promissory Note was $2.6 million and $2.5 million, respectively.

2012 Mohegan Tribe Minor's Trust Promissory Note

In March 2012, Comerica Bank & Trust, N.A., Trustee f/b/o The Mohegan Tribe of Indians of Connecticut Minor's Trust, made a $20.0 million loan to Salishan-Mohegan (the “2012 Mohegan Tribe Minor's Trust Promissory Note”). The 2012 Mohegan Tribe Minor's Trust Promissory Note was amended in June 2014 to extend the maturity date to March 31, 2017. The 2012 Mohegan Tribe Minor's Trust Promissory Note accrues interest at an annual rate of 10.0%. As amended, accrued interest is payable as follows: (i) quarterly, commencing June 30, 2012 through March 31, 2014, (ii) on July 1, 2014 on the unpaid balance for the period April 1, 2014 through June 30, 2014, (iii) $800,000 per quarter, commencing September 30, 2015 through March 31, 2016 and (iv) quarterly, thereafter on the unpaid balance. As amended, principal outstanding under the 2012 Mohegan Tribe Minor's Trust Promissory Note amortizes as follows: (i) $500,000 per quarter, commencing December 31, 2012 through March 31, 2014, (ii) $500,000 on July 1, 2014 and September 30, 2015, (iii) $1.5 million per quarter, commencing December 31, 2015 through September 30, 2016 and (iv) $10.0 million at maturity. As of March 31, 2015 and September 30, 2014, accrued interest on the 2012 Mohegan Tribe Minor's Trust Promissory Note was $1.2 million and $416,000, respectively.

2013 Mohegan Tribe Promissory Note

In March 2013, MG&H purchased and acquired all of the Tribe's membership interest in MG&H in exchange for a promissory note in the principal amount of $7.4 million (the “2013 Mohegan Tribe Promissory Note”). The 2013 Mohegan Tribe Promissory Note matures on December 31, 2018. The 2013 Mohegan Tribe Promissory Note accrues interest at an annual rate of 4.0% payable quarterly. As of March 31, 2015 and September 30, 2014, accrued interest on the 2013 Mohegan Tribe Promissory Note was $1,000.

Downs Lodging Credit Facility

In July 2012, Downs Lodging, a single purpose entity and wholly-owned unrestricted subsidiary of the Authority, entered into a credit agreement providing for a $45.0 million term loan from a third-party lender (the “Downs Lodging Credit Facility”). The proceeds from the Downs Lodging Credit Facility were used by Downs Lodging to fund Project Sunlight, a hotel and convention center expansion project at Mohegan Sun Pocono. The Downs Lodging Credit Facility matures on July 12, 2016 and accrues interest at an annual rate of 13.0%. Under the terms of the Downs Lodging Credit Facility, accrued interest of 10.0% is payable monthly in cash during the term of the loan, with the remaining 3.0% due at maturity. In addition, a 3.0% exit fee is payable upon repayment of the loan principal. The Downs Lodging Credit Facility is a senior secured obligation of Downs Lodging, collateralized by all existing and future assets of Downs Lodging. The Downs Lodging Credit Facility subjects Downs Lodging to certain covenant requirements customarily found in loan agreements for similar transactions. As of March 31, 2015, Downs Lodging was in compliance with all covenant requirements under the Downs Lodging Credit Facility. As of March 31, 2015, accrued interest on the Downs Lodging Credit Facility was $375,000. As of September 30, 2014, there was no accrued interest on the Downs Lodging Credit Facility.

XML

LONG-TERM DEBT - Credit Facilities (Details) (USD $)	6 Months Ended	1 Months Ended
	Mar. 31, 2015	Nov. 30, 2013	Sep. 30, 2014	Jul. 31, 2012
Debt Instrument [Line Items]
Long-term debt, excluding capital leases	1,725,969,000		$ 1,730,936,000
Accrued interest payable	9,876,000		8,659,000
Credit Facility
Debt Instrument [Line Items]
Accrued interest including commitment fees	230,000		212,000
Senior Secured Credit Facility - Term Loan A | Credit Facility
Debt Instrument [Line Items]
Debt outstanding	116,400,000
Long-term debt, excluding capital leases	115,960,000		119,789,000
Senior Secured Credit Facility - Term Loan A | Credit Facility | Eurodollar Rate Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
Variable rate at period end	0.28%
Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility
Debt Instrument [Line Items]
Debt outstanding	720,900,000
Long-term debt, excluding capital leases	713,569,000		716,188,000
Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility | Eurodollar Rate Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Variable rate at period end	1.00%
Senior Secured Credit Facility - Revolving, due June 2018 | Credit Facility
Debt Instrument [Line Items]
Debt outstanding	50,000,000
Letters of credit issued	3,000,000
Credit facility outstanding	0
Remaining borrowing capacity	46,600,000
Long-term debt, excluding capital leases	50,000,000		37,000,000
Senior Secured Credit Facility - Revolving, due June 2018 | Credit Facility | Eurodollar Rate Revolving Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
Long-term debt, excluding capital leases	41,000,000
Variable rate at period end	0.18%
Senior Secured Credit Facility - Revolving, due June 2018 | Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Long-term debt, excluding capital leases	9,000,000
Variable rate at period end	3.25%
Line of Credit | Credit Facility
Debt Instrument [Line Items]
Long-term debt, excluding capital leases	413,000		3,041,000
Borrowing capacity		16,500,000.0
Amount outstanding	413,000
Accrued interest payable	22,000		23,000
Downs Lodging Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt, excluding capital leases	45,000,000		45,000,000
Downs Lodging Credit Facility | Credit Facility | Downs Lodging, LLC
Debt Instrument [Line Items]
Loan face amount				45,000,000.0
Accrued interest payable	375,000		0
Interest rate				13.00%
Interest due monthly				10.00%
Interest due at maturity				3.00%
Exit fee				3.00%
Senior Secured Notes | Senior Secured Credit Facilities | Credit Facility
Debt Instrument [Line Items]
Loan face amount		955,000,000.0
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility
Debt Instrument [Line Items]
Loan face amount		125,000,000
Debt instrument, amortization of principal, percentage, year one		5.00%
Debt instrument, amortization of principal, percentage, year two		7.50%
Debt instrument, amortization of principal, percentage, year three		10.00%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | Minimum
Debt Instrument [Line Items]
Variable rate, leverage-based margin		2.50%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | Maximum
Debt Instrument [Line Items]
Variable rate, leverage-based margin		3.50%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable rate, leverage-based margin		3.50%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable rate, leverage-based margin		4.50%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan A | Credit Facility | One-Month London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility
Debt Instrument [Line Items]
Loan face amount		730,000,000
Debt instrument, amortization of principal, percentage, annual		1.00%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		4.50%
Variable rate basis, minimum		1.00%
Senior Secured Notes | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Variable rate basis, minimum		2.00%
Revolving Loans | Senior Secured Credit Facilities | Credit Facility
Debt Instrument [Line Items]
Loan face amount		100,000,000
Revolving Loans | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility
Debt Instrument [Line Items]
Fee assessed on unused revolving credit	0.50%
Revolving Loans | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility | Minimum
Debt Instrument [Line Items]
Fee assessed on unused revolving credit		0.375%
Revolving Loans | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively | Credit Facility | Maximum
Debt Instrument [Line Items]
Fee assessed on unused revolving credit		0.50%
Senior Secured Credit Facility - Term Loan A | Senior Secured Credit Facilities | Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate, measurement period		1 month

XML

LONG-TERM DEBT - Schedule of Debt (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014	Aug. 31, 2013	Feb. 28, 2005	Mar. 31, 2012	Sep. 30, 2009	Mar. 31, 2013
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	$ 1,725,969	$ 1,730,936
Less: current portion of long-term debt	(24,047)	(31,558)
Long-term debt, net of current portion	1,701,922	1,699,378
Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	50,000	37,000
Credit Facility | Senior Secured Credit Facility - Term Loan A, due June 2018, net of discount of $446 and $523, respectively
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	115,960	119,789
Unamortized discount	446	523
Credit Facility | Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	713,569	716,188
Unamortized discount	7,306	8,337
Credit Facility | Line of Credit
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	413	3,041
Credit Facility | Downs Lodging Credit Facility, due July 2016
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	45,000	45,000
Senior Unsecured Notes | 2013 9 3/4% Senior Unsecured Notes, due September 2021
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	500,000	500,000
Note stated interest rate	9.75%	9.75%	9.75%
Senior Subordinated Notes | 2005 6 7/8% Senior Subordinated Notes, due February 2015
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	0	9,654
Note stated interest rate	6.875%	6.875%		6.875%
Senior Subordinated Notes | 2012 11 % Senior Subordinated Notes, due September 2018, net of discount of $3,146 and $3,506, respectively
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	272,044	271,684
Unamortized discount	3,146	3,506
Note stated interest rate	11.00%	11.00%			11.00%
Promissory Notes | 2009 Mohegan Tribe Promissory Note, due September 2015
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	1,750	1,750
Note stated interest rate						10.00%
Promissory Notes | 2012 Mohegan Tribe Minor's Trust Promissory Note, due March 2017
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	16,500	16,500
Note stated interest rate					10.00%
Promissory Notes | 2013 Mohegan Tribe Promissory Note, due December 2018
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	7,420	7,420
Note stated interest rate							4.00%
Other
Debt Schedule [Abstract]
Long-term debt, excluding capital leases	$ 3,313	$ 2,910

XML

LONG-TERM DEBT - Senior Unsecured Notes (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014	Aug. 31, 2013
Debt Instrument [Line Items]
Accrued interest payable	$ 9,876,000	$ 8,659,000
Senior Unsecured Notes | 2013 9 3/4% Senior Unsecured Notes, due September 2021
Debt Instrument [Line Items]
Loan face amount			500,000,000
Note stated interest rate	9.75%	9.75%	9.75%
Debt Instrument, Redeemable Rate			100.00%
Redeemable rate after cutoff			101.00%
Redeemable rate upon certain conditions			100.00%
Accrued interest payable	$ 4,100,000	$ 4,100,000

XML

LONG-TERM DEBT - Senior Subordinated Notes (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2012	Feb. 28, 2005	Aug. 31, 2013
Debt Instrument [Line Items]
Accrued interest payable	$ 9,876,000	$ 8,659,000
2005 6 7/8% Senior Subordinated Notes | Senior Subordinated Notes
Debt Instrument [Line Items]
Loan face amount				150,000,000.0
Note stated interest rate	6.875%	6.875%		6.875%
Principal amount tendered and exchanged			140,300,000
Debt outstanding	9,700,000
Accrued interest payable		83,000
2012 11 % Senior Subordinated Notes | Senior Subordinated Notes
Debt Instrument [Line Items]
Loan face amount			344,200,000.0
Note stated interest rate	11.00%	11.00%	11.00%
Redeemable rate before cutoff			100.00%
Redeemable rate after cutoff			101.00%
Redeemable rate upon certain conditions			100.00%
Payment in Kind (PIK) interest rate			2.00%
Debt instrument, repurchase amount					69,000,000
Notes payable	275,200,000
Accrued interest payable	1,300,000	1,300,000
2012 11 % Senior Subordinated Notes | Senior Subordinated Notes | 2004 Senior Subordinated Notes
Debt Instrument [Line Items]
Principal amount tendered and exchanged			203,800,000
2012 11 % Senior Subordinated Notes | Senior Subordinated Notes | 2005 Senior Subordinated Notes
Debt Instrument [Line Items]
Principal amount tendered and exchanged			$ 140,300,000

XML

ORGANIZATION

6 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION:

The Mohegan Tribe of Indians of Connecticut (the “Mohegan Tribe” or the “Tribe”) established the Mohegan Tribal Gaming Authority (the “Authority”) in July 1995 with the exclusive authority to conduct and regulate gaming activities for the Tribe on Tribal lands and the non-exclusive authority to conduct such activities elsewhere. The Tribe is a federally-recognized Indian tribe with an approximately 544-acre reservation situated in Southeastern Connecticut, adjacent to Uncasville, Connecticut. Under the Indian Gaming Regulatory Act of 1988, federally-recognized Indian tribes are permitted to conduct full-scale casino gaming operations on tribal lands, subject to, among other things, the negotiation of a compact with the affected state. The Tribe and the State of Connecticut entered into a compact (the “Mohegan Compact”), which was approved by the United States Secretary of the Interior. The Authority is primarily engaged in the ownership, operation and development of gaming facilities. In October 1996, the Authority opened Mohegan Sun, a gaming and entertainment complex situated on an approximately 185-acre site on the Tribe's reservation. The Authority is governed by a nine-member Management Board, whose members also comprise the Mohegan Tribal Council, the governing body of the Tribe. Any change in the composition of the Mohegan Tribal Council results in a corresponding change in the Authority's Management Board.

As of March 31, 2015, the following subsidiaries were wholly-owned by the Authority: Mohegan Basketball Club, LLC (“MBC”), Mohegan Golf, LLC (“Mohegan Golf”), Mohegan Lacrosse, LLC (“Mohegan Lacrosse”), Mohegan Commercial Ventures-PA, LLC (“MCV-PA”), Mohegan Ventures-Northwest, LLC (“Mohegan Ventures-NW”), Mohegan Ventures Wisconsin, LLC (“MVW”), MTGA Gaming, LLC (“MTGA Gaming”), Downs Lodging, LLC ("Downs Lodging") and Mohegan Gaming Advisors, LLC ("Mohegan Gaming Advisors").

MBC owns and operates the Connecticut Sun, a professional basketball team in the Women's National Basketball Association (the “WNBA”). MBC currently owns a 4.2% membership interest in WNBA, LLC.

Mohegan Golf owns and operates the Mohegan Sun Golf Club in Southeastern Connecticut.

In October 2014, the Authority formed Mohegan Lacrosse as a wholly-owned unrestricted subsidiary. Mohegan Lacrosse holds a 50% membership interest in New England Black Wolves, LLC (“NEBW”), which was formed with an unrelated third-party to own and operate the New England Black Wolves, a professional indoor lacrosse team in the National Lacrosse League.

MCV-PA holds a 0.01% general partnership interest in each of Downs Racing, L.P., Backside, L.P., Mill Creek Land, L.P. and Northeast Concessions, L.P. (collectively, along with MCV-PA, the “Pocono Subsidiaries”), while the Authority holds the remaining 99.99% limited partnership interest in each entity. Downs Racing, L.P. (“Downs Racing”) owns and operates Mohegan Sun Pocono, a gaming and entertainment facility situated on an approximately 400-acre site in Plains Township, Pennsylvania, and several off-track wagering facilities located elsewhere in Pennsylvania (collectively, the “Pennsylvania Facilities”). The Authority views Mohegan Sun and the Pennsylvania Facilities as two separate operating segments.

Mohegan Ventures-NW and a subsidiary of the Tribe hold 49.15% and 10.85% membership interests in Salishan-Mohegan, LLC (“Salishan-Mohegan”), respectively. Salishan-Mohegan was formed with an unrelated third-party to participate in the development and management of a proposed casino to be owned by the federally-recognized Cowlitz Indian Tribe of Washington (the “Cowlitz Tribe”) and to be located in Clark County, Washington (the “Cowlitz Project”). Salishan-Mohegan holds 100% membership interests in Salishan-Mohegan Two, LLC and Interchange Development Group, LLC, both of which were formed to acquire certain property related to the Cowlitz Project.

MVW holds a 100% membership interest in Wisconsin Tribal Gaming, LLC (“WTG”), which was formed to participate in the development of a proposed casino to be owned by the federally-recognized Menominee Indian Tribe of Wisconsin (the “Menominee Tribe”) and to be located in Kenosha, Wisconsin (the “Menominee Project”).

MTGA Gaming holds a 100% membership interest in Mohegan Gaming & Hospitality, LLC (“MG&H”), an unrestricted subsidiary of the Authority. MG&H holds a 100% membership interest in Mohegan Resorts, LLC (“Mohegan Resorts”). Mohegan Resorts holds a 100% membership interest in Mohegan Resorts Mass, LLC, which was formed to pursue potential gaming opportunities in the Commonwealth of Massachusetts. Mohegan Resorts also holds 100% membership interests in Mohegan Resorts New York, LLC and Mohegan Gaming New York, LLC (collectively, the “Mohegan New York Entities”). The Mohegan New York Entities were formed to pursue potential gaming opportunities in the State of New York.

Downs Lodging, an unrestricted subsidiary of the Authority, was formed to develop, finance and build Project Sunlight, a hotel and convention center located at Mohegan Sun Pocono.

Mohegan Gaming Advisors, an unrestricted subsidiary of the Authority, was formed to pursue gaming opportunities outside the State of Connecticut, including management contracts and consulting agreements for casino and entertainment properties in the United States. Mohegan Gaming Advisors holds 100% membership interests in MGA Holding NJ, LLC ("MGA Holding NJ") and MGA Gaming NJ, LLC (collectively, the "Mohegan New Jersey Entities"). The Mohegan New Jersey Entities were formed to pursue management contracts and consulting agreements in the State of New Jersey. In October 2012, MGA Holding NJ acquired a 10% ownership interest in Resorts Casino Hotel in Atlantic City, New Jersey.

Mohegan Gaming Advisors also holds 100% membership interests in MGA Holding MA, LLC (“MGA Holding MA”) and MGA Gaming MA, LLC (“MGA Gaming MA”). MGA Holding MA holds a 100% membership interest in MGA Palmer Partners, LLC (“MGA Palmer Partners”). MGA Palmer Partners holds a 100% membership interest in Mohegan Sun Massachusetts, LLC (together with MGA Holding MA, MGA Gaming MA and MGA Palmer Partners, the “Mohegan MA Entities”). The Mohegan MA Entities were formed to pursue potential gaming opportunities in the Commonwealth of Massachusetts.

In addition, Mohegan Gaming Advisors holds 100% membership interests in MGA Holding PA, LLC and MGA Gaming PA, LLC (collectively, the “Mohegan PA Entities”). The Mohegan PA Entities were formed to pursue potential gaming opportunities in the Commonwealth of Pennsylvania.

Additionally, Mohegan Gaming Advisors holds a 100% membership interest in MGA Holding FL, LLC (“MGA Holding FL”). MGA Holding FL holds a 100% membership interest in MGA Miami, LLC (together with MGA Holding FL, the “Mohegan FL Entities”). The Mohegan FL Entities were formed to pursue potential gaming opportunities in the State of Florida.

XML

LONG-TERM DEBT - Promissory Notes (Details) (USD $)	1 Months Ended
	Sep. 30, 2009	Mar. 31, 2012	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2013
Debt Instrument [Line Items]
Accrued interest payable			$ 9,876,000	$ 8,659,000
Mohegan Tribe Promissory Note, 2009 | Promissory Notes
Debt Instrument [Line Items]
Loan face amount	10,000,000.0
Note stated interest rate	10.00%
Quarterly interest payment	1,200,000
Accrued interest payable			2,600,000	2,500,000
Mohegan Tribe Promissory Note, 2009 | Promissory Notes | Commencing December 31, 2012 through September 30, 2013
Debt Instrument [Line Items]
Quarterly amortization of principal	1,625,000.000
Mohegan Tribe Promissory Note, 2009 | Promissory Notes | Commencing December 31, 2013
Debt Instrument [Line Items]
Quarterly amortization of principal	875,000
Mohegan Tribe Promissory Note, 2009 | Promissory Notes | Commencing June 30, 2015
Debt Instrument [Line Items]
Periodic payment, interest	1,300,000
Quarterly amortization of principal	875,000
Mohegan Tribe Promissory Note, 2009 | Promissory Notes | Commencing September 30, 2015
Debt Instrument [Line Items]
Quarterly amortization of principal	875,000
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes
Debt Instrument [Line Items]
Loan face amount		20,000,000.0
Note stated interest rate		10.00%
Accrued interest payable			1,200,000	416,000
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes | Commencing September 30, 2015 through March 31, 2016
Debt Instrument [Line Items]
Periodic payment, interest		800,000
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes | Commencing December 31, 2012 through March 31, 2014
Debt Instrument [Line Items]
Quarterly amortization of principal		500,000
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes | Commencing December 31, 2012 through September 30, 2014
Debt Instrument [Line Items]
Quarterly amortization of principal		500,000
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes | Commencing December 31, 2014 to Maturity
Debt Instrument [Line Items]
Quarterly amortization of principal		1,500,000.0
Mohegan Tribe Minor's Trust Promissory Note, 2012 | Promissory Notes | Commencing March 31, 2017
Debt Instrument [Line Items]
Quarterly amortization of principal		10,000,000
2013 Mohegan Tribe Promissory Note | Promissory Notes
Debt Instrument [Line Items]
Loan face amount					7,400,000
Note stated interest rate					4.00%
Accrued interest payable			$ 1,000	$ 1,000

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION - STATEMENTS OF INCOME (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended				12 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Mar. 31, 2015		Mar. 31, 2014		Sep. 30, 2014	Sep. 30, 2010
Revenues:
Gaming	$ 275,016		$ 278,400		$ 552,750		$ 553,153
Food and beverage	21,119		22,613		43,790		45,332
Hotel	12,273		11,911		24,499		22,603
Retail, entertainment and other	24,107		26,018		52,406		55,523
Gross revenues	332,515		338,942		673,445		676,611
Less-Promotional allowances	(22,092)		(22,259)		(46,290)		(47,105)
Net revenues	310,423		316,683		627,155		629,506
Operating costs and expenses:
Gaming	155,666		165,739		321,765		342,041
Food and beverage	10,229		10,749		21,040		20,848
Hotel	3,476		4,074		6,979		7,794
Retail, entertainment and other	9,577		11,352		21,821		24,128
Advertising, general and administrative	48,609		47,869		94,424		94,811
Corporate	8,642		10,860		16,281		20,292
Depreciation and amortization	19,564		20,879		39,617		39,997
Loss on disposition of assets	80		53		819		52
Severance	3,370		0		3,370		0
Impairment of Project Horizon	2,502		0		2,502		0		5,000	58,100
Relinquishment liability reassessment	(299)		0		(243)		0
Pre-opening	0		25		0		1,187
Total operating costs and expenses	261,416		271,600		528,375		551,150
Income from operations	49,007		45,083		98,780		78,356
Other income (expense):
Accretion of discount to the relinquishment liability	0		(551)		(227)		(1,102)
Interest income	1,814		1,602		3,648		3,246
Interest expense, net of capitalized interest	(35,777)		(36,297)		(72,032)		(75,266)
Loss on early extinguishment of debt	0		(192)		0		(62,275)
Loss on interests in subsidiaries	0		0		0		0
Other expense, net	(482)		(174)		(1,210)		(878)
Total other expense	(34,445)		(35,612)		(69,821)		(136,275)
Net income (loss)	14,562		9,471		28,959		(57,919)
Loss attributable to non-controlling interests	470		155		839		291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	15,032		9,626		29,798		(57,628)
Authority
Revenues:
Gaming	210,035		210,530		422,578		419,004
Food and beverage	14,504		15,445		30,330		31,369
Hotel	10,930		10,764		21,919		21,015
Retail, entertainment and other	21,245		23,688		46,613		50,947
Gross revenues	256,714		260,427		521,440		522,335
Less-Promotional allowances	(16,947)		(16,960)		(36,150)		(37,227)
Net revenues	239,767		243,467		485,290		485,108
Operating costs and expenses:
Gaming	109,633		116,506		228,060		244,622
Food and beverage	8,481		8,735		17,210		16,739
Hotel	3,313		3,969		6,731		7,626
Retail, entertainment and other	8,063		10,256		18,847		22,188
Advertising, general and administrative	40,653		39,815		78,741		78,318
Corporate	5,711		3,045		9,202		6,473
Depreciation and amortization	15,962		17,162		32,243		32,694
Loss on disposition of assets	80		52		817		51
Severance	3,244				3,244
Impairment of Project Horizon	2,502				2,502
Relinquishment liability reassessment	(299)				(243)
Pre-opening			0				0
Total operating costs and expenses	197,343		199,540		397,354		408,711
Income from operations	42,424		43,927		87,936		76,397
Other income (expense):
Accretion of discount to the relinquishment liability			(551)		(227)		(1,102)
Interest income	10		20		22		45
Interest expense, net of capitalized interest	(23,671)		(23,293)		(47,697)		(49,289)
Loss on early extinguishment of debt			(192)				(62,275)
Loss on interests in subsidiaries	(3,775)		(10,402)		(10,247)		(21,519)
Other expense, net	44		117		11		115
Total other expense	(27,392)		(34,301)		(58,138)		(134,025)
Net income (loss)	15,032		9,626		29,798		(57,628)
Loss attributable to non-controlling interests	0		0		0		0
Net income (loss) attributable to Mohegan Tribal Gaming Authority	15,032		9,626		29,798		(57,628)
Total Guarantor Subsidiaries
Revenues:
Gaming	64,981	[1]	67,870	[1]	130,172	[1]	134,149	[1]
Food and beverage	6,523	[1]	7,168	[1]	13,368	[1]	13,963	[1]
Hotel	1,343	[1]	1,147	[1]	2,580	[1]	1,588	[1]
Retail, entertainment and other	2,089	[1]	2,099	[1]	4,451	[1]	4,125	[1]
Gross revenues	74,936	[1]	78,284	[1]	150,571	[1]	153,825	[1]
Less-Promotional allowances	(4,807)	[1]	(5,292)	[1]	(9,797)	[1]	(9,867)	[1]
Net revenues	70,129	[1]	72,992	[1]	140,774	[1]	143,958	[1]
Operating costs and expenses:
Gaming	46,033	[1]	49,233	[1]	93,705	[1]	97,419	[1]
Food and beverage	1,748	[1]	2,014	[1]	3,830	[1]	4,109	[1]
Hotel	1,376	[1]	1,318	[1]	2,674	[1]	1,853	[1]
Retail, entertainment and other	666	[1]	1,097	[1]	1,626	[1]	1,942	[1]
Advertising, general and administrative	8,118	[1]	8,073	[1]	15,889	[1]	16,531	[1]
Corporate	0	[1]	0	[1]	0	[1]	0	[1]
Depreciation and amortization	3,280	[1]	3,477	[1]	6,807	[1]	6,898	[1]
Loss on disposition of assets	0	[1]	1	[1]	2	[1]	1	[1]
Severance	126	[1]			126	[1]
Impairment of Project Horizon	0	[1]			0	[1]
Relinquishment liability reassessment	0	[1]			0	[1]
Pre-opening			25	[1]			1,187	[1]
Total operating costs and expenses	61,347	[1]	65,238	[1]	124,659	[1]	129,940	[1]
Income from operations	8,782	[1]	7,754	[1]	16,115	[1]	14,018	[1]
Other income (expense):
Accretion of discount to the relinquishment liability			0	[1]	0	[1]	0	[1]
Interest income	1,530	[1]	1,113	[1]	2,973	[1]	2,097	[1]
Interest expense, net of capitalized interest	(9,993)	[1]	(10,888)	[1]	(20,099)	[1]	(22,205)	[1]
Loss on early extinguishment of debt			0	[1]			0	[1]
Loss on interests in subsidiaries	(1,778)	[1]	(7,110)	[1]	(4,941)	[1]	(12,417)	[1]
Other expense, net	0	[1]	0	[1]	0	[1]	0	[1]
Total other expense	(10,241)	[1]	(16,885)	[1]	(22,067)	[1]	(32,525)	[1]
Net income (loss)	(1,459)	[1]	(9,131)	[1]	(5,952)	[1]	(18,507)	[1]
Loss attributable to non-controlling interests	0	[1]	0	[1]	0	[1]	0	[1]
Net income (loss) attributable to Mohegan Tribal Gaming Authority	(1,459)	[1]	(9,131)	[1]	(5,952)	[1]	(18,507)	[1]
Total Non-Guarantor Subsidiaries and Entities
Revenues:
Gaming	0	[2]	0	[3]	0	[2]	0	[3]
Food and beverage	92	[2]	0	[3]	92	[2]	0	[3]
Hotel	0	[2]	0	[3]	0	[2]	0	[3]
Retail, entertainment and other	2,046	[2]	1,504	[3]	3,888	[2]	2,256	[3]
Gross revenues	2,138	[2]	1,504	[3]	3,980	[2]	2,256	[3]
Less-Promotional allowances	0	[2]	(6)	[3]	(3)	[2]	(9)	[3]
Net revenues	2,138	[2]	1,498	[3]	3,977	[2]	2,247	[3]
Operating costs and expenses:
Gaming	0	[2]	0	[3]	0	[2]	0	[3]
Food and beverage	0	[2]	0	[3]	0	[2]	0	[3]
Hotel	0	[2]	0	[3]	0	[2]	0	[3]
Retail, entertainment and other	1,186	[2]	0	[3]	1,688	[2]	0	[3]
Advertising, general and administrative	2,829	[2]	7,856	[3]	6,993	[2]	13,901	[3]
Corporate	0	[2]	0	[3]	0	[2]	0	[3]
Depreciation and amortization	322	[2]	240	[3]	567	[2]	405	[3]
Loss on disposition of assets	0	[2]	0	[3]	0	[2]	0	[3]
Severance	0	[2]			0	[2]
Impairment of Project Horizon	0	[2]			0
Relinquishment liability reassessment	0	[2]			0
Pre-opening			0	[3]			0	[3]
Total operating costs and expenses	4,337	[2]	8,096	[3]	9,248	[2]	14,306	[3]
Income from operations	(2,199)	[2]	(6,598)	[3]	(5,271)	[2]	(12,059)	[3]
Other income (expense):
Accretion of discount to the relinquishment liability			0	[3]	0	[2]	0	[3]
Interest income	1,923	[2]	1,688	[3]	3,852	[2]	3,337	[3]
Interest expense, net of capitalized interest	(3,762)	[2]	(3,335)	[3]	(7,435)	[2]	(6,005)	[3]
Loss on early extinguishment of debt			0	[3]			0	[3]
Loss on interests in subsidiaries	0	[2]	0	[3]	0	[2]	0	[3]
Other expense, net	(526)	[2]	(291)	[3]	(1,221)	[2]	(993)	[3]
Total other expense	(2,365)	[2]	(1,938)	[3]	(4,804)	[2]	(3,661)	[3]
Net income (loss)	(4,564)	[2]	(8,536)	[3]	(10,075)	[2]	(15,720)	[3]
Loss attributable to non-controlling interests	209	[2]	0	[3]	460	[2]	0	[3]
Net income (loss) attributable to Mohegan Tribal Gaming Authority	(4,355)	[2]	(8,536)	[3]	(9,615)	[2]	(15,720)	[3]
Consolidating/Eliminating Adjustments
Revenues:
Gaming	0		0		0		0
Food and beverage	0		0		0		0
Hotel	0		0		0		0
Retail, entertainment and other	(1,273)		(1,273)		(2,546)		(1,805)
Gross revenues	(1,273)		(1,273)		(2,546)		(1,805)
Less-Promotional allowances	(338)		(1)		(340)		(2)
Net revenues	(1,611)		(1,274)		(2,886)		(1,807)
Operating costs and expenses:
Gaming	0		0		0		0
Food and beverage	0		0		0		0
Hotel	(1,213)		(1,213)		(2,426)		(1,685)
Retail, entertainment and other	(338)		(1)		(340)		(2)
Advertising, general and administrative	(2,991)		(7,875)		(7,199)		(13,939)
Corporate	2,931		7,815		7,079		13,819
Depreciation and amortization	0		0		0		0
Loss on disposition of assets	0		0		0		0
Severance	0				0
Impairment of Project Horizon	0				0
Relinquishment liability reassessment	0				0
Pre-opening			0				0
Total operating costs and expenses	(1,611)		(1,274)		(2,886)		(1,807)
Income from operations	0		0		0		0
Other income (expense):
Accretion of discount to the relinquishment liability			0		0		0
Interest income	(1,649)		(1,219)		(3,199)		(2,233)
Interest expense, net of capitalized interest	1,649		1,219		3,199		2,233
Loss on early extinguishment of debt			0				0
Loss on interests in subsidiaries	5,553		17,512		15,188		33,936
Other expense, net	0		0		0		0
Total other expense	5,553		17,512		15,188		33,936
Net income (loss)	5,553		17,512		15,188		33,936
Loss attributable to non-controlling interests	261		155		379		291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$ 5,814		$ 17,667		$ 15,567		$ 34,227

[1] Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

[2] Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

[3] Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 64,549	$ 49,108
Restricted cash	1,723	675
Receivables, net	27,940	30,640
Inventories	15,175	14,544
Other current assets	18,579	16,997
Total current assets	127,966	111,964
Non-current assets:
Property and equipment, net	1,362,734	1,424,068
Goodwill	39,459	39,459
Other intangible assets, net	406,994	405,109
Other assets, net	94,413	75,360
Total assets	2,031,566	2,055,960
Current liabilities:
Current portion of long-term debt	18,797	29,308
Current portion of relinquishment liability	0	25,194
Due to Mohegan Tribe	5,250	2,250
Current portion of capital leases	808	793
Trade payables	15,496	24,086
Construction payables	894	5,832
Accrued interest payable	9,876	8,659
Other current liabilities	134,834	127,175
Total current liabilities	185,955	223,297
Non-current liabilities:
Long-term debt, net of current portion	1,681,502	1,675,958
Due to Mohegan Tribe, net of current portion	20,420	23,420
Capital leases, net of current portion	1,937	2,345
Other long-term liabilities	6,891	6,113
Total liabilities	1,896,705	1,931,133
Commitments and Contingencies
Capital:
Retained earnings	134,856	125,058
Mohegan Tribal Gaming Authority capital	134,856	125,058
Non-controlling interests	5	(231)
Total capital	134,861	124,827
Total liabilities and capital	$ 2,031,566	$ 2,055,960

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
(Decrease) increase in construction payables	$ (4,938)	$ (5,912)

XML

RELINQUISHMENT AGREEMENT (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2000	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 1998
RELINQUISHMENT AGREEMENT [Abstract]
Term of relinquishment agreement	15 years
Relinquishment liability		$ 0		$ 0		$ 25,200,000	$ 549,100,000
Relinquishment liability reassessment		299,000	0	243,000	0
Accretion of discount to the relinquishment liability		0	551,000	227,000	1,102,000
Relinquishment Payments [Abstract]
Principal				24,400,000	23,457,000
Accretion of discount				778,000	1,794,000
Total relinquishment payments				25,200,000	25,300,000
Accrued relinquishment payments		$ 0		$ 0		$ 13,200,000

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION (Tables)

6 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 31, 2015
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	46,244	$	16,758	$	1,547		$	—		$	64,549
Restricted cash	60		1,663		—			—			1,723
Receivables, net	24,105		3,118		1,945			(1,228		)	27,940
Inventories	13,866		1,309		—			—			15,175
Other current assets	17,110		1,385		84			—			18,579
Total current assets	101,385		24,233		3,576			(1,228		)	127,966
Non-current assets:
Property and equipment, net	1,107,165		216,394		39,175			—			1,362,734
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,337		284,567		2,090			—			406,994
Other assets, net	25,799		3,981		70,645			(6,012		)	94,413
Inter-company receivables	246,754		79,439		—			(326,193		)	—
Investment in subsidiaries	316,320		—		—			(316,320		)	—
Total assets	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	18,178	$	—	$	619		$	—		$	18,797
Due to Mohegan Tribe	—		—		5,250			—			5,250
Current portion of capital leases	808		47		—			(47		)	808
Trade payables	13,675		1,796		25			—			15,496
Construction payables	764		7		123			—			894
Accrued interest payable	5,659		—		4,217			—			9,876
Other current liabilities	103,169		30,286		2,560			(1,181		)	134,834
Total current liabilities	142,253		32,136		12,794			(1,228		)	185,955
Non-current liabilities:
Long-term debt, net of current portion	1,636,177		—		45,325			—			1,681,502
Due to Mohegan Tribe, net of current portion	—		—		20,420			—			20,420
Capital leases, net of current portion	1,937		5,816		—			(5,816		)	1,937
Other long-term liabilities	2,221		—		4,670			—			6,891
Inter-company payables	—		241,124		85,069			(326,193		)	—
Accumulated losses in excess of investment in subsidiaries	—		36,621		—			(36,621		)	—
Total liabilities	1,782,588		315,697		168,278			(369,858		)	1,896,705
Capital:
Retained earnings	135,172		332,376		(53,407		)	(279,285		)	134,856
Mohegan Tribal Gaming Authority capital	135,172		332,376		(53,407		)	(279,285		)	134,856
Non-controlling interests	—		—		615			(610		)	5
Total capital	135,172		332,376		(52,792		)	(279,895		)	134,861
Total liabilities and capital	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	September 30, 2014
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	33,939	$	14,767	$	402		$	—		$	49,108
Restricted cash	47		628		—			—			675
Receivables, net	27,537		2,637		1,287			(821		)	30,640
Inventories	13,339		1,205		—			—			14,544
Other current assets	15,559		1,182		256			—			16,997
Total current assets	90,421		20,419		1,945			(821		)	111,964
Non-current assets:
Property and equipment, net	1,142,363		222,425		59,280			—			1,424,068
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,395		284,714		—			—			405,109
Other assets, net	28,625		3,970		49,077			(6,312		)	75,360
Inter-company receivables	228,122		65,981		—			(294,103		)	—
Investment in subsidiaries	325,651		—		—			(325,651		)	—
Total assets	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	28,893	$	—	$	415		$	—		$	29,308
Current portion of relinquishment liability	25,194		—		—			—			25,194
Due to Mohegan Tribe	—		—		2,250			—			2,250
Current portion of capital leases	793		58		—			(58		)	793
Trade payables	18,893		5,181		12			—			24,086
Construction payables	4,411		794		627			—			5,832
Accrued interest payable	5,725		—		2,934			—			8,659
Other current liabilities	90,684		29,504		7,750			(763		)	127,175
Total current liabilities	174,593		35,537		13,988			(821		)	223,297
Non-current liabilities:
Long-term debt, net of current portion	1,630,958		—		45,000			—			1,675,958
Due to Mohegan Tribe, net of current portion	—		—		23,420			—			23,420
Capital leases, net of current portion	2,345		6,111		—			(6,111		)	2,345
Other long-term liabilities	2,307		—		3,806			—			6,113
Inter-company payables	—		225,269		68,834			(294,103		)	—
Accumulated losses in excess of investment in subsidiaries	—		31,680		—			(31,680		)	—
Total liabilities	1,810,203		298,597		155,048			(332,715		)	1,931,133
Capital:
Retained earnings	125,374		338,371		(44,746		)	(293,941		)	125,058
Mohegan Tribal Gaming Authority capital	125,374		338,371		(44,746		)	(293,941		)	125,058
Non-controlling interests	—		—		—			(231		)	(231		)
Total capital	125,374		338,371		(44,746		)	(294,172		)	124,827
Total liabilities and capital	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS)

	For the Three Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,035		$	64,981		$	—		$	—		$	275,016
Food and beverage	14,504			6,523			92			—			21,119
Hotel	10,930			1,343			—			—			12,273
Retail, entertainment and other	21,245			2,089			2,046			(1,273		)	24,107
Gross revenues	256,714			74,936			2,138			(1,273		)	332,515
Less-Promotional allowances	(16,947		)	(4,807		)	—			(338		)	(22,092		)
Net revenues	239,767			70,129			2,138			(1,611		)	310,423
Operating costs and expenses:
Gaming	109,633			46,033			—			—			155,666
Food and beverage	8,481			1,748			—			—			10,229
Hotel	3,313			1,376			—			(1,213		)	3,476
Retail, entertainment and other	8,063			666			1,186			(338		)	9,577
Advertising, general and administrative	40,653			8,118			2,829			(2,991		)	48,609
Corporate	5,711			—			—			2,931			8,642
Depreciation and amortization	15,962			3,280			322			—			19,564
Loss on disposition of assets	80			—			—			—			80
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(299		)	—			—			—			(299		)
Total operating costs and expenses	197,343			61,347			4,337			(1,611		)	261,416
Income (loss) from operations	42,424			8,782			(2,199		)	—			49,007
Other income (expense):
Interest income	10			1,530			1,923			(1,649		)	1,814
Interest expense, net of capitalized interest	(23,671		)	(9,993		)	(3,762		)	1,649			(35,777		)
Loss on interests in subsidiaries	(3,775		)	(1,778		)	—			5,553			—
Other income (expense), net	44			—			(526		)	—			(482		)
Total other expense	(27,392		)	(10,241		)	(2,365		)	5,553			(34,445		)
Net income (loss)	15,032			(1,459		)	(4,564		)	5,553			14,562
Loss attributable to non-controlling interests	—			—			209			261			470
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	(1,459	)	$	(4,355	)	$	5,814		$	15,032

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Three Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,530		$	67,870		$	—		$	—		$	278,400
Food and beverage	15,445			7,168			—			—			22,613
Hotel	10,764			1,147			—			—			11,911
Retail, entertainment and other	23,688			2,099			1,504			(1,273		)	26,018
Gross revenues	260,427			78,284			1,504			(1,273		)	338,942
Less-Promotional allowances	(16,960		)	(5,292		)	(6		)	(1		)	(22,259		)
Net revenues	243,467			72,992			1,498			(1,274		)	316,683
Operating costs and expenses:
Gaming	116,506			49,233			—			—			165,739
Food and beverage	8,735			2,014			—			—			10,749
Hotel	3,969			1,318			—			(1,213		)	4,074
Retail, entertainment and other	10,256			1,097			—			(1		)	11,352
Advertising, general and administrative	39,815			8,073			7,856			(7,875		)	47,869
Corporate	3,045			—			—			7,815			10,860
Depreciation and amortization	17,162			3,477			240			—			20,879
Loss on disposition of assets	52			1			—			—			53
Pre-opening	—			25			—			—			25
Total operating costs and expenses	199,540			65,238			8,096			(1,274		)	271,600
Income (loss) from operations	43,927			7,754			(6,598		)	—			45,083
Other income (expense):
Accretion of discount to the relinquishment liability	(551		)	—			—			—			(551		)
Interest income	20			1,113			1,688			(1,219		)	1,602
Interest expense, net of capitalized interest	(23,293		)	(10,888		)	(3,335		)	1,219			(36,297		)
Loss on early extinguishment of debt	(192		)	—			—			—			(192		)
Loss on interests in subsidiaries	(10,402		)	(7,110		)	—			17,512			—
Other (income) expense, net	117			—			(291		)	—			(174		)
Total other expense	(34,301		)	(16,885		)	(1,938		)	17,512			(35,612		)
Net income (loss)	9,626			(9,131		)	(8,536		)	17,512			9,471
Loss attributable to non-controlling interests	—			—			—			155			155
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	9,626		$	(9,131	)	$	(8,536	)	$	17,667		$	9,626

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	422,578		$	130,172		$	—		$	—		$	552,750
Food and beverage	30,330			13,368			92			—			43,790
Hotel	21,919			2,580			—			—			24,499
Retail, entertainment and other	46,613			4,451			3,888			(2,546		)	52,406
Gross revenues	521,440			150,571			3,980			(2,546		)	673,445
Less-Promotional allowances	(36,150		)	(9,797		)	(3		)	(340		)	(46,290		)
Net revenues	485,290			140,774			3,977			(2,886		)	627,155
Operating costs and expenses:
Gaming	228,060			93,705			—			—			321,765
Food and beverage	17,210			3,830			—			—			21,040
Hotel	6,731			2,674			—			(2,426		)	6,979
Retail, entertainment and other	18,847			1,626			1,688			(340		)	21,821
Advertising, general and administrative	78,741			15,889			6,993			(7,199		)	94,424
Corporate	9,202			—			—			7,079			16,281
Depreciation and amortization	32,243			6,807			567			—			39,617
Loss on disposition of assets	817			2			—			—			819
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(243		)	—			—			—			(243		)
Total operating costs and expenses	397,354			124,659			9,248			(2,886		)	528,375
Income (loss) from operations	87,936			16,115			(5,271		)	—			98,780
Other income (expense):
Accretion of discount to the relinquishment liability	(227		)	—			—			—			(227		)
Interest income	22			2,973			3,852			(3,199		)	3,648
Interest expense, net of capitalized interest	(47,697		)	(20,099		)	(7,435		)	3,199			(72,032		)
Loss on interests in subsidiaries	(10,247		)	(4,941		)	—			15,188			—
Other income (expense), net	11			—			(1,221		)	—			(1,210		)
Total other expense	(58,138		)	(22,067		)	(4,804		)	15,188			(69,821		)
Net income (loss)	29,798			(5,952		)	(10,075		)	15,188			28,959
Loss attributable to non-controlling interests	—			—			460			379			839
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	29,798		$	(5,952	)	$	(9,615	)	$	15,567		$	29,798

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	419,004		$	134,149		$	—		$	—		$	553,153
Food and beverage	31,369			13,963			—			—			45,332
Hotel	21,015			1,588			—			—			22,603
Retail, entertainment and other	50,947			4,125			2,256			(1,805		)	55,523
Gross revenues	522,335			153,825			2,256			(1,805		)	676,611
Less-Promotional allowances	(37,227		)	(9,867		)	(9		)	(2		)	(47,105		)
Net revenues	485,108			143,958			2,247			(1,807		)	629,506
Operating costs and expenses:
Gaming	244,622			97,419			—			—			342,041
Food and beverage	16,739			4,109			—			—			20,848
Hotel	7,626			1,853			—			(1,685		)	7,794
Retail, entertainment and other	22,188			1,942			—			(2		)	24,128
Advertising, general and administrative	78,318			16,531			13,901			(13,939		)	94,811
Corporate	6,473			—			—			13,819			20,292
Depreciation and amortization	32,694			6,898			405			—			39,997
Loss on disposition of assets	51			1			—			—			52
Pre-opening	—			1,187			—			—			1,187
Total operating costs and expenses	408,711			129,940			14,306			(1,807		)	551,150
Income (loss) from operations	76,397			14,018			(12,059		)	—			78,356
Other income (expense):
Accretion of discount to the relinquishment liability	(1,102		)	—			—			—			(1,102		)
Interest income	45			2,097			3,337			(2,233		)	3,246
Interest expense, net of capitalized interest	(49,289		)	(22,205		)	(6,005		)	2,233			(75,266		)
Loss on early extinguishment of debt	(62,275		)	—			—			—			(62,275		)
Loss on interests in subsidiaries	(21,519		)	(12,417		)	—			33,936			—
Other income (expense), net	115			—			(993		)	—			(878		)
Total other expense	(134,025		)	(32,525		)	(3,661		)	33,936			(136,275		)
Net income (loss)	(57,628		)	(18,507		)	(15,720		)	33,936			(57,919		)
Loss attributable to non-controlling interests	—			—			—			291			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	34,227		$	(57,628	)

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net income (loss)	$	29,798		$	(5,952	)	$	(10,075	)	$	15,188		$	28,959
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,243			6,807			567			—			39,617
Relinquishment liability reassessment	(243		)				—			—			(243		)
Accretion of discount to the relinquishment liability	227			—			—			—			227
Cash paid for accretion of discount to the relinquishment liability	(778		)	—			—			—			(778		)
Amortization of debt issuance costs and accretion of bond discounts	3,657			—			159			—			3,816
Provision for losses on receivables	302			20			1,754			—			2,076
Impairment of Project Horizon	2,502			—			—			—			2,502
Loss on disposition of assets	817			2			—			—			819
Loss from unconsolidated affiliates	44			—			1,219			—			1,263
Inter-company transactions	(9,757		)	21,841			3,099			(15,183		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	3,225			(501		)	(714		)	433			2,443
Increase in inventories	(527		)	(104		)	—			—			(631		)
Increase in other assets	(1,166		)	(221		)	(3,375		)	(20		)	(4,782		)
Increase (decrease) in trade payables	(5,084		)	(3,385		)	23			—			(8,446		)
Increase (decrease) in accrued interest	(66		)	—			1,283			—			1,217
Increase (decrease) in other liabilities	11,627			1,434			(4,653		)	(418		)	7,990
Net cash flows provided by (used in) operating activities	66,821			19,941			(10,713		)	—			76,049
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(5,474		)	(1,691		)	(577		)	—			(7,742		)
Issuance of third-party loans and advances	—			—			(1,135		)	—			(1,135		)
Payments received on third-party loans	77			—			—			—			77
Increase in restricted cash, net	(23		)	(1,687		)	—			—			(1,710		)
Proceeds from asset sales	1,558			—			—			—			1,558
Investments in the New England Black Wolves	—			—			(500		)				(500		)
Inter-company transactions	456			(10,512		)	26			10,030			—
Net cash flows used in investing activities	(3,406		)	(13,890		)	(2,186		)	10,030			(9,452		)
Cash flows provided by (used in) financing activities:
Senior Secured Credit Facility borrowings - Revolving	212,000			—			—			—			212,000
Senior Secured Credit Facility repayments - Revolving	(199,000		)	—			—			—			(199,000		)
Senior Secured Credit Facility repayments - Term Loan A	(3,125		)	—			—			—			(3,125		)
Senior Secured Credit Facility repayments - Term Loan B	(3,650		)	—			—			—			(3,650		)
Line of Credit borrowings	221,831			—			—			—			221,831
Line of Credit repayments	(224,459		)	—			—			—			(224,459		)
Repayments of other long-term debt	(9,780		)	—			(46		)	—			(9,826		)
Principal portion of relinquishment liability payments	(24,400		)	—			—			—			(24,400		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments on capital lease obligations	(527		)	(26		)	—			26			(527		)
Inter-company transactions	—			(4,034		)	14,090			(10,056		)	—
Net cash flows provided by (used in) financing activities	(51,110		)	(4,060		)	14,044			(10,030		)	(51,156		)
Net increase in cash and cash equivalents	12,305			1,991			1,145			—			15,441
Cash and cash equivalents at beginning of period	33,939			14,767			402			—			49,108

Cash and cash equivalents at end of period $ 46,244 $ 16,758 $ 1,547 $ — $ 64,549

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net loss	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	33,936		$	(57,919	)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,694			6,898			405			—			39,997
Accretion of discount to the relinquishment liability	1,102			—			—			—			1,102
Cash paid for accretion of discount to the relinquishment liability	(1,794		)	—			—			—			(1,794		)
Loss on early extinguishment of debt	58,479			—			—			—			58,479
Payments of tender offer costs and discounts	(48,155		)	—			—			—			(48,155		)
Amortization of debt issuance costs and accretion of bond discounts	4,142			—			159			—			4,301
Provision for losses on receivables	237			119			1,266			—			1,622
Loss on disposition of assets	51			1			—			—			52
(Gain) loss from unconsolidated affiliates	(129		)	—			983			—			854
Inter-company transactions	(617		)	32,389			2,160			(33,932		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(4,274		)	626			(563		)	348			(3,863		)
Increase in inventories	(1,017		)	(438		)	—			—			(1,455		)
Increase in other assets	(1,182		)	(374		)	(3,620		)	(30		)	(5,206		)
Increase (decrease) in trade payables	(360		)	637			10			—			287
Decrease in accrued interest	(11,149		)	—			(1,872		)	—			(13,021		)
Increase in other liabilities	8,826			366			4,834			(346		)	13,680
Net cash flows provided by (used in) operating activities	(20,774		)	21,717			(11,958		)	(24		)	(11,039		)
Cash flows used in investing activities:
Purchases of property and equipment, including change in construction payables	(9,600		)	(2,671		)	(10,074		)	—			(22,345		)
Issuance of third-party loans and advances	—			—			(1,026		)	—			(1,026		)
Payments received on third-party loans	569			—			—			—			569
(Increase) decrease in restricted cash, net	46			(11		)	12,043			—			12,078
Proceeds from asset sales	36			—			—			—			36
Payment of escrow deposit	—			—			(3,356		)	—			(3,356		)
Investments in unconsolidated affiliates	—			—			(29		)	—			(29		)
Inter-company transactions	1,211			(15,416		)	—			14,205			—
Net cash flows used in investing activities	(7,738		)	(18,098		)	(2,442		)	14,205			(14,073		)
Cash flows provided by (used in) financing activities:
Prior Bank Credit Facility repayments - Term	(393,000		)	—			—			—			(393,000		)
Prior Term Loan Facility repayments, net of discount	(222,103		)	—			—			—			(222,103		)
Senior Secured Credit Facility borrowings - Revolving	130,000			—			—			—			130,000
Senior Secured Credit Facility repayments - Revolving	(91,000		)	—			—			—			(91,000		)
Senior Secured Credit Facility borrowings - Term Loan A, net of discount	124,343			—			—			—			124,343
Senior Secured Credit Facility repayments - Term Loan A	(1,563		)	—			—			—			(1,563		)
Senior Secured Credit Facility borrowings - Term Loan B, net of discount	720,952			—			—			—			720,952
Senior Secured Credit Facility repayments - Term Loan B	(1,825		)	—			—			—			(1,825		)

Line of Credit borrowings	156,992			—			—			—			156,992
Line of Credit repayments	(150,453		)	—			—			—			(150,453		)
Repayments to Mohegan Tribe	—			—			(2,750		)	—			(2,750		)
Repayments of other long-term debt	(190,984		)	—			(26		)	—			(191,010		)
Principal portion of relinquishment liability payments	(23,457		)	—			—			—			(23,457		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments of financing fees	(12,629		)	—			—			—			(12,629		)
Payments on capital lease obligations	(1,128		)	(24		)	—			24			(1,128		)
Inter-company transactions	—			(3,044		)	17,249			(14,205		)	—
Net cash flows provided by (used in) financing activities	24,145			(3,068		)	14,473			(14,181		)	21,369
Net increase (decrease) in cash and cash equivalents	(4,367		)	551			73			—			(3,743		)
Cash and cash equivalents at beginning of period	44,060			18,655			909			—			63,624
Cash and cash equivalents at end of period	$	39,693		$	19,206		$	982		$	—		$	59,881

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

XML

COWLITZ PROJECT (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended	1 Months Ended		12 Months Ended
	Mar. 10, 2015 Lease_Option	Jun. 30, 2013 lawsuit	Mar. 31, 2013 lawsuit	Sep. 30, 2014 gaming_facility table_game gaming_machine	Mar. 31, 2015	Dec. 31, 2006 acre
Schedule of Long-term Development Projects [Line Items]
Carrying value of land				1,424,068	$ 1,362,734
Cowlitz Project | Salishan-Mohegan
Schedule of Long-term Development Projects [Line Items]
Development fee				3.00%
Area of land purchased (in acres)						152
Term of management agreement				7 years
Management fee				24.00%
Number of authorized gaming facilities				2
Number of authorized gaming machines, leasing				975
Number of authorized gaming machines, operation				3,000
Number of authorized table games, operation				125
Annual Rate				10.00%
Number of claims dismissed			2
New claims filed		2
Operating leases, term of contract	25 years
Operating leases, renewal term	25 years
Operating Lease, Term, Number of Options to Extend 25 year Lease	2
Land | Cowlitz Project | Salishan-Mohegan
Schedule of Long-term Development Projects [Line Items]
Carrying value of land				20,000

XML

BASIS OF PRESENTATION - Long-Term Receivables (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015		Mar. 31, 2015		Dec. 31, 2014	Sep. 30, 2014
Notes, Loans and Financing Receivable, Gross, Noncurrent [Roll Forward]
Balance, beginning of period	$ 71,643,000	[1]	$ 69,208,000	[1]
Additions: Issuance of affiliate advances and other loans, including interest receivable	2,602,000		5,075,000
Additions: Cowlitz Project land transfer	19,951,000	[2]	19,951,000	[2]
Deductions: Payments received	(39,000)		(77,000)
Balance, end of period	94,157,000	[1]	94,157,000	[1]
Interest receivable	39,300,000		39,300,000		37,500,000	35,700,000
Affiliates
Notes, Loans and Financing Receivable, Gross, Noncurrent [Roll Forward]
Balance, beginning of period	69,048,000	[1]	66,596,000	[1]
Additions: Issuance of affiliate advances and other loans, including interest receivable	2,568,000		5,020,000
Additions: Cowlitz Project land transfer	19,951,000	[2]	19,951,000	[2]
Deductions: Payments received	0		0
Balance, end of period	91,567,000	[1]	91,567,000	[1]
Tenants and Others
Notes, Loans and Financing Receivable, Gross, Noncurrent [Roll Forward]
Balance, beginning of period	2,595,000	[1]	2,612,000	[1]
Additions: Issuance of affiliate advances and other loans, including interest receivable	34,000		55,000
Additions: Cowlitz Project land transfer	0	[2]	0	[2]
Deductions: Payments received	(39,000)		(77,000)
Balance, end of period	$ 2,590,000	[1]	$ 2,590,000	[1]

[1] Includes interest receivable of $39.3 million, $37.5 million and $35.7 million as of March 31, 2015, December 31, 2014 and September 30, 2014, respectively. The WTG receivables no longer accrue interest pursuant to a release and reimbursement agreement entered into in September 2010.

[2] Relates to the transfer of land for the proposed Cowlitz Project site between Salishan-Mohegan and the Cowlitz Tribe (refer to Note 7).

XML

BASIS OF PRESENTATION

6 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION:

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In accordance with Rule 10-01, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In management's opinion, all adjustments, including normal recurring accruals and adjustments, necessary for a fair statement of the Authority's operating results for the interim period, have been included. In addition, certain amounts in the accompanying 2014 supplemental condensed consolidating financial statements have been reclassified to conform to the 2015 presentation.

The gaming market in the Northeastern United States is seasonal in nature, with peak gaming activities often occurring at Mohegan Sun and Mohegan Sun Pocono during the months of May through August. Accordingly, the Authority's operating results for the three months and six months ended March 31, 2015 are not necessarily indicative of operating results for other interim periods or an entire fiscal year.

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Authority's Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Authority and its majority and wholly-owned subsidiaries and entities. In accordance with authoritative guidance issued by the Financial Accounting Standards Board (the “FASB”) pertaining to consolidation of variable interest entities, the accounts of Salishan-Mohegan are consolidated into the accounts of Mohegan Ventures-NW and the accounts of NEBW are consolidated into the accounts of Mohegan Lacrosse as Mohegan Ventures-NW and Mohegan Lacrosse are deemed to be the primary beneficiaries. In consolidation, all inter-company balances and transactions were eliminated.

Long-Term Receivables

Long-term receivables consist primarily of receivables from affiliates and others and were primarily included in other assets, net, in the accompanying condensed consolidated balance sheets. The following table presents a reconciliation of long-term receivables, including current portions, and the related reserves for doubtful collection of these long-term receivables (in thousands):

	Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014 (1)	$	69,048	$	2,595		$	71,643
Additions:
Issuance of affiliate advances and other loans, including interest receivable	2,568		34			2,602
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(39		)	(39		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157
Balance, September 30, 2014 (1)	$	66,596	$	2,612		$	69,208
Additions:
Issuance of affiliate advances and other loans, including interest receivable	5,020		55			5,075
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(77		)	(77		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157

__________

(1) Includes interest receivable of $39.3 million, $37.5 million and $35.7 million as of March 31, 2015, December 31, 2014 and September 30, 2014, respectively. The WTG receivables no longer accrue interest pursuant to a release and reimbursement agreement entered into in September 2010.

(2) Relates to the transfer of land for the proposed Cowlitz Project site between Salishan-Mohegan and the Cowlitz Tribe (refer to Note 7).

	Reserves for Doubtful Collection of Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014	$	27,569	$	802		$	28,371
Additions:
Charges to bad debt expense	988		22			1,010
Deductions:
Adjustments	—		(3		)	(3		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378
Balance, September 30, 2014	$	26,833	$	796		$	27,629
Additions:
Charges to bad debt expense	1,724		30			1,754
Deductions:
Adjustments	—		(5		)	(5		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378

Fair Value of Financial Instruments

The fair value amounts presented below are reported to satisfy disclosure requirements pursuant to authoritative guidance issued by the FASB pertaining to disclosures about fair values of financial instruments and are not necessarily indicative of amounts that the Authority could realize in a current market transaction.

The Authority applies the following fair value hierarchy, which prioritizes the inputs utilized to measure fair value into three levels:

• Level 1 - Quoted prices for identical assets or liabilities in active markets;

• Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets or valuations based on models where the significant inputs are observable or can be corroborated by observable market data; and

• Level 3 - Valuations based on models where the significant inputs are unobservable. The unobservable inputs reflect the Authority's estimates or assumptions that market participants would utilize in pricing such assets or liabilities.

The Authority's assessment of the significance of a particular input requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy.

The carrying amount of cash and cash equivalents, receivables, trade payables and promissory notes and certain credit facilities approximates fair value. The estimated fair value of the Authority's financing facilities and notes were as follows (in thousands):

	March 31, 2015
	Carrying Value		Fair Value
Senior Secured Credit Facility - Revolving	$	50,000	$	48,813
Senior Secured Credit Facility - Term Loan A	$	115,960	$	114,078
Senior Secured Credit Facility - Term Loan B	$	713,569	$	714,567
2013 9 3/4% Senior Unsecured Notes	$	500,000	$	532,500
2012 11% Senior Subordinated Notes	$	272,044	$	274,502

The estimated fair values of the Authority's financing facilities and notes were based on Level 2 inputs (quoted market prices or prices of similar instruments) on or about March 31, 2015.

Impairment of Project Horizon

In September 2008, the Authority suspended certain elements of its Project Horizon expansion due to a slowdown in business volumes and uncertainties in the financial markets. Costs incurred on the suspended elements related to excavation and foundation work for a planned podium and new hotel tower, as well as professional fees for design and architectural work. During its fourth quarter ended September 30, 2010, the Authority re-evaluated its plans with respect to the development of the new hotel element of the project, and based on a modified plan, which encompassed a smaller hotel to be located closer to the existing hotel, determined that certain assets related to the suspended elements did not have any future benefit to the Authority. Accordingly, in fiscal 2010, the Authority recorded a related $58.1 million impairment charge. During its fourth quarter ended September 30, 2014, the Authority further re-evaluated its modified plan, which included a hotel to be developed and owned by an instrumentality of the Tribe, as well as a third-party developed and owned retail center, and, based on new design plans, including the final location of the planned hotel, determined that certain design and earthwork related assets did not have any future benefit to the Authority. Accordingly, in fiscal 2014, the Authority recorded an additional $5.0 million impairment charge.

In March 2015, the Mohegan Tribal Finance Authority (“MTFA”), a wholly-owned instrumentality of the Tribe, agreed to develop the planned hotel. The Authority received approximately $1.3 million as payment for the carrying value of the remaining hotel related assets which were transferred to MTFA. Concurrent with this transaction, the Authority re-evaluated the planned third-party developed and owned retail center, including master planning costs, and determined that these elements of the project were no longer feasible at this time. Accordingly, the Authority determined that the related assets did not have any future benefit, and, during its second quarter ended March 31, 2015, the Authority recognized a related $2.5 million impairment charge, which was recorded in the accompanying condensed consolidated statements of income for the three months and six months ended March 31, 2015. As of March 31, 2015, there were no assets remaining related to the suspended elements of Project Horizon.

New Accounting Standards

In May 2014, the FASB issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for annual reporting periods beginning after December 15, 2016, with early application not being permitted. However, in April 2015, the FASB issued proposed guidance that would defer the effective date by one year. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In August 2014, the FASB issued an accounting standard update which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The update requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. It also requires management to provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This guidance will be required for annual reporting periods ending after December 15, 2016, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In February 2015, the FASB issued an accounting standards update which amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities should be consolidated. This guidance will be required to be applied either on a retrospective or modified retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In April 2015, the FASB issued an accounting standard update to clarify the required presentation of debt issuance costs. The update requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the related debt liability rather than as an asset. This guidance will be required to be applied on a retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2010
Revenues:
Gaming	$ 275,016	$ 278,400	$ 552,750	$ 553,153
Food and beverage	21,119	22,613	43,790	45,332
Hotel	12,273	11,911	24,499	22,603
Retail, entertainment and other	24,107	26,018	52,406	55,523
Gross revenues	332,515	338,942	673,445	676,611
Less-Promotional allowances	(22,092)	(22,259)	(46,290)	(47,105)
Net revenues	310,423	316,683	627,155	629,506
Operating costs and expenses:
Gaming	155,666	165,739	321,765	342,041
Food and beverage	10,229	10,749	21,040	20,848
Hotel	3,476	4,074	6,979	7,794
Retail, entertainment and other	9,577	11,352	21,821	24,128
Advertising, general and administrative	48,609	47,869	94,424	94,811
Corporate	8,642	10,860	16,281	20,292
Depreciation and amortization	19,564	20,879	39,617	39,997
Loss on disposition of assets	80	53	819	52
Severance	3,370	0	3,370	0
Pre-opening	0	25	0	1,187
Impairment of Project Horizon	2,502	0	2,502	0	5,000	58,100
Relinquishment liability reassessment	(299)	0	(243)	0
Total operating costs and expenses	261,416	271,600	528,375	551,150
Income from operations	49,007	45,083	98,780	78,356
Other income (expense):
Accretion of discount to the relinquishment liability	0	(551)	(227)	(1,102)
Interest income	1,814	1,602	3,648	3,246
Interest expense, net of capitalized interest	(35,777)	(36,297)	(72,032)	(75,266)
Loss on early extinguishment of debt	0	(192)	0	(62,275)
Other expense, net	(482)	(174)	(1,210)	(878)
Total other expense	(34,445)	(35,612)	(69,821)	(136,275)
Net income (loss)	14,562	9,471	28,959	(57,919)
Loss attributable to non-controlling interests	470	155	839	291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$ 15,032	$ 9,626	$ 29,798	$ (57,628)

XML

BASIS OF PRESENTATION (Tables)

6 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Reconciliation of long-term receivables and the related reserves for doubtful collection

The following table presents a reconciliation of long-term receivables, including current portions, and the related reserves for doubtful collection of these long-term receivables (in thousands):

	Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014 (1)	$	69,048	$	2,595		$	71,643
Additions:
Issuance of affiliate advances and other loans, including interest receivable	2,568		34			2,602
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(39		)	(39		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157
Balance, September 30, 2014 (1)	$	66,596	$	2,612		$	69,208
Additions:
Issuance of affiliate advances and other loans, including interest receivable	5,020		55			5,075
Cowlitz Project land value transfer (2)	19,951		—			19,951
Deductions:
Payments received	—		(77		)	(77		)
Balance, March 31, 2015 (1)	$	91,567	$	2,590		$	94,157

__________

(1) Includes interest receivable of $39.3 million, $37.5 million and $35.7 million as of March 31, 2015, December 31, 2014 and September 30, 2014, respectively. The WTG receivables no longer accrue interest pursuant to a release and reimbursement agreement entered into in September 2010.

(2) Relates to the transfer of land for the proposed Cowlitz Project site between Salishan-Mohegan and the Cowlitz Tribe (refer to Note 7).

	Reserves for Doubtful Collection of Long-Term Receivables
	Affiliates		Others			Total
Balance, December 31, 2014	$	27,569	$	802		$	28,371
Additions:
Charges to bad debt expense	988		22			1,010
Deductions:
Adjustments	—		(3		)	(3		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378
Balance, September 30, 2014	$	26,833	$	796		$	27,629
Additions:
Charges to bad debt expense	1,724		30			1,754
Deductions:
Adjustments	—		(5		)	(5		)
Balance, March 31, 2015	$	28,557	$	821		$	29,378

Estimated fair value of financing facilities and notes

The estimated fair value of the Authority's financing facilities and notes were as follows (in thousands):

	March 31, 2015
	Carrying Value		Fair Value
Senior Secured Credit Facility - Revolving	$	50,000	$	48,813
Senior Secured Credit Facility - Term Loan A	$	115,960	$	114,078
Senior Secured Credit Facility - Term Loan B	$	713,569	$	714,567
2013 9 3/4% Senior Unsecured Notes	$	500,000	$	532,500
2012 11% Senior Subordinated Notes	$	272,044	$	274,502

XML

Document and Entity Information	6 Months Ended
	Mar. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MOHEGAN TRIBAL GAMING AUTHORITY
Entity Central Index Key	0001005276
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	0

XML

LONG-TERM DEBT (Tables)

6 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-term debt

Long-term debt consisted of the following (in thousands, including current maturities):

	March 31, 2015			September 30, 2014
Senior Secured Credit Facility - Revolving, due June 2018	$	50,000		$	37,000
Senior Secured Credit Facility - Term Loan A, due June 2018, net of discount of $446 and $523, respectively	115,960			119,789
Senior Secured Credit Facility - Term Loan B, due June 2018, net of discount of $7,306 and $8,337, respectively	713,569			716,188
2013 9 3/4% Senior Unsecured Notes, due September 2021	500,000			500,000
2005 6 7/8% Senior Subordinated Notes, due February 2015	—			9,654
2012 11 % Senior Subordinated Notes, due September 2018, net of discount of $3,146 and $3,506, respectively	272,044			271,684
Line of Credit	413			3,041
2009 Mohegan Tribe Promissory Note, due September 2015	1,750			1,750
2012 Mohegan Tribe Minor's Trust Promissory Note, due March 2017	16,500			16,500
2013 Mohegan Tribe Promissory Note, due December 2018	7,420			7,420
Downs Lodging Credit Facility, due July 2016	45,000			45,000
Other	3,313			2,910
Long-term debt, excluding capital leases	1,725,969			1,730,936
Less: current portion of long-term debt	(24,047		)	(31,558		)
Long-term debt, net of current portion	$	1,701,922		$	1,699,378

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total capital at beginning of period	$ 130,299	$ 121,995	$ 124,827	$ 199,385
Contributions from members			1,075
Net income (loss)	14,562	9,471	28,959	(57,919)
Distributions to Mohegan Tribe	(10,000)	(10,000)	(20,000)	(20,000)
Total capital at end of period	134,861	121,466	134,861	121,466
Mohegan Tribal Gaming Authority
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total capital at beginning of period	129,824	121,982	125,058	199,236
Contributions from members			0
Net income (loss)	15,032	9,626	29,798	(57,628)
Distributions to Mohegan Tribe	(10,000)	(10,000)	(20,000)	(20,000)
Total capital at end of period	134,856	121,608	134,856	121,608
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total capital at beginning of period	475	13	(231)	149
Contributions from members			1,075
Net income (loss)	(470)	(155)	(839)	(291)
Distributions to Mohegan Tribe	0	0	0	0
Total capital at end of period	$ 5	$ (142)	$ 5	$ (142)

XML

RELINQUISHMENT AGREEMENT

6 Months Ended

Mar. 31, 2015

RELINQUISHMENT AGREEMENT [Abstract]

RELINQUISHMENT AGREEMENT

RELINQUISHMENT AGREEMENT:

In February 1998, the Authority and Trading Cove Associates (“TCA”) entered into a relinquishment agreement (the “Relinquishment Agreement”). Effective January 1, 2000, the Relinquishment Agreement superseded a then-existing management agreement with TCA requiring, among other things, that the Authority make certain payments to TCA out of, and determined as a percentage of, Revenues, as defined under the Relinquishment Agreement, generated by Mohegan Sun over a 15-year period. The Authority, in accordance with authoritative guidance issued by the FASB pertaining to the accounting for contingencies, recorded a $549.1 million relinquishment liability at September 30, 1998 based on the estimated present value of its obligations under the Relinquishment Agreement. The Relinquishment Agreement expired on December 31, 2014. As of March 31, 2015, no amount was outstanding under the Relinquishment Agreement. As of September 30, 2014, the carrying amount of the relinquishment liability was $25.2 million. The decrease in the relinquishment liability during the six months ended March 31, 2015 was due to $25.2 million in relinquishment payments and a $243,000 relinquishment liability reassessment credit. This reduction in the relinquishment liability was offset by $227,000 representing the accretion of discount to the relinquishment liability.

Relinquishment payments consisted of the following (in millions):

	For the Six Months Ended
	March 31, 2015		March 31, 2014
Principal	$	24.4	$	23.5
Accretion of discount	0.8		1.8
Total	$	25.2	$	25.3

The accretion of discount to the relinquishment liability reflects the accretion of the discount to the present value of the relinquishment liability for the impact of the time value of money. As of March 31, 2015, no relinquishment payment was earned but unpaid. As of September 30, 2014, relinquishment payments earned but unpaid were $13.2 million.

XML

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES:

Slot Win and Free Promotional Slot Play Contributions

In May 1994, the Tribe and the State of Connecticut entered into a Memorandum of Understanding (“MOU”), which sets forth certain matters regarding implementation of the Mohegan Compact. The MOU stipulates that a portion of revenues from slot machines must be paid to the State of Connecticut (“Slot Win Contribution”). Slot Win Contribution payments are not required if the State of Connecticut legalizes any other gaming operation with slot machines, video facsimiles of games of chance or other commercial casino games within the State of Connecticut, except those consented to by the Tribe and the Mashantucket Pequot Tribe (the “MPT”). For each 12-month period commencing July 1, 1995, Slot Win Contribution payments shall be the lesser of: (1) 30% of gross revenues from slot machines or (2) the greater of (a) 25% of gross revenues from slot machines or (b) $80.0 million.

In September 2009, the Authority entered into a settlement agreement with the State of Connecticut regarding contribution payments on the Authority's free promotional slot play program. Under the terms of the settlement agreement, effective July 1, 2009, the State of Connecticut agreed that no value shall be attributed to free promotional slot plays utilized by patrons at Mohegan Sun for purposes of calculating monthly contribution payments, provided that the aggregate amount of free promotional slot plays during any month does not exceed a certain threshold of gross revenues from slot machines for such month. In the event free promotional slot plays granted by the Authority exceed such threshold, contribution payments are required on such excess face amount of free promotional slot plays at the same rate as Slot Win Contribution payments, or 25%. The threshold before contribution payments on free promotional slot plays are required is currently 11% of gross revenues from slot machines.

The Authority reflected expenses associated with the combined Slot Win Contribution and free promotional slot play contribution totaling $34.3 million and $34.7 million for the three months ended March 31, 2015 and 2014, respectively, and $70.8 million and $71.0 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, the combined outstanding Slot Win Contribution and free promotional slot play contribution totaled $12.8 million and $11.6 million, respectively.

Pennsylvania Slot Machine Tax

Downs Racing holds a Category One slot machine license issued by the Pennsylvania Gaming Control Board (the “PGCB”) for the operation of slot machines at Mohegan Sun Pocono. This license permits Downs Racing to install and operate up to 3,000 slot machines at Mohegan Sun Pocono, expandable to up to a total of 5,000 slot machines upon request and approval of the PGCB.

The Pennsylvania Race Horse Development and Gaming Act stipulates that holders of Category One slot machine licenses must pay a portion of revenues from slot machines to the PGCB on a daily basis (“Pennsylvania Slot Machine Tax”), which includes local share assessments to be paid to the cities and municipalities hosting Mohegan Sun Pocono and amounts to be paid to the Pennsylvania Harness Horsemen's Association, Inc. (the “PHHA”). The Pennsylvania Slot Machine Tax is currently 55% of gross revenues from slot machines, 2% of which is subject to a $10.0 million minimum annual threshold to ensure that the host cities and municipalities receive an annual minimum of $10.0 million in local share assessments. Downs Racing maintains a $1.5 million escrow deposit in the name of the Commonwealth of Pennsylvania for Pennsylvania Slot Machine Tax payments, which was included in "Other assets, net" in the accompanying condensed consolidated balance sheets.

The Authority reflected expenses associated with the Pennsylvania Slot Machine Tax totaling $28.4 million and $30.6 million for the three months ended March 31, 2015 and 2014, respectively, and $57.6 million and $60.4 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Slot Machine Tax payments totaled $1.9 million and $4.6 million, respectively.

Pennsylvania Table Game Tax

In January 2010, the Commonwealth of Pennsylvania amended the Pennsylvania Race Horse Development and Gaming Act to allow slot machine operators in the Commonwealth of Pennsylvania to obtain a table game operation certificate and operate certain table games, including poker. Under the amended law, holders of table game operation certificates must pay a portion of revenues from table games to the PGCB on a weekly basis (“Pennsylvania Table Game Tax”). The Pennsylvania Table Game Tax is currently 12%, plus the 2% local share assessments.

The Authority reflected expenses associated with the Pennsylvania Table Game Tax totaling $1.8 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively, and $3.4 million and $3.0 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Table Game Tax payments totaled $198,000 and $156,000, respectively.

Pennsylvania Regulatory Fee

Slot machine licensees in the Commonwealth of Pennsylvania are required to reimburse state gaming regulatory agencies for various administrative and operating expenses (“Pennsylvania Regulatory Fee”) at a rate of 1.5% of gross revenues from slot machines and table games.

The Authority reflected expenses associated with the Pennsylvania Regulatory Fee totaling $1.1 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively, and $2.2 million and $2.3 million for the six months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and September 30, 2014, outstanding Pennsylvania Regulatory Fee payments to the PGCB totaled $171,000 and $147,000, respectively.

Pennsylvania Gaming Control Board Loans

The PGCB was initially granted $36.1 million in loans to fund start-up costs for gaming in the Commonwealth of Pennsylvania, which are to be repaid by slot machine licensees (the "Initial Loans"). The PGCB was subsequently granted an additional $63.8 million in loans to fund ongoing gaming oversight costs, which also are to be repaid by slot machine licensees (the "Subsequent Loans"). Repayment of the Initial Loans will commence when all 14 authorized gaming facilities are opened in the Commonwealth of Pennsylvania. Currently, 12 of the 14 authorized gaming facilities have commenced operations. As of March 31, 2015, the Authority has concluded that a repayment contingency for the Initial Loans is probable but not reasonably estimable since the PGCB has not yet established a method of assessment of repayment for the Initial Loans and, as such, the Authority has not recorded a related accrual for such repayment. In June 2011, the PGCB adopted a method of assessment of repayment for the Subsequent Loans pursuant to which repayment commenced on January 1, 2012 and will continue over a 10-year period in accordance with a formula based on a combination of a single fiscal year and cumulative gross revenues from slot machines for each operating slot machine licensee.

The Authority reflected expenses associated with this repayment schedule totaling $156,000 and $160,000 for the three months ended March 31, 2015 and 2014, respectively, and $313,000 and $320,000 for the six months ended March 31, 2015 and 2014, respectively.

Horsemen’s Agreement

Downs Racing and the PHHA are parties to an agreement that governs all live harness racing and simulcasting and account wagering at the Pennsylvania Facilities through December 31, 2015. As of March 31, 2015 and September 30, 2014, outstanding payments to the PHHA for purses earned by horsemen, but not yet paid, and other fees totaled $6.7 million and $8.1 million, respectively.

Priority Distribution Agreement

In August 2001, the Authority and the Tribe entered into an agreement (the “Priority Distribution Agreement”), which stipulates that the Authority must make monthly payments to the Tribe to the extent of the Authority's Net Cash Flow as defined under the Priority Distribution Agreement. The Priority Distribution Agreement was amended as of December 31, 2014. As amended, the Priority Distribution Agreement, which has a perpetual term, limits the minimum aggregate priority distribution payments in each calendar year to $40.0 million. Payments under the Priority Distribution Agreement: (1) do not reduce the Authority's obligations to reimburse the Tribe for governmental and administrative services provided by the Tribe or to make payments under any other agreements with the Tribe, (2) are limited obligations of the Authority and are payable only to the extent of the Authority's Net Cash Flow as defined under the Priority Distribution Agreement and (3) are not secured by a lien or encumbrance on any of the Authority's assets or properties.

The Authority reflected payments associated with the Priority Distribution Agreement totaling $6.6 million and $4.9 million for the three months ended March 31, 2015 and 2014, respectively, and $11.5 million and $9.7 million for the six months ended March 31, 2015 and 2014, respectively.

Litigation

The Authority is a defendant in various litigation matters resulting from its normal course of business. In management's opinion, the aggregate liability, if any, arising from such litigations will not have a material impact on the Authority's financial position, results of operations or cash flows.

XML

ORGANIZATION (Details)	6 Months Ended	1 Months Ended
	Mar. 31, 2015 acre	Oct. 31, 2012
Mohegan Tribe of Indians of Connecticut
Entity Information [Line Items]
Size of tribe reservation (in acres)	544
Mohegan Tribe of Indians of Connecticut | Salishan-Mohegan, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	10.85%
Mohegan Tribal Gaming Authority
Entity Information [Line Items]
Size of gaming and entertainment complex (in acres)	185
Number of members on management board, including tribal council members	9
Mohegan Tribal Gaming Authority | Downs Racing, L.P., Backside, L.P., Mill Creek Land, L.P. and Northeast Concessions, L.P.
Entity Information [Line Items]
Membership or limited partnership interest percentage	99.99%
Mohegan Basketball Club, LLC | WNBA, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	4.20%
Mohegan Lacrosse, LLC | New England Black Wolves
Entity Information [Line Items]
Membership or limited partnership interest percentage	50.00%
Mohegan Lacrosse, LLC | New England Black Wolves
Entity Information [Line Items]
Membership or limited partnership interest percentage	50.00%
Mohegan Commercial Ventures-PA, LLC | Downs Racing, L.P., Backside, L.P., Mill Creek Land, L.P. and Northeast Concessions, L.P.
Entity Information [Line Items]
General partnership interest percentage	0.01%
Downs Racing, L.P.
Entity Information [Line Items]
Size of site on which gaming and entertainment complex is located (in acres)	400
Mohegan Ventures-Northwest, LLC | Salishan-Mohegan, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	49.15%
Salishan-Mohegan, LLC | Salishan-Mohegan Two, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Salishan-Mohegan, LLC | Interchange Development Group, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Ventures Wisconsin, LLC | Wisconsin Tribal Gaming, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
MTGA Gaming, LLC | Mohegan Gaming & Hospitality, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming & Hospitality, LLC | Mohegan Resorts, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Resorts, LLC | Mohegan Resorts Mass, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Resorts, LLC | Mohegan Resorts New York, LLC and Mohegan Gaming New York, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming Advisors | Mohegan New Jersey Entities
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming Advisors | Mohegan PA Entities
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming Advisors | MGA Holdings FL, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming Advisors | MGA Gaming MA, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
Mohegan Gaming Advisors | MGA Holding MA, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
MGA Holding NJ, LLC | Resorts Casino Hotel in Atlantic City, New Jersey
Entity Information [Line Items]
Membership or limited partnership interest percentage		10.00%
MGA Holding MA, LLC | MGA Palmer Partners, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
MGA Palmer Partners, LLC | Mohegan Sun Massachusetts, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%
MGA Holdings FL, LLC | MGA Miami, LLC
Entity Information [Line Items]
Membership or limited partnership interest percentage	100.00%

XML

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Minimum Future Rental Expense

Minimum future rental expense that the Authority expects to incur under the sublease agreement is as follows (in thousands):

	Fiscal Years Ending September 30,
	2015		2016		2017		2018		2019		Thereafter		Total
Minimum future rental expense	$	—	$	—	$	6,327	$	6,908	$	7,011	$	224,682	$	244,928

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION

6 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION:

As of March 31, 2015, substantially all of the Authority's outstanding debt is fully and unconditionally guaranteed, on a joint and several basis, by the following 100% owned subsidiaries of the Authority: the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming. Separate financial statements and other disclosures concerning the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming are not presented below because the Authority believes that the summarized financial information provided below and in Note 8 are adequate for investor analysis of these subsidiaries. Condensed consolidating financial statement information for the Authority, its 100% owned guarantor subsidiaries and its non-guarantor subsidiaries and entities as of March 31, 2015 and September 30, 2014 and for the three months and six months ended March 31, 2015 and 2014 is as follows (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 31, 2015
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	46,244	$	16,758	$	1,547		$	—		$	64,549
Restricted cash	60		1,663		—			—			1,723
Receivables, net	24,105		3,118		1,945			(1,228		)	27,940
Inventories	13,866		1,309		—			—			15,175
Other current assets	17,110		1,385		84			—			18,579
Total current assets	101,385		24,233		3,576			(1,228		)	127,966
Non-current assets:
Property and equipment, net	1,107,165		216,394		39,175			—			1,362,734
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,337		284,567		2,090			—			406,994
Other assets, net	25,799		3,981		70,645			(6,012		)	94,413
Inter-company receivables	246,754		79,439		—			(326,193		)	—
Investment in subsidiaries	316,320		—		—			(316,320		)	—
Total assets	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	18,178	$	—	$	619		$	—		$	18,797
Due to Mohegan Tribe	—		—		5,250			—			5,250
Current portion of capital leases	808		47		—			(47		)	808
Trade payables	13,675		1,796		25			—			15,496
Construction payables	764		7		123			—			894
Accrued interest payable	5,659		—		4,217			—			9,876
Other current liabilities	103,169		30,286		2,560			(1,181		)	134,834
Total current liabilities	142,253		32,136		12,794			(1,228		)	185,955
Non-current liabilities:
Long-term debt, net of current portion	1,636,177		—		45,325			—			1,681,502
Due to Mohegan Tribe, net of current portion	—		—		20,420			—			20,420
Capital leases, net of current portion	1,937		5,816		—			(5,816		)	1,937
Other long-term liabilities	2,221		—		4,670			—			6,891
Inter-company payables	—		241,124		85,069			(326,193		)	—
Accumulated losses in excess of investment in subsidiaries	—		36,621		—			(36,621		)	—
Total liabilities	1,782,588		315,697		168,278			(369,858		)	1,896,705
Capital:
Retained earnings	135,172		332,376		(53,407		)	(279,285		)	134,856
Mohegan Tribal Gaming Authority capital	135,172		332,376		(53,407		)	(279,285		)	134,856
Non-controlling interests	—		—		615			(610		)	5
Total capital	135,172		332,376		(52,792		)	(279,895		)	134,861
Total liabilities and capital	$	1,917,760	$	648,073	$	115,486		$	(649,753	)	$	2,031,566

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	September 30, 2014
	Authority		Total Guarantor Subsidiaries (1)		Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	33,939	$	14,767	$	402		$	—		$	49,108
Restricted cash	47		628		—			—			675
Receivables, net	27,537		2,637		1,287			(821		)	30,640
Inventories	13,339		1,205		—			—			14,544
Other current assets	15,559		1,182		256			—			16,997
Total current assets	90,421		20,419		1,945			(821		)	111,964
Non-current assets:
Property and equipment, net	1,142,363		222,425		59,280			—			1,424,068
Goodwill	—		39,459		—			—			39,459
Other intangible assets, net	120,395		284,714		—			—			405,109
Other assets, net	28,625		3,970		49,077			(6,312		)	75,360
Inter-company receivables	228,122		65,981		—			(294,103		)	—
Investment in subsidiaries	325,651		—		—			(325,651		)	—
Total assets	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960
LIABILITIES AND CAPITAL
Current liabilities:
Current portion of long-term debt	$	28,893	$	—	$	415		$	—		$	29,308
Current portion of relinquishment liability	25,194		—		—			—			25,194
Due to Mohegan Tribe	—		—		2,250			—			2,250
Current portion of capital leases	793		58		—			(58		)	793
Trade payables	18,893		5,181		12			—			24,086
Construction payables	4,411		794		627			—			5,832
Accrued interest payable	5,725		—		2,934			—			8,659
Other current liabilities	90,684		29,504		7,750			(763		)	127,175
Total current liabilities	174,593		35,537		13,988			(821		)	223,297
Non-current liabilities:
Long-term debt, net of current portion	1,630,958		—		45,000			—			1,675,958
Due to Mohegan Tribe, net of current portion	—		—		23,420			—			23,420
Capital leases, net of current portion	2,345		6,111		—			(6,111		)	2,345
Other long-term liabilities	2,307		—		3,806			—			6,113
Inter-company payables	—		225,269		68,834			(294,103		)	—
Accumulated losses in excess of investment in subsidiaries	—		31,680		—			(31,680		)	—
Total liabilities	1,810,203		298,597		155,048			(332,715		)	1,931,133
Capital:
Retained earnings	125,374		338,371		(44,746		)	(293,941		)	125,058
Mohegan Tribal Gaming Authority capital	125,374		338,371		(44,746		)	(293,941		)	125,058
Non-controlling interests	—		—		—			(231		)	(231		)
Total capital	125,374		338,371		(44,746		)	(294,172		)	124,827
Total liabilities and capital	$	1,935,577	$	636,968	$	110,302		$	(626,887	)	$	2,055,960

___________

(1)   Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2)   Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS)

	For the Three Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,035		$	64,981		$	—		$	—		$	275,016
Food and beverage	14,504			6,523			92			—			21,119
Hotel	10,930			1,343			—			—			12,273
Retail, entertainment and other	21,245			2,089			2,046			(1,273		)	24,107
Gross revenues	256,714			74,936			2,138			(1,273		)	332,515
Less-Promotional allowances	(16,947		)	(4,807		)	—			(338		)	(22,092		)
Net revenues	239,767			70,129			2,138			(1,611		)	310,423
Operating costs and expenses:
Gaming	109,633			46,033			—			—			155,666
Food and beverage	8,481			1,748			—			—			10,229
Hotel	3,313			1,376			—			(1,213		)	3,476
Retail, entertainment and other	8,063			666			1,186			(338		)	9,577
Advertising, general and administrative	40,653			8,118			2,829			(2,991		)	48,609
Corporate	5,711			—			—			2,931			8,642
Depreciation and amortization	15,962			3,280			322			—			19,564
Loss on disposition of assets	80			—			—			—			80
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(299		)	—			—			—			(299		)
Total operating costs and expenses	197,343			61,347			4,337			(1,611		)	261,416
Income (loss) from operations	42,424			8,782			(2,199		)	—			49,007
Other income (expense):
Interest income	10			1,530			1,923			(1,649		)	1,814
Interest expense, net of capitalized interest	(23,671		)	(9,993		)	(3,762		)	1,649			(35,777		)
Loss on interests in subsidiaries	(3,775		)	(1,778		)	—			5,553			—
Other income (expense), net	44			—			(526		)	—			(482		)
Total other expense	(27,392		)	(10,241		)	(2,365		)	5,553			(34,445		)
Net income (loss)	15,032			(1,459		)	(4,564		)	5,553			14,562
Loss attributable to non-controlling interests	—			—			209			261			470
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	(1,459	)	$	(4,355	)	$	5,814		$	15,032

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Three Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	210,530		$	67,870		$	—		$	—		$	278,400
Food and beverage	15,445			7,168			—			—			22,613
Hotel	10,764			1,147			—			—			11,911
Retail, entertainment and other	23,688			2,099			1,504			(1,273		)	26,018
Gross revenues	260,427			78,284			1,504			(1,273		)	338,942
Less-Promotional allowances	(16,960		)	(5,292		)	(6		)	(1		)	(22,259		)
Net revenues	243,467			72,992			1,498			(1,274		)	316,683
Operating costs and expenses:
Gaming	116,506			49,233			—			—			165,739
Food and beverage	8,735			2,014			—			—			10,749
Hotel	3,969			1,318			—			(1,213		)	4,074
Retail, entertainment and other	10,256			1,097			—			(1		)	11,352
Advertising, general and administrative	39,815			8,073			7,856			(7,875		)	47,869
Corporate	3,045			—			—			7,815			10,860
Depreciation and amortization	17,162			3,477			240			—			20,879
Loss on disposition of assets	52			1			—			—			53
Pre-opening	—			25			—			—			25
Total operating costs and expenses	199,540			65,238			8,096			(1,274		)	271,600
Income (loss) from operations	43,927			7,754			(6,598		)	—			45,083
Other income (expense):
Accretion of discount to the relinquishment liability	(551		)	—			—			—			(551		)
Interest income	20			1,113			1,688			(1,219		)	1,602
Interest expense, net of capitalized interest	(23,293		)	(10,888		)	(3,335		)	1,219			(36,297		)
Loss on early extinguishment of debt	(192		)	—			—			—			(192		)
Loss on interests in subsidiaries	(10,402		)	(7,110		)	—			17,512			—
Other (income) expense, net	117			—			(291		)	—			(174		)
Total other expense	(34,301		)	(16,885		)	(1,938		)	17,512			(35,612		)
Net income (loss)	9,626			(9,131		)	(8,536		)	17,512			9,471
Loss attributable to non-controlling interests	—			—			—			155			155
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	9,626		$	(9,131	)	$	(8,536	)	$	17,667		$	9,626

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	422,578		$	130,172		$	—		$	—		$	552,750
Food and beverage	30,330			13,368			92			—			43,790
Hotel	21,919			2,580			—			—			24,499
Retail, entertainment and other	46,613			4,451			3,888			(2,546		)	52,406
Gross revenues	521,440			150,571			3,980			(2,546		)	673,445
Less-Promotional allowances	(36,150		)	(9,797		)	(3		)	(340		)	(46,290		)
Net revenues	485,290			140,774			3,977			(2,886		)	627,155
Operating costs and expenses:
Gaming	228,060			93,705			—			—			321,765
Food and beverage	17,210			3,830			—			—			21,040
Hotel	6,731			2,674			—			(2,426		)	6,979
Retail, entertainment and other	18,847			1,626			1,688			(340		)	21,821
Advertising, general and administrative	78,741			15,889			6,993			(7,199		)	94,424
Corporate	9,202			—			—			7,079			16,281
Depreciation and amortization	32,243			6,807			567			—			39,617
Loss on disposition of assets	817			2			—			—			819
Severance	3,244			126			—			—			3,370
Impairment of Project Horizon	2,502			—			—			—			2,502
Relinquishment liability reassessment	(243		)	—			—			—			(243		)
Total operating costs and expenses	397,354			124,659			9,248			(2,886		)	528,375
Income (loss) from operations	87,936			16,115			(5,271		)	—			98,780
Other income (expense):
Accretion of discount to the relinquishment liability	(227		)	—			—			—			(227		)
Interest income	22			2,973			3,852			(3,199		)	3,648
Interest expense, net of capitalized interest	(47,697		)	(20,099		)	(7,435		)	3,199			(72,032		)
Loss on interests in subsidiaries	(10,247		)	(4,941		)	—			15,188			—
Other income (expense), net	11			—			(1,221		)	—			(1,210		)
Total other expense	(58,138		)	(22,067		)	(4,804		)	15,188			(69,821		)
Net income (loss)	29,798			(5,952		)	(10,075		)	15,188			28,959
Loss attributable to non-controlling interests	—			—			460			379			839
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	29,798		$	(5,952	)	$	(9,615	)	$	15,567		$	29,798

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/ Eliminating Adjustments			Consolidated
Revenues:
Gaming	$	419,004		$	134,149		$	—		$	—		$	553,153
Food and beverage	31,369			13,963			—			—			45,332
Hotel	21,015			1,588			—			—			22,603
Retail, entertainment and other	50,947			4,125			2,256			(1,805		)	55,523
Gross revenues	522,335			153,825			2,256			(1,805		)	676,611
Less-Promotional allowances	(37,227		)	(9,867		)	(9		)	(2		)	(47,105		)
Net revenues	485,108			143,958			2,247			(1,807		)	629,506
Operating costs and expenses:
Gaming	244,622			97,419			—			—			342,041
Food and beverage	16,739			4,109			—			—			20,848
Hotel	7,626			1,853			—			(1,685		)	7,794
Retail, entertainment and other	22,188			1,942			—			(2		)	24,128
Advertising, general and administrative	78,318			16,531			13,901			(13,939		)	94,811
Corporate	6,473			—			—			13,819			20,292
Depreciation and amortization	32,694			6,898			405			—			39,997
Loss on disposition of assets	51			1			—			—			52
Pre-opening	—			1,187			—			—			1,187
Total operating costs and expenses	408,711			129,940			14,306			(1,807		)	551,150
Income (loss) from operations	76,397			14,018			(12,059		)	—			78,356
Other income (expense):
Accretion of discount to the relinquishment liability	(1,102		)	—			—			—			(1,102		)
Interest income	45			2,097			3,337			(2,233		)	3,246
Interest expense, net of capitalized interest	(49,289		)	(22,205		)	(6,005		)	2,233			(75,266		)
Loss on early extinguishment of debt	(62,275		)	—			—			—			(62,275		)
Loss on interests in subsidiaries	(21,519		)	(12,417		)	—			33,936			—
Other income (expense), net	115			—			(993		)	—			(878		)
Total other expense	(134,025		)	(32,525		)	(3,661		)	33,936			(136,275		)
Net income (loss)	(57,628		)	(18,507		)	(15,720		)	33,936			(57,919		)
Loss attributable to non-controlling interests	—			—			—			291			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	34,227		$	(57,628	)

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	For the Six Months Ended March 31, 2015
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net income (loss)	$	29,798		$	(5,952	)	$	(10,075	)	$	15,188		$	28,959
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,243			6,807			567			—			39,617
Relinquishment liability reassessment	(243		)				—			—			(243		)
Accretion of discount to the relinquishment liability	227			—			—			—			227
Cash paid for accretion of discount to the relinquishment liability	(778		)	—			—			—			(778		)
Amortization of debt issuance costs and accretion of bond discounts	3,657			—			159			—			3,816
Provision for losses on receivables	302			20			1,754			—			2,076
Impairment of Project Horizon	2,502			—			—			—			2,502
Loss on disposition of assets	817			2			—			—			819
Loss from unconsolidated affiliates	44			—			1,219			—			1,263
Inter-company transactions	(9,757		)	21,841			3,099			(15,183		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	3,225			(501		)	(714		)	433			2,443
Increase in inventories	(527		)	(104		)	—			—			(631		)
Increase in other assets	(1,166		)	(221		)	(3,375		)	(20		)	(4,782		)
Increase (decrease) in trade payables	(5,084		)	(3,385		)	23			—			(8,446		)
Increase (decrease) in accrued interest	(66		)	—			1,283			—			1,217
Increase (decrease) in other liabilities	11,627			1,434			(4,653		)	(418		)	7,990
Net cash flows provided by (used in) operating activities	66,821			19,941			(10,713		)	—			76,049
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(5,474		)	(1,691		)	(577		)	—			(7,742		)
Issuance of third-party loans and advances	—			—			(1,135		)	—			(1,135		)
Payments received on third-party loans	77			—			—			—			77
Increase in restricted cash, net	(23		)	(1,687		)	—			—			(1,710		)
Proceeds from asset sales	1,558			—			—			—			1,558
Investments in the New England Black Wolves	—			—			(500		)				(500		)
Inter-company transactions	456			(10,512		)	26			10,030			—
Net cash flows used in investing activities	(3,406		)	(13,890		)	(2,186		)	10,030			(9,452		)
Cash flows provided by (used in) financing activities:
Senior Secured Credit Facility borrowings - Revolving	212,000			—			—			—			212,000
Senior Secured Credit Facility repayments - Revolving	(199,000		)	—			—			—			(199,000		)
Senior Secured Credit Facility repayments - Term Loan A	(3,125		)	—			—			—			(3,125		)
Senior Secured Credit Facility repayments - Term Loan B	(3,650		)	—			—			—			(3,650		)
Line of Credit borrowings	221,831			—			—			—			221,831
Line of Credit repayments	(224,459		)	—			—			—			(224,459		)
Repayments of other long-term debt	(9,780		)	—			(46		)	—			(9,826		)
Principal portion of relinquishment liability payments	(24,400		)	—			—			—			(24,400		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments on capital lease obligations	(527		)	(26		)	—			26			(527		)
Inter-company transactions	—			(4,034		)	14,090			(10,056		)	—
Net cash flows provided by (used in) financing activities	(51,110		)	(4,060		)	14,044			(10,030		)	(51,156		)
Net increase in cash and cash equivalents	12,305			1,991			1,145			—			15,441
Cash and cash equivalents at beginning of period	33,939			14,767			402			—			49,108

Cash and cash equivalents at end of period $ 46,244 $ 16,758 $ 1,547 $ — $ 64,549

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

	For the Six Months Ended March 31, 2014
	Authority			Total Guarantor Subsidiaries (1)			Total  Non-Guarantor Subsidiaries and Entities (2)			Consolidating/   Eliminating   Adjustments			Consolidated
Cash flows provided by (used in) operating activities:
Net loss	$	(57,628	)	$	(18,507	)	$	(15,720	)	$	33,936		$	(57,919	)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,694			6,898			405			—			39,997
Accretion of discount to the relinquishment liability	1,102			—			—			—			1,102
Cash paid for accretion of discount to the relinquishment liability	(1,794		)	—			—			—			(1,794		)
Loss on early extinguishment of debt	58,479			—			—			—			58,479
Payments of tender offer costs and discounts	(48,155		)	—			—			—			(48,155		)
Amortization of debt issuance costs and accretion of bond discounts	4,142			—			159			—			4,301
Provision for losses on receivables	237			119			1,266			—			1,622
Loss on disposition of assets	51			1			—			—			52
(Gain) loss from unconsolidated affiliates	(129		)	—			983			—			854
Inter-company transactions	(617		)	32,389			2,160			(33,932		)	—
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(4,274		)	626			(563		)	348			(3,863		)
Increase in inventories	(1,017		)	(438		)	—			—			(1,455		)
Increase in other assets	(1,182		)	(374		)	(3,620		)	(30		)	(5,206		)
Increase (decrease) in trade payables	(360		)	637			10			—			287
Decrease in accrued interest	(11,149		)	—			(1,872		)	—			(13,021		)
Increase in other liabilities	8,826			366			4,834			(346		)	13,680
Net cash flows provided by (used in) operating activities	(20,774		)	21,717			(11,958		)	(24		)	(11,039		)
Cash flows used in investing activities:
Purchases of property and equipment, including change in construction payables	(9,600		)	(2,671		)	(10,074		)	—			(22,345		)
Issuance of third-party loans and advances	—			—			(1,026		)	—			(1,026		)
Payments received on third-party loans	569			—			—			—			569
(Increase) decrease in restricted cash, net	46			(11		)	12,043			—			12,078
Proceeds from asset sales	36			—			—			—			36
Payment of escrow deposit	—			—			(3,356		)	—			(3,356		)
Investments in unconsolidated affiliates	—			—			(29		)	—			(29		)
Inter-company transactions	1,211			(15,416		)	—			14,205			—
Net cash flows used in investing activities	(7,738		)	(18,098		)	(2,442		)	14,205			(14,073		)
Cash flows provided by (used in) financing activities:
Prior Bank Credit Facility repayments - Term	(393,000		)	—			—			—			(393,000		)
Prior Term Loan Facility repayments, net of discount	(222,103		)	—			—			—			(222,103		)
Senior Secured Credit Facility borrowings - Revolving	130,000			—			—			—			130,000
Senior Secured Credit Facility repayments - Revolving	(91,000		)	—			—			—			(91,000		)
Senior Secured Credit Facility borrowings - Term Loan A, net of discount	124,343			—			—			—			124,343
Senior Secured Credit Facility repayments - Term Loan A	(1,563		)	—			—			—			(1,563		)
Senior Secured Credit Facility borrowings - Term Loan B, net of discount	720,952			—			—			—			720,952
Senior Secured Credit Facility repayments - Term Loan B	(1,825		)	—			—			—			(1,825		)

Line of Credit borrowings	156,992			—			—			—			156,992
Line of Credit repayments	(150,453		)	—			—			—			(150,453		)
Repayments to Mohegan Tribe	—			—			(2,750		)	—			(2,750		)
Repayments of other long-term debt	(190,984		)	—			(26		)	—			(191,010		)
Principal portion of relinquishment liability payments	(23,457		)	—			—			—			(23,457		)
Distributions to Mohegan Tribe	(20,000		)	—			—			—			(20,000		)
Payments of financing fees	(12,629		)	—			—			—			(12,629		)
Payments on capital lease obligations	(1,128		)	(24		)	—			24			(1,128		)
Inter-company transactions	—			(3,044		)	17,249			(14,205		)	—
Net cash flows provided by (used in) financing activities	24,145			(3,068		)	14,473			(14,181		)	21,369
Net increase (decrease) in cash and cash equivalents	(4,367		)	551			73			—			(3,743		)
Cash and cash equivalents at beginning of period	44,060			18,655			909			—			63,624
Cash and cash equivalents at end of period	$	39,693		$	19,206		$	982		$	—		$	59,881

___________

(1) Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

(2) Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

XML

COWLITZ PROJECT (Cowlitz Project)

6 Months Ended

Mar. 31, 2015

Cowlitz Project

Schedule of Long-term Development Projects [Line Items]

COWLITZ PROJECT

COWLITZ PROJECT:

In September 2004, Salishan-Mohegan entered into development and management agreements with the Cowlitz Tribe in connection with the Cowlitz Project, which agreements have been amended from time to time. Under the terms of the development agreement, Salishan-Mohegan will assist in securing financing, as well as administer and oversee the planning, designing, development, construction and furnishing of the proposed casino. The development agreement provides for development fees of 3% of total project costs, as defined under the development agreement. Under the terms of Salishan-Mohegan's operating agreement, development fees will be distributed to Mohegan Ventures-NW. In 2006, pursuant to the development agreement, Salishan-Mohegan purchased an approximately 152-acre site for the proposed casino.

Under the terms of the management agreement, Salishan-Mohegan will manage, operate and maintain the proposed casino for a period of seven years following its opening. The management agreement provides for management fees of 24% of net revenues, as defined under the management agreement, which approximates net income earned from the Cowlitz Project. Under the terms of Salishan-Mohegan’s operating agreement, management fees will be allocated to the members of Salishan-Mohegan based on their respective membership interests. The management agreement is subject to approval by the National Indian Gaming Commission. On August 7, 2014, the Cowlitz Tribe’s Class III Tribal-State gaming compact with the State of Washington became effective with notice of federal approval published in the Federal Register. According to the notice, the compact allows for two gaming facilities, allocates 975 gaming machines for leasing, authorizes the operation of up to 3,000 gaming machines and 125 table games, and is in effect until terminated by written agreement of both parties.

Under the terms of the development agreement, certain receivables contributed to Salishan-Mohegan and amounts advanced by Salishan-Mohegan on behalf of the Cowlitz Tribe are reimbursable to Salishan-Mohegan by the Cowlitz Tribe, subject to appropriate approvals defined under the development agreement. Reimbursements are contingent and are to be distributed upon: (1) the receipt of necessary financing for the development of the proposed casino and (2) the related property being taken into trust by the United States Department of the Interior. The Authority currently accrues interest on the Salishan-Mohegan receivables at an annual rate of 10.0%.

In March 2013, two lawsuits challenging a December 2010 decision of the Assistant Secretary - Indian Affairs of the Department of the Interior to take the Cowlitz Project site into trust were dismissed on procedural grounds. In April 2013, pursuant to judicial directive, the Department of the Interior issued a new Record of Decision to take the Cowlitz Project site into trust, determining for a second time that the site will serve as the initial reservation of the Cowlitz Tribe and that the tribe may conduct gaming on such lands under the Indian Gaming Regulatory Act. In June 2013, the plaintiffs in the earlier litigation filed two new lawsuits challenging the new Record of Decision, and, in July 2013, those lawsuits were consolidated. By Notice of Trust Acquisition filed with the court on October 22, 2014, while motions for summary judgment filed by the plaintiffs and the defendants were pending, the federal defendants provided the court notice of the United States Department of the Interior’s planned trust acquisition of the Cowlitz Project site, which was the subject of the litigation, on the earlier of: (1) January 21, 2015 and (2) 30 days after a court order granting summary judgment in favor of the federal defendants. On December 12, 2014, a U.S. District Court for the District of Columbia judge entered an order granting summary judgment in favor of the federal defendants, thereby upholding the Record of Decision and denying the federal plaintiffs’ motion. In December 2014 and February 2015, the plaintiffs filed separate appeals to the Court of Appeals for the District of Columbia Circuit. In February 2015, those appeals were consolidated by the Court of Appeals.

On March 10, 2015, the Cowlitz Project site was taken into trust by the United States Department of the Interior for the benefit of the Cowlitz Tribe. In connection with this event, the Cowlitz Tribe leased a substantial portion of the Cowlitz Project site back to Salishan-Mohegan for a nominal rental fee. The initial term of the lease is 25 years with an option to extend the term for two additional 25-year periods. Under the lease, upon financing of the Cowlitz Project, Salishan-Mohegan shall assign the lease to the Cowlitz Tribe. If the Cowlitz Project does not proceed due to a final court determination that the site is not eligible for gaming, upon payment of certain consideration, the Cowlitz Tribe may purchase the leasehold interest in the premises and terminate the lease.

The carrying value of the land totaling approximately $20.0 million, which was included in property and equipment, net, in the accompanying condensed consolidated balance sheet as of September 30, 2014, was transferred to the Cowlitz Tribe at the time the site was taken into trust. This transfer resulted in an additional long-term receivable due from the Cowlitz Tribe as permitted under the development agreement, and was included in other assets, net, in the accompanying condensed consolidated balance sheet as of March 31, 2015.

Development of the Cowlitz Project remains subject to certain remaining governmental and regulatory approvals and agreements. The Authority can provide no assurance that the remaining steps and conditions for the Cowlitz Project site to be approved for gaming will be satisfied or that necessary financing for the development of the proposed casino will be obtained. Furthermore, the Authority can provide no assurance as to the outcome of the pending federal court appeal or any future litigation relating to the Cowlitz Project. Please refer to the Authority’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and its other reports and filings with the SEC for further information and details regarding the Cowlitz Project.

XML

SEGMENT REPORTING

6 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING:

As of March 31, 2015, the Authority owns and operates, either directly or through wholly-owned subsidiaries, Mohegan Sun, the Connecticut Sun franchise and the Mohegan Sun Golf Club, and has partnered with an unrelated third-party to own and operate the New England Black Wolves franchise (collectively, the “Connecticut Facilities”), and the Pennsylvania Facilities. Substantially all of the Authority's revenues are derived from these operations. The Connecticut Sun franchise, the Mohegan Sun Golf Club and the New England Black Wolves franchise are aggregated with the Mohegan Sun operating segment because these operations all share similar economic characteristics, which is to generate gaming and entertainment revenues by attracting patrons to Mohegan Sun. The Authority's executive officers review and assess the performance and operating results and determine the proper allocation of resources to the Connecticut Facilities and the Pennsylvania Facilities on a separate basis. Accordingly, the Authority has two separate reportable segments: (1) Mohegan Sun, which includes the operations of the Connecticut Facilities and (2) Mohegan Sun Pocono, which includes the operations of the Pennsylvania Facilities. The Authority's operations related to investments in unconsolidated affiliates and certain other Corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and other in the following segment disclosures to reconcile to consolidated results.

	For the Three Months Ended						For the Six Months Ended
(in thousands)	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Net revenues:
Mohegan Sun	$	240,285		$	243,478		$	486,063		$	485,411
Mohegan Sun Pocono	70,128			72,986			140,524			143,669
Corporate and other	1,283			1,492			3,114			2,231
Inter-segment revenues	(1,273		)	(1,273		)	(2,546		)	(1,805		)
Total	$	310,423		$	316,683		$	627,155		$	629,506
Income (loss) from operations:
Mohegan Sun	$	46,598		$	45,728		$	94,016		$	80,371
Mohegan Sun Pocono	10,102			9,042			18,581			16,619
Corporate and other	(7,693		)	(9,687		)	(13,817		)	(18,634		)
Total	49,007			45,083			98,780			78,356
Accretion of discount to the relinquishment liability	—			(551		)	(227		)	(1,102		)
Interest income	1,814			1,602			3,648			3,246
Interest expense, net of capitalized interest	(35,777		)	(36,297		)	(72,032		)	(75,266		)
Loss on early extinguishment of debt	—			(192		)	—			(62,275		)
Other expense, net	(482		)	(174		)	(1,210		)	(878		)
Net income (loss)	14,562			9,471			28,959			(57,919		)
Loss attributable to non-controlling interests	470			155			839			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	9,626		$	29,798		$	(57,628	)

	For the Six Months Ended
(in thousands)	March 31, 2015		March 31, 2014
Capital expenditures incurred:
Mohegan Sun	$	1,830	$	8,218
Mohegan Sun Pocono	901		1,994
Corporate and other	73		8,949
Total	$	2,804	$	19,161
(in thousands)	March 31, 2015		September 30, 2014
Total assets:
Mohegan Sun	$	1,345,348	$	1,368,352
Mohegan Sun Pocono	550,908		551,655
Corporate and other	135,310		135,953
Total	$	2,031,566	$	2,055,960

XML

BASIS OF PRESENTATION (Policies)

6 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In accordance with Rule 10-01, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In management's opinion, all adjustments, including normal recurring accruals and adjustments, necessary for a fair statement of the Authority's operating results for the interim period, have been included. In addition, certain amounts in the accompanying 2014 supplemental condensed consolidating financial statements have been reclassified to conform to the 2015 presentation.

The gaming market in the Northeastern United States is seasonal in nature, with peak gaming activities often occurring at Mohegan Sun and Mohegan Sun Pocono during the months of May through August. Accordingly, the Authority's operating results for the three months and six months ended March 31, 2015 are not necessarily indicative of operating results for other interim periods or an entire fiscal year.

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Authority's Annual Report on Form 10-K for the fiscal year ended September 30, 2014.

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Authority and its majority and wholly-owned subsidiaries and entities. In accordance with authoritative guidance issued by the Financial Accounting Standards Board (the “FASB”) pertaining to consolidation of variable interest entities, the accounts of Salishan-Mohegan are consolidated into the accounts of Mohegan Ventures-NW and the accounts of NEBW are consolidated into the accounts of Mohegan Lacrosse as Mohegan Ventures-NW and Mohegan Lacrosse are deemed to be the primary beneficiaries. In consolidation, all inter-company balances and transactions were eliminated.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The fair value amounts presented below are reported to satisfy disclosure requirements pursuant to authoritative guidance issued by the FASB pertaining to disclosures about fair values of financial instruments and are not necessarily indicative of amounts that the Authority could realize in a current market transaction.

The Authority applies the following fair value hierarchy, which prioritizes the inputs utilized to measure fair value into three levels:

• Level 1 - Quoted prices for identical assets or liabilities in active markets;

• Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets or valuations based on models where the significant inputs are observable or can be corroborated by observable market data; and

• Level 3 - Valuations based on models where the significant inputs are unobservable. The unobservable inputs reflect the Authority's estimates or assumptions that market participants would utilize in pricing such assets or liabilities.

The Authority's assessment of the significance of a particular input requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy.

New Accounting Pronouncements

New Accounting Standards

In May 2014, the FASB issued an accounting standard update on revenue recognition that will be applied to all contracts with customers. The update requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be required to be applied on a retrospective basis, using one of two methodologies, and will be effective for annual reporting periods beginning after December 15, 2016, with early application not being permitted. However, in April 2015, the FASB issued proposed guidance that would defer the effective date by one year. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In August 2014, the FASB issued an accounting standard update which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The update requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. It also requires management to provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This guidance will be required for annual reporting periods ending after December 15, 2016, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In February 2015, the FASB issued an accounting standards update which amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities should be consolidated. This guidance will be required to be applied either on a retrospective or modified retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

In April 2015, the FASB issued an accounting standard update to clarify the required presentation of debt issuance costs. The update requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the related debt liability rather than as an asset. This guidance will be required to be applied on a retrospective basis and will be effective for annual reporting periods beginning after December 15, 2015, and interim reporting periods thereafter, with early application permitted. The Authority is currently evaluating the impact that this guidance will have on its financial position and results of operations.

XML

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Slot Win Contributions
Commitments and Contingencies [Line Items]
Contribution frequency period			12 months
Contribution determination criteria 1, percent of gross revenues from slot machines, lesser of			30.00%
Contribution determination criteria 2a, lesser of, percent of gross revenues from slot machines, greater of			25.00%
Contribution determination criteria 2b, lesser of, set cash contribution			$ 80,000,000.0
Contribution rate applied to excess free promotional play revenues in excess of limitation, if other than standard rate			25.00%
Limitation of excluded free promotional play as a percent of gross revenues from slot machines			11.00%
Slot win contributions	34,300,000	34,700,000	70,800,000	71,000,000
Slot win contributions outstanding	12,800,000		12,800,000		11,600,000
Pennsylvania Slot Machine Tax
Commitments and Contingencies [Line Items]
Tax rate applied to percent of gross revenues from slot machines			55.00%
Portion of taxed revenues subject to minimum annual local share assessment			2.00%
Minimum annual local share assessment			10,000,000.0
Escrow deposit for tax payments	1,500,000		1,500,000
Slot machine tax expense recognized	28,400,000	30,600,000	57,600,000	60,400,000
Slot machine tax expense, outstanding	1,900,000		1,900,000		4,600,000
Pennsylvania Slot Machine Tax | Downs Racing, L.P.
Commitments and Contingencies [Line Items]
Number of slot machines at Mohegan Sun at Pocono permitted by license			3,000
Permitted slot machine capacity (in slot machines)			5,000
Pennsylvania Table Game Tax
Commitments and Contingencies [Line Items]
Initial tax rate			12.00%
Additional local tax			2.00%
Table game tax expense recognized	1,800,000	1,500,000	3,400,000	3,000,000
Table game tax expense outstanding	198,000		198,000		156,000
Pennsylvania Regulatory Fee
Commitments and Contingencies [Line Items]
Fee rate, percent of gross revenues from slot machines and table games			1.50%
Regulatory fee recognized	1,100,000	1,200,000	2,200,000	2,300,000
Regulatory fee outstanding	171,000		171,000		147,000
Pennsylvania Gaming Control Board Loans
Commitments and Contingencies [Line Items]
Loans granted by PGCB			36,100,000
Additional Loans granted by PGCB			63,800,000
Number of authorized gaming facilities			14
Number of authorized gaming facilities that have commenced operations			12
PGCB loan repayment period			10 years
PGCB loan repayment expense	156,000	160,000	313,000	320,000
Horsemen's Agreement
Commitments and Contingencies [Line Items]
Purses earned by horsemen and other fees outstanding	6,700,000		6,700,000		8,100,000
Priority Distribution Agreement
Commitments and Contingencies [Line Items]
Annual limit of priority distribution payments			40,000,000
Priority distribution payments	$ 6,600,000	$ 4,900,000	$ 11,500,000	$ 9,700,000

XML

SEGMENT REPORTING (Tables)

6 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Financial information related to segments

	For the Three Months Ended						For the Six Months Ended
(in thousands)	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Net revenues:
Mohegan Sun	$	240,285		$	243,478		$	486,063		$	485,411
Mohegan Sun Pocono	70,128			72,986			140,524			143,669
Corporate and other	1,283			1,492			3,114			2,231
Inter-segment revenues	(1,273		)	(1,273		)	(2,546		)	(1,805		)
Total	$	310,423		$	316,683		$	627,155		$	629,506
Income (loss) from operations:
Mohegan Sun	$	46,598		$	45,728		$	94,016		$	80,371
Mohegan Sun Pocono	10,102			9,042			18,581			16,619
Corporate and other	(7,693		)	(9,687		)	(13,817		)	(18,634		)
Total	49,007			45,083			98,780			78,356
Accretion of discount to the relinquishment liability	—			(551		)	(227		)	(1,102		)
Interest income	1,814			1,602			3,648			3,246
Interest expense, net of capitalized interest	(35,777		)	(36,297		)	(72,032		)	(75,266		)
Loss on early extinguishment of debt	—			(192		)	—			(62,275		)
Other expense, net	(482		)	(174		)	(1,210		)	(878		)
Net income (loss)	14,562			9,471			28,959			(57,919		)
Loss attributable to non-controlling interests	470			155			839			291
Net income (loss) attributable to Mohegan Tribal Gaming Authority	$	15,032		$	9,626		$	29,798		$	(57,628	)

	For the Six Months Ended
(in thousands)	March 31, 2015		March 31, 2014
Capital expenditures incurred:
Mohegan Sun	$	1,830	$	8,218
Mohegan Sun Pocono	901		1,994
Corporate and other	73		8,949
Total	$	2,804	$	19,161
(in thousands)	March 31, 2015		September 30, 2014
Total assets:
Mohegan Sun	$	1,345,348	$	1,368,352
Mohegan Sun Pocono	550,908		551,655
Corporate and other	135,310		135,953
Total	$	2,031,566	$	2,055,960

XML

BASIS OF PRESENTATION - Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014	Aug. 31, 2013	Mar. 31, 2012
Senior Unsecured Notes | 2013 9 3/4% Senior Unsecured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note stated interest rate	9.75%	9.75%	9.75%
Senior Subordinated Notes | 2012 11 % Senior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note stated interest rate	11.00%	11.00%		11.00%
Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Bank Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility value	48,813
Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Senior Secured Credit Facility - Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility value	114,078
Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Senior Secured Credit Facility - Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	714,567
Fair Value, Inputs, Level 2 | Senior Unsecured Notes | 2013 9 3/4% Senior Unsecured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	532,500
Note stated interest rate	9.75%
Fair Value, Inputs, Level 2 | Senior Subordinated Notes | 2012 11 % Senior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	274,502
Note stated interest rate	11.00%
Carrying Value | Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Bank Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility value	50,000
Carrying Value | Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Senior Secured Credit Facility - Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility value	115,960
Carrying Value | Fair Value, Inputs, Level 2 | Senior Secured Credit Facility | Senior Secured Credit Facility - Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	713,569
Carrying Value | Fair Value, Inputs, Level 2 | Senior Unsecured Notes | 2013 9 3/4% Senior Unsecured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	500,000
Carrying Value | Fair Value, Inputs, Level 2 | Senior Subordinated Notes | 2012 11 % Senior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note value	272,044

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION - STATEMENTS OF CASH FLOWS (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended				12 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Sep. 30, 2014		Sep. 30, 2010
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 28,959		$ (57,919)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	39,617		39,997
Relinquishment liability reassessment	(243)		0
Accretion of discount to the relinquishment liability	227		1,102
Cash paid for accretion of discount to the relinquishment liability	(778)		(1,794)
Loss on early extinguishment of debt	0		58,479
Payments of tender offer costs and discounts	0		(48,155)
Amortization of debt issuance costs and accretion of bond discounts	3,816		4,301
Provision for losses on receivables	2,076		1,622
Impairment of Project Horizon	2,502		0		5,000		58,100
Loss on disposition of assets	819		52
Loss from unconsolidated affiliates	1,263		854
Inter-company transactions	0		0
Changes in operating assets and liabilities:
(Increase) decrease in receivables	2,443		(3,863)
Increase in inventories	(631)		(1,455)
Increase in other assets	(4,782)		(5,206)
Increase (decrease) in trade payables	(8,446)		287
Increase (decrease) in accrued interest	1,217		(13,021)
Increase in other liabilities	7,990		13,680
Net cash flows provided by (used in) operating activities	76,049		(11,039)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(7,742)		(22,345)
Issuance of third-party loans and advances	(1,135)		(1,026)
Payments received on third-party loans	77		569
(Increase) decrease in restricted cash, net	(1,710)		12,078
Proceeds from asset sales	1,558		36
Investments in the New England Black Wolves	(500)		0
Payment of escrow deposit	0		(3,356)
Investments in unconsolidated affiliates	0		(29)
Inter-company transactions	0		0
Net cash flows used in investing activities	(9,452)		(14,073)
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe	0		(2,750)
Repayments of other long-term debt	(9,826)		(191,010)
Principal portion of relinquishment liability payments	(24,400)		(23,457)
Distributions to Mohegan Tribe	(20,000)		(20,000)
Payments of financing fees	0		(12,629)
Payments on capital lease obligations	(527)		(1,128)
Inter-company transactions	0		0
Net cash flows provided by (used in) financing activities	(51,156)		21,369
Net increase (decrease) in cash and cash equivalents	15,441		(3,743)
Cash and cash equivalents at beginning of period	49,108		63,624		63,624
Cash and cash equivalents at end of period	64,549		59,881		49,108
Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	0		(393,000)
Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	0		(222,103)
Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	212,000		130,000
Credit facility/line of credit repayments	(199,000)		(91,000)
Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0		124,343
Credit facility/line of credit repayments	(3,125)		(1,563)
Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0		720,952
Credit facility/line of credit repayments	(3,650)		(1,825)
Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	221,831		156,992
Credit facility/line of credit repayments	(224,459)		(150,453)
Authority
Cash flows provided by (used in) operating activities:
Net income (loss)	29,798		(57,628)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	32,243		32,694
Relinquishment liability reassessment	(243)
Accretion of discount to the relinquishment liability	227		1,102
Cash paid for accretion of discount to the relinquishment liability	(778)		(1,794)
Loss on early extinguishment of debt			58,479
Payments of tender offer costs and discounts			(48,155)
Amortization of debt issuance costs and accretion of bond discounts	3,657		4,142
Provision for losses on receivables	302		237
Impairment of Project Horizon	2,502
Loss on disposition of assets	817		51
Loss from unconsolidated affiliates	44		(129)
Inter-company transactions	(9,757)		(617)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	3,225		(4,274)
Increase in inventories	(527)		(1,017)
Increase in other assets	(1,166)		(1,182)
Increase (decrease) in trade payables	(5,084)		(360)
Increase (decrease) in accrued interest	(66)		(11,149)
Increase in other liabilities	11,627		8,826
Net cash flows provided by (used in) operating activities	66,821		(20,774)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(5,474)		(9,600)
Issuance of third-party loans and advances	0		0
Payments received on third-party loans	77		569
(Increase) decrease in restricted cash, net	(23)		46
Proceeds from asset sales	1,558		36
Investments in the New England Black Wolves	0
Payment of escrow deposit			0
Investments in unconsolidated affiliates			0
Inter-company transactions	456		1,211
Net cash flows used in investing activities	(3,406)		(7,738)
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe			0
Repayments of other long-term debt	(9,780)		(190,984)
Principal portion of relinquishment liability payments	(24,400)		(23,457)
Distributions to Mohegan Tribe	(20,000)		(20,000)
Payments of financing fees			(12,629)
Payments on capital lease obligations	(527)		(1,128)
Inter-company transactions	0		0
Net cash flows provided by (used in) financing activities	(51,110)		24,145
Net increase (decrease) in cash and cash equivalents	12,305		(4,367)
Cash and cash equivalents at beginning of period	33,939		44,060		44,060
Cash and cash equivalents at end of period	46,244		39,693
Authority | Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			(393,000)
Authority | Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			(222,103)
Authority | Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	212,000		130,000
Credit facility/line of credit repayments	(199,000)		(91,000)
Authority | Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			124,343
Credit facility/line of credit repayments	(3,125)		(1,563)
Authority | Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			720,952
Credit facility/line of credit repayments	(3,650)		(1,825)
Authority | Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	221,831		156,992
Credit facility/line of credit repayments	(224,459)		(150,453)
Total Guarantor Subsidiaries
Cash flows provided by (used in) operating activities:
Net income (loss)	(5,952)	[1]	(18,507)	[1]
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	6,807	[1]	6,898	[1]
Relinquishment liability reassessment	0	[1]
Accretion of discount to the relinquishment liability	0	[1]	0	[1]
Cash paid for accretion of discount to the relinquishment liability	0	[1]	0	[1]
Loss on early extinguishment of debt			0	[1]
Payments of tender offer costs and discounts			0	[1]
Amortization of debt issuance costs and accretion of bond discounts	0	[1]	0	[1]
Provision for losses on receivables	20	[1]	119	[1]
Impairment of Project Horizon	0	[1]
Loss on disposition of assets	2	[1]	1	[1]
Loss from unconsolidated affiliates	0	[1]	0	[1]
Inter-company transactions	21,841		32,389	[1]
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(501)	[1]	626	[1]
Increase in inventories	(104)	[1]	(438)	[1]
Increase in other assets	(221)	[1]	(374)	[1]
Increase (decrease) in trade payables	(3,385)	[1]	637	[1]
Increase (decrease) in accrued interest	0	[1]	0	[1]
Increase in other liabilities	1,434	[1]	366	[1]
Net cash flows provided by (used in) operating activities	19,941	[1]	21,717	[1]
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(1,691)	[1]	(2,671)	[1]
Issuance of third-party loans and advances	0	[1]	0	[1]
Payments received on third-party loans	0	[1]	0	[1]
(Increase) decrease in restricted cash, net	(1,687)	[1]	(11)	[1]
Proceeds from asset sales	0	[1]	0	[1]
Investments in the New England Black Wolves	0
Payment of escrow deposit			0	[1]
Investments in unconsolidated affiliates			0	[1]
Inter-company transactions	(10,512)	[1]	(15,416)	[1]
Net cash flows used in investing activities	(13,890)	[1]	(18,098)	[1]
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe			0	[1]
Repayments of other long-term debt	0	[1]	0	[1]
Principal portion of relinquishment liability payments	0	[1]	0	[1]
Distributions to Mohegan Tribe	0	[1]	0	[1]
Payments of financing fees			0	[1]
Payments on capital lease obligations	(26)	[1]	(24)	[1]
Inter-company transactions	(4,034)	[1]	(3,044)	[1]
Net cash flows provided by (used in) financing activities	(4,060)	[1]	(3,068)	[1]
Net increase (decrease) in cash and cash equivalents	1,991	[1]	551	[1]
Cash and cash equivalents at beginning of period	14,767	[1]	18,655	[1]	18,655	[1]
Cash and cash equivalents at end of period	16,758	[1]	19,206	[1]
Total Guarantor Subsidiaries | Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0	[1]
Total Guarantor Subsidiaries | Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0	[1]
Total Guarantor Subsidiaries | Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0	[1]	0	[1]
Credit facility/line of credit repayments	0	[1]	0	[1]
Total Guarantor Subsidiaries | Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0	[1]
Credit facility/line of credit repayments	0	[1]	0	[1]
Total Guarantor Subsidiaries | Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0	[1]
Credit facility/line of credit repayments	0	[1]	0	[1]
Total Guarantor Subsidiaries | Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0	[1]	0	[1]
Credit facility/line of credit repayments	0	[1]	0	[1]
Total Non-Guarantor Subsidiaries and Entities
Cash flows provided by (used in) operating activities:
Net income (loss)	(10,075)	[2]	(15,720)	[3]
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	567	[2]	405	[3]
Relinquishment liability reassessment	0
Accretion of discount to the relinquishment liability	0	[2]	0	[3]
Cash paid for accretion of discount to the relinquishment liability	0	[2]	0	[3]
Loss on early extinguishment of debt			0	[3]
Payments of tender offer costs and discounts			0	[3]
Amortization of debt issuance costs and accretion of bond discounts	159	[2]	159	[3]
Provision for losses on receivables	1,754	[2]	1,266	[3]
Impairment of Project Horizon	0
Loss on disposition of assets	0	[2]	0	[3]
Loss from unconsolidated affiliates	1,219	[2]	983	[3]
Inter-company transactions	3,099		2,160	[3]
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(714)	[2]	(563)	[3]
Increase in inventories	0	[2]	0	[3]
Increase in other assets	(3,375)	[2]	(3,620)	[3]
Increase (decrease) in trade payables	23	[2]	10	[3]
Increase (decrease) in accrued interest	1,283	[2]	(1,872)	[3]
Increase in other liabilities	(4,653)	[2]	4,834	[3]
Net cash flows provided by (used in) operating activities	(10,713)	[2]	(11,958)	[3]
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	(577)	[2]	(10,074)	[3]
Issuance of third-party loans and advances	(1,135)	[2]	(1,026)	[3]
Payments received on third-party loans	0	[2]	0	[3]
(Increase) decrease in restricted cash, net	0	[2]	12,043	[3]
Proceeds from asset sales	0	[2]	0	[3]
Investments in the New England Black Wolves	(500)
Payment of escrow deposit			(3,356)	[3]
Investments in unconsolidated affiliates			(29)	[3]
Inter-company transactions	26	[2]	0	[3]
Net cash flows used in investing activities	(2,186)	[2]	(2,442)	[3]
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe			(2,750)	[3]
Repayments of other long-term debt	(46)	[2]	(26)	[3]
Principal portion of relinquishment liability payments	0	[2]	0	[3]
Distributions to Mohegan Tribe	0	[2]	0	[3]
Payments of financing fees			0	[3]
Payments on capital lease obligations	0	[2]	0	[3]
Inter-company transactions	14,090	[2]	17,249	[3]
Net cash flows provided by (used in) financing activities	14,044	[2]	14,473	[3]
Net increase (decrease) in cash and cash equivalents	1,145	[2]	73	[3]
Cash and cash equivalents at beginning of period	402	[2],[3]	909	[3]	909	[3]
Cash and cash equivalents at end of period	1,547	[2]	982	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0	[2]	0	[3]
Credit facility/line of credit repayments	0	[2]	0	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0	[3]
Credit facility/line of credit repayments	0	[2]	0	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0	[3]
Credit facility/line of credit repayments	0	[2]	0	[3]
Total Non-Guarantor Subsidiaries and Entities | Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0	[2]	0	[3]
Credit facility/line of credit repayments	0	[2]	0	[3]
Consolidating/Eliminating Adjustments
Cash flows provided by (used in) operating activities:
Net income (loss)	15,188		33,936
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	0		0
Relinquishment liability reassessment	0
Accretion of discount to the relinquishment liability	0		0
Cash paid for accretion of discount to the relinquishment liability	0		0
Loss on early extinguishment of debt			0
Payments of tender offer costs and discounts			0
Amortization of debt issuance costs and accretion of bond discounts	0		0
Provision for losses on receivables	0		0
Impairment of Project Horizon	0
Loss on disposition of assets	0		0
Loss from unconsolidated affiliates	0		0
Inter-company transactions	(15,183)		(33,932)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	433		348
Increase in inventories	0		0
Increase in other assets	(20)		(30)
Increase (decrease) in trade payables	0		0
Increase (decrease) in accrued interest	0		0
Increase in other liabilities	(418)		(346)
Net cash flows provided by (used in) operating activities	0		(24)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including change in construction payables	0		0
Issuance of third-party loans and advances	0		0
Payments received on third-party loans	0		0
(Increase) decrease in restricted cash, net	0		0
Proceeds from asset sales	0		0
Payment of escrow deposit			0
Investments in unconsolidated affiliates			0
Inter-company transactions	10,030		14,205
Net cash flows used in investing activities	10,030		14,205
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe			0
Repayments of other long-term debt	0		0
Principal portion of relinquishment liability payments	0		0
Distributions to Mohegan Tribe	0		0
Payments of financing fees			0
Payments on capital lease obligations	26		24
Inter-company transactions	(10,056)		(14,205)
Net cash flows provided by (used in) financing activities	(10,030)		(14,181)
Net increase (decrease) in cash and cash equivalents	0		0
Cash and cash equivalents at beginning of period	0		0		0
Cash and cash equivalents at end of period	0		0
Consolidating/Eliminating Adjustments | Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0
Consolidating/Eliminating Adjustments | Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments			0
Consolidating/Eliminating Adjustments | Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0		0
Credit facility/line of credit repayments	0		0
Consolidating/Eliminating Adjustments | Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0
Credit facility/line of credit repayments	0		0
Consolidating/Eliminating Adjustments | Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings			0
Credit facility/line of credit repayments	0		0
Consolidating/Eliminating Adjustments | Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit borrowings	0		0
Credit facility/line of credit repayments	$ 0		$ 0

[1] Includes the Pocono Subsidiaries, MBC, Mohegan Golf, Mohegan Ventures-NW, MVW, WTG and MTGA Gaming.

[2] Includes Mohegan Lacrosse, MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

[3] Includes MGA and subsidiaries, Downs Lodging, Salishan-Mohegan, MG&H and Mohegan Resorts and subsidiaries.

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 28,959	$ (57,919)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	39,617	39,997
Relinquishment liability reassessment	(243)	0
Accretion of discount to the relinquishment liability	227	1,102
Cash paid for accretion of discount to the relinquishment liability	(778)	(1,794)
Loss on early extinguishment of debt	0	58,479
Payments of tender offer costs and discounts	0	(48,155)
Amortization of debt issuance costs and accretion of bond discounts	3,816	4,301
Provision for losses on receivables	2,076	1,622
Impairment of Project Horizon	2,502	0
Loss on disposition of assets	819	52
Loss from unconsolidated affiliates	1,263	854
Changes in operating assets and liabilities:
(Increase) decrease in receivables	2,443	(3,863)
Increase in inventories	(631)	(1,455)
Increase in other assets	(4,782)	(5,206)
Increase (decrease) in trade payables	(8,446)	287
Increase (decrease) in accrued interest	1,217	(13,021)
Increase in other liabilities	7,990	13,680
Net cash flows provided by (used in) operating activities	76,049	(11,039)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment, including decreases in construction payables of $4,938 and $5,912, respectively	(7,742)	(22,345)
Issuance of third-party loans and advances	(1,135)	(1,026)
Payments received on third-party loans	77	569
(Increase) decrease in restricted cash, net	(1,710)	12,078
Proceeds from asset sales	1,558	36
Payment of escrow deposit	0	(3,356)
Investments in the New England Black Wolves	(500)	0
Investments in unconsolidated affiliates	0	(29)
Net cash flows used in investing activities	(9,452)	(14,073)
Cash flows provided by (used in) financing activities:
Repayments to Mohegan Tribe	0	(2,750)
Repayments of other long-term debt	(9,826)	(191,010)
Principal portion of relinquishment liability payments	(24,400)	(23,457)
Distributions to Mohegan Tribe	(20,000)	(20,000)
Payments of financing fees	0	(12,629)
Payments on capital lease obligations	(527)	(1,128)
Net cash flows provided by (used in) financing activities	(51,156)	21,369
Net increase (decrease) in cash and cash equivalents	15,441	(3,743)
Cash and cash equivalents at beginning of period	49,108	63,624
Cash and cash equivalents at end of period	64,549	59,881
Supplemental disclosure:
Cash paid during the period for interest	66,147	83,806
Credit Facility | Bank Credit Facility - Term
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	0	(393,000)
Credit Facility | Prior Term Loan Facility
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	0	(222,103)
Credit Facility | Senior Secured Credit Facility - Revolving, due June 2018
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	(199,000)	(91,000)
Credit facility/line of credit borrowings	212,000	130,000
Credit Facility | Senior Secured Credit Facility - Term Loan A
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	(3,125)	(1,563)
Credit facility/line of credit borrowings	0	124,343
Credit Facility | Senior Secured Credit Facility - Term Loan B
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	(3,650)	(1,825)
Credit facility/line of credit borrowings	0	720,952
Credit Facility | Line of Credit
Cash flows provided by (used in) financing activities:
Credit facility/line of credit repayments	(224,459)	(150,453)
Credit facility/line of credit borrowings	$ 221,831	$ 156,992

XML

RELATED PARTY TRANSACTIONS

6 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS:

Distributions to the Tribe totaled $10.0 million and $20.0 million for each of the three months and six months ended March 31, 2015 and 2014, respectively.

The Tribe provides certain governmental and administrative services in connection with the operation of Mohegan Sun. The Authority incurred expenses for such services totaling $7.1 million and $7.3 million for the three months ended March 31, 2015 and 2014, respectively, and $14.2 million and $14.3 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority purchases most of its utilities, including electricity, gas, water and waste water services, from an instrumentality of the Tribe, the Mohegan Tribal Utility Authority. The Authority incurred costs for such utilities totaling $5.1 million and $6.3 million for the three months ended March 31, 2015 and 2014, respectively, and $9.4 million and $10.8 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority incurred interest expense associated with borrowings from the Mohegan Tribe totaling $523,000 and $569,000 for the three months ended March 31, 2015 and 2014, respectively, and $1.1 million and $1.2 million for the six months ended March 31, 2015 and 2014, respectively.

The Authority leases the land on which Mohegan Sun is located from the Tribe under a long-term lease agreement. On February 27, 2015, the Authority entered into a fourth amendment to the land lease pursuant to which it released from the land lease an approximately 1.2-acre site to be used by the Tribe to finance, develop and own, through MTFA, an approximately 400-room hotel and related improvements. In connection with this transaction, effective March 5, 2015, the Authority entered into a sublease agreement with MTFA to sublease the site and the completed hotel and related improvements for the purpose of operating the hotel on a triple net basis for a term of 28 years and 4 months, commencing upon the completion of the project. Rental payments under the sublease agreement also will commence upon the completion of the project. Completion and opening of the project is anticipated to occur in the fall of 2016. The Authority classified the sublease as an operating lease for financial reporting purposes in accordance with authoritative guidance issued by the FASB pertaining to the accounting for leases.

Minimum future rental expense that the Authority expects to incur under the sublease agreement is as follows (in thousands):

	Fiscal Years Ending September 30,
	2015		2016		2017		2018		2019		Thereafter		Total
Minimum future rental expense	$	—	$	—	$	6,327	$	6,908	$	7,011	$	224,682	$	244,928

XML

BASIS OF PRESENTATION - Additional Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2010	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Impairment of Project Horizon	$ 2,502	$ 0	$ 2,502	$ 0	$ 5,000	$ 58,100
Proceeds from asset sales			1,558	36
Asset under Construction [Member]
Property, Plant and Equipment [Line Items]
Proceeds from asset sales							$ 1,300

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL STATEMENT INFORMATION - Introduction (Details)	Mar. 31, 2015
Pocono Downs Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Mohegan Basketball Club, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Mohegan Golf, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Mohegan Ventures-Northwest, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Mohegan Ventures Wisconsin, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Wisconsin Tribal Gaming, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
MTGA Gaming, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%

XML

RELINQUISHMENT AGREEMENT (Tables)

6 Months Ended

Mar. 31, 2015

RELINQUISHMENT AGREEMENT [Abstract]

Relinquishment payments

Relinquishment payments consisted of the following (in millions):

	For the Six Months Ended
	March 31, 2015		March 31, 2014
Principal	$	24.4	$	23.5
Accretion of discount	0.8		1.8
Total	$	25.2	$	25.3