Hartford Business Journal

6 Hartford Business Journal • August 3, 2015 www.HartfordBusiness.com TOP STORY Mohegan operator's 3Q net up on cost cutting The Mohegan Tribal Gaming Authority, which operates Mohegan Sun in Un- casville and Mohegan Sun Pocono in Pennsylvania, said its fiscal third-quarter profits more than doubled thanks to lower operating costs and expenses. Profits for the quarter ended June 30 were $28.1 million, up from $13.9 million in the same quarter last year. Net revenue fell less than 1 percent, to $325 million, led by a drop in retail and entertainment sales. But MTGA cut its quarterly costs and expenses by nearly $14 million, from $277.4 million a year ago to $263.5 million. The authority said the cost cut- ting was the result of "various strategic operational and marketing changes designed to enhance operating efficiency and improve profitability resulting in reduced payroll costs and casino marketing and promotional expenses." At Mohegan Sun in Connecticut, net revenue fell $2.1 million, to $246.8 million, while costs and expenses fell $9.5 million, to $192.3 million. ARTS & CULTURE Air museum lands $230K renovation grant The New England Air Museum in Windsor Locks said a $230,000 grant from the Hartford Foundation for Public Giving will help it update its facilities and develop new exhibits. NEAM, located across Perimeter Road from Bradley International Airport, plans to renovate its lobby to resemble a retro air terminal, create more exhibit space and classroom capacity for field trips, elevate its aircraft collection and add a café on the mezzanine level. The overall $1.3 million capital project will also include creating a reproduc- tion of a 1951 flight control tower in the museum's hangar. NEAM said additional funding will come from the State Bond Commission, fundraising and reserves. INSURANCE CT docs in line for $2.2M from United Healthcare Health insurer United Healthcare, which maintains downtown Hartford offic- es, said it has awarded $2.2 million in bonus payments to nearly 50 Connecticut doctors in its Medicare Advantage program. United Healthcare's PATH program rewards physicians who meet certain popula- tion-health performance criteria involving preventative screening for certain cancers and adherence to blood pressure, diabetes and cholesterol medication regimens. The idea — similar to the growing number of population-based or value- based health programs across the industry — is to catch health problems early to avoid expensive complications and improve health outcomes. Across the country this year, United Healthcare said it will award $54 million to 4,000 providers who collectively treat nearly one million Medicare Advantage members. BANKING & FINANCE SI Financial shutting E. Lyme branch Windham lender Savings Institute Bank & Trust is closing its East Lyme branch this fall, citing customers' growing use of online banking and other self- service options. SI said last week that its branch at 305 Flanders Road will shut on Nov. 13. Its customers will be directed to the bank's Groton branch, at 971 Poquon- nock Road. SI said it has recently upgraded systemwide its automated teller machines, online banking, mobile application and customer-service call center to serve customers around the clock. Savings Institute Bank & Trust is a wholly owned unit of SI Financial. ECONOMY & LABOR Middlesex County tops in credit-card frugality Middlesex County residents have some of the lowest levels of credit card debt in the country, according to consumer finance website SmartAsset. Middlesex County has credit-card debt per capita of $3,670, which is 4.2 percent of wealth — the 12th lowest in the country. With Middletown as its most populous town and Essex its highest earning, the county ranks 59th in the country on SmartAsset's credit card debt index, which also factors in per-capita income, but at a lower weight. Hartford County ranked 279th on the credit-card debt index, with per-capita debt of $3,170 representing 9.1 percent of income and 7 percent of wealth. EDUCATION Audit: UConn needs bond refi, pay-bonus plan A state audit of UConn's operations determined that the $1 billion higher education system is paying too much interest in a three-year-old loan and needs to develop a written plan for awarding bonuses to employees. Among state auditors' recommendations, following their review of fiscal years 2012 and 2013: UConn should ask the legislature to authorize a refinancing of a $203 million loan taken in late 2012 from TIAA-CREF. With an interest rate of 4.8 percent, the loan will result in total interest payments of $158.6 million, auditors said. A standard bond issuance could save UConn nearly $76.8 million over the life of the loan, auditors estimated. Auditors also said UConn needs a written plan for awarding performance- based bonuses. UConn could not provide any documentation justifying a total of $93,268 in bonuses awarded to six employees of its finance and budget division. UConn said the payments were awarded to employees who were not compensated for ad- ditional hours spent implementing a new financial software system called Kuali. Auditors said the lack of a structured plan gave the impression that the raises were arbitrary or subjective. UConn responded that it would develop a formal plan in the future, should it decide to award performance-based pay for comple- tion of major projects. ENERGY & UTILITIES California firm buys Plainfield power plant Sacramento, Calif. power plant owner Greenleaf Power has finalized its pur- chase of the Plainfield Renewable Energy Plant in Connecticut. The Plainfield biomass facility generates 37.5 megawatts of electricity, enough for as many as 280,000 homes, and sells it to Berlin electric utility Eversource Energy. Greenleaf Power purchased the plant with Boston private equity firm Denham Capital. Financial terms were not disclosed. The proposed deal was first an- nounced in March. Virginia financier Leidos Holdings acquired the biomass plant through fore- closure in late 2013 after the original owner, New Jersey-based Enova Energy Group, failed to complete construction. Leidos completed the construction, re- started the plant and then sold it to Greenleaf. HEALTH CARE CT adds more medical marijuana patients Connecticut's list of registered medical marijuana patients grew 20 percent over the past 54 days, the Department of Consumer Protection said last week. As of July 29, there were 4,914 registered patients, up from 4,097 on June 5, according to DCP. That was up from 3,635 on April 15 and 2,326 on Oct. 15 — a count taken shortly after dispensaries began selling the drug. New Haven has the most patients, at 1,298. Meanwhile, Fairfield County has 1,196 patients and Hartford County has 1,054. BY THE NUMBERS $1.59B The amount the state paid to 46,766 retired pensioners last year, according to the Yankee Institute for Public Policy. 95 The number of potential layoffs coming to the state Department of Labor in October, due to a federal funding cut. 4,914 The number of registered medical marijuana patients in Connecticut as of July 29. 1,600 The number of electric vehicles registered in Connecticut. April 7 Opening Day in the inaugural season for minor league ballclub Hartford Yard Goats. They play the Richmond Flying Squirrels. TOP 5 MOST READ on HartfordBusiness.com ■ 100 Pearl's seller buying The Hartford's campus ■ CT pension payouts increased last year ■ First of Malloy's $100B transportation plan gets funding ■ UTC Building CEO to retire ■ Air museum lands $230K renovation grant STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com. HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW Despite revenue falling at its flagship Mohegan Sun casino in Uncasville, the Mohegan Tribal Gaming Authority increased its profits in the third quarter. P H O T O | C O N T R I B U T E D

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