MOHEGAN TRIBAL GAMING AUTHORITY

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BRANCHING OUT
MOHEGAN TRIBAL GAMING AUTHORITY
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MOHEGAN TRIBAL GAMING AUTHORITY Lehman
Brothers 2008 High Yield Bond Syndicated Loan
Conference March 12, 2008 Lake Buena Vista,
Florida Presented by Peter J. Roberti, Vice
President of Finance of MTGA
William Quidgeon Jr.,
Treasurer of the Mohegan Tribe
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Disclosure Regarding Forward-Looking Statements

• Some information included in this presentation is
  not strictly historical in nature and involve
  important risks and
• uncertainties that could significantly affect
  anticipated results in the future. Such
  statements are 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. These forward-looking
  statements are only predictions and actual events
  or results may
• differ materially from any forward-looking
  statements made during this presentation.
• Factors that could cause actual results to vary
  from these forward-looking statements are more
  fully described in
• our Annual Report on Form 10-K, as filed with the
  Securities and Exchange Commission, for the
  fiscal year
• ended September 30, 2007, under the heading
  Risk Factors. Forward-looking statements made
  during this
• presentation represent the Authoritys current
  outlook only as of todays date. The Authority
  does not undertake
• any obligation to update or supplement any
  forward-looking statements to reflect subsequent
  events or
• circumstances. The Authority cannot assure you
  that projected results will be achieved or that
  predicted events
• will occur.

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Disclosure Regarding Non-GAAP Measures

• The following presentation includes certain
  financial measures of performance that are
• not calculated in accordance with accounting
  principles generally accepted in the United
• States of America, or GAAP. In accordance with
  the rules of the Securities and Exchange
• Commission, we have reconciled these non-GAAP
  measures to the most directly
• comparable GAAP measure in the Appendix section
  of this presentation. A copy of other
• relevant slides pertaining to the use of non-GAAP
  measures is available on our website,
• www.mtga.com, at Investor Relations/Online
  Presentations/2008 Presentations, titled
• Disclosure Regarding Non-GAAP Measures.

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Agenda

• Mohegan Tribe Overview
• Mohegan Tribal Gaming Authority Overview
• Mohegan Sun - Project Horizon
• Mohegan Sun - Project Horizon Video
• Mohegan Sun at Pocono Downs
• Diversification Efforts
• Financial Overview
• MTGA Capital Structure Liquidity and Capital
  Expenditures
• Investment Considerations
• Questions
• Appendix

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Mohegan Tribe Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Tribe Overview

• The Mohegan Tribe received federal recognition in
  1994
• Approximately 1,700 members
• Strongly committed to tribal culture and history
• Mohegan Sun and grounds are situated on 185 of
  the Mohegan Tribes 507-acre reservation in
  southeastern CT

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Mohegan Tribe Overview (Cont.)

• Nine member Tribal Council serves as governing
  body
• Bruce S. Bozsum Chairman and Member
• Marilynn R. Malerba Vice Chairwoman and Member
• William Quidgeon, Jr. Treasurer and Member
• Allison D. Johnson Recording Secretary and
  Member
• Ralph James Gessner, Jr. Corresponding
  Secretary and Member
• Mark W. Hamilton Member
• Mark F. Brown Member
• Cheryl A. Todd Member
• Thayne D. Hutchins, Jr. Member

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Mohegan Tribal Gaming Authority Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Tribal Gaming Authority Management
Overview
Mohegan Tribal Gaming Authority
Menominee Project
Cowlitz Project
Mohegan Sun at Pocono Downs
Mohegan Sun
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Mohegan Tribal Gaming Authority Management
Bruce S. Bozsum Chairman Management Board
Mitchell Grossinger Etess President and CEO
MTGA and Mohegan Sun
Jeffrey E. Hartmann Executive VP and COO MTGA
and Mohegan Sun
Robert J. Soper President and CEO Mohegan Sun
at Pocono Downs
Leo M. Chupaska CFO MTGA
Michael J. Ciaccio VP General Counsel
MTGA
Peter J. Roberti VP Finance MTGA
Paul I. Brody VP Development MTGA
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MTGA Strategies 2008 - 2012

• Development of the Mohegan Sun culture
• Development and implementation of strategic
  performance controls
• Review of customer service related information
  technology requirements
• Establishment of MTGA development staff
• Development of the Mohegan Sun sub-brand
• Establishment of customer service and employee
  satisfaction valuation systems and metrics
• Development and implementation of a management
  training program

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Mohegan Sun Project Horizon
MOHEGAN TRIBAL GAMING AUTHORITY
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Project Horizon
World Renowned Design and Construction Team

• Wimberly Allison Tong Goo
• Rockwell Group
• Keating Building Corporation
• Skanska USA

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Project Horizon

• Components
• Sunrise Square
• Casino of the Wind
• Earth Expansion
• Garage Expansion
• Infrastructure and Roads
• Project Cost
• 925.0 million

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Project Horizon Sunrise Square

• Asian gaming expansion
• David Rockwell designed
• 8,500 square-foot gaming floor featuring 46
  table games
• 4,000 square-foot Hong Kong Street food
  outlet
• 5,000 square-foot bus lobby
• Successfully opened in August 2007

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Project HorizonCasino of the Wind

• 64,000 square-foot expansion adjacent to Casino
  of the Sky
• 45,000 square feet of gaming space, including
• 670 slot machines
• 28 table games
• A themed poker room with 42 tables
• Jimmy Buffetts Margaritaville Restaurant
• Two-levels
• 16,000 square feet
• Chiefs Deli
• Expected to open in the fall of 2008

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Project HorizonEarth Expansion

• 918-room, 39-story hotel tower
• 751 standard rooms
• 167 suites
• House of Blues and Mohegan Sun combined
• 657 Mohegan Sun owned and operated rooms
• 261 House of Blues-themed rooms
• 9,000 square-foot exclusive, members-only,
  House of Blues
• Foundation Room
• Swimming pool and spa
• Expected to open in October 2010

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Project HorizonEarth Expansion - Other House of
Blues Components

• 1,500-person capacity music hall
• 300-seat casual dining restaurant
• Special events room
• Retail shop

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Project Horizon
Earth Expansion - Retail and Restaurant Components

• Approximately 44,000 square feet of new retail
  space
• Approximately 38,000 square feet of food and
  beverage facilities, including
• Two celebrity fine-dining venues
• A celebrity burger bar restaurant
• Four bars
• A family-style pizzeria
• A four-station branded quick-serve outlet
• An overlook coffee bar
• 4,100 square-foot Kidss Quest expansion
• Expected to open in October 2010

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When Project Horizon is CompletedMohegan Sun
December 31, 2010

• Approximately 4.4 million square feet
• 2,093 hotel rooms
• More than 75 retail and restaurant outlets
• More than 30 bars and lounges
• Four entertainment venues
• 380 table games (including poker tables)
• 6,812 slot machines

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Project Horizon Video
MOHEGAN TRIBAL GAMING AUTHORITY
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Project Horizon
Investment Considerations

• Extension of Mohegan Sun as a lifestyle brand
• Master planned and designed facility
• Will protect against current and potential
  northeastern competition
• Will provide additional cash flow overall for
  deleveraging

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Mohegan Sun at Pocono Downs
MOHEGAN TRIBAL GAMING AUTHORITY
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Phase I Gaming Facility

• Opened on November 14, 2006
• One of the highest Win Per Unit Per Day in the
  Northeast region
• 386 - LTM 12/31/2007
• Two-level casino
• 90,000 square feet of gaming space
• 1,203 slot machines including video table games
• Two casino bars
• A food court
• A retail shop
• Total cost of approximately 70.0 million

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Project Sunrise
Expansion of Mohegan Sun at Pocono
Downs

• Construction commenced in May 2007
• Anticipated to cost approximately 208.0 million
• Expected to open in the summer of 2008
• When completed, the combined facility will
  include
• 2,500 slot machines
• Three branded fine dining restaurants
• A 300-seat Uncas Buffet
• A five-station branded quick-serve food court
• 7,000 square feet of retail shopping
• six stores
• Sushi bar/Country bar
• Additional parking and bus amenities

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Diversification Efforts
MOHEGAN TRIBAL GAMING AUTHORITY
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Diversification Efforts

• Kansas
• New York
• Massachusetts
• Cowlitz Project
• Menominee Project

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Kansas
Legends Sun

• Overview
• MTGA, Olympia Gaming and RED Development
  partnership
• Formed for the development of a gaming facility
  and destination resort named Legends Sun to be
  located in Wyandotte County, Kansas
• Proposed 770.0 million project
• A Mohegan Sun-style casino
• 2,000 slot machines, 60 table games and a 25
  table poker room
• A luxury hotel with approximately 350 rooms
• A convention and conference facility
• Approximately 200,000 square feet of mixed-use
  retail
• Approximately 200,000 square feet of residential
  development
• A Robert Trent Jones II designed championship
  golf course

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Kansas
Legends Sun (Cont.)

• Progress Report
• On September 25, 2007, MTGA, Olympia and RED
  submitted the Legends Sun application to the
  Unified Government of Wyandotte County/Kansas
  City, Kansas, for approval
• In late 2007, three applicants, Legends Sun,
  Pinnacle Entertainment and Cordish Company have
  received the endorsement of the Unified
  Government of Wyandotte County/Kansas City,
  Kansas for their proposals
• In December 2007, Legends Sun submitted its
  application to the Kansas Lottery Commission in
  accordance with the Kansas Expanded Lottery Act
• In January 2008, Las Vegas Sands resubmitted its
  proposal to the Unified Government of Wyandotte
  County/Kansas City, Kansas and the Kansas Lottery
  Commission, for approval
• The Kansas Lottery Commission is expected to make
  a decision in 2008

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New York

• Overview
• On February 13, 2008, the state of New York
  awarded the New York thoroughbred racing
  franchise to New York Racing Authority (NYRA) for
  an additional 30 year term
• Under the approved legislation, a gaming operator
  would be selected to operate 4,500 VLTs at
  Aqueduct
• MTGA has submitted an application to manage the
  4,500 VLTs at Aqueduct
• The proposed facility will include the following
  
• 4,500 VLTs
• Dining options
• Limited retail
• A VLT operator is expected to be selected in the
  spring of 2008
• The facility is expected to open in the fall of
  2009

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Massachusetts

• Overview
• In October 2007, the Governor of Massachusetts
  filed legislation calling for the award of
  licenses for three major gaming facilities to be
  built in the western, southeastern and
  metropolitan Boston areas of the state
• MTGA signed an exclusivity agreement with
  Northeast Realty, a development company that owns
  150 acres of land in Palmer, Massachusetts, to
  build a 164,000 square-foot casino
• Proposed 1.0 billion project
• A 600-room hotel
• A 15,000 square-foot spa
• Twelve restaurants and food venues
• 100,000 square feet of retail space
• A multi-purpose entertainment venue
• Garage and surface parking

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Cowlitz Project

• Overview
• The Cowlitz Tribe is a federally recognized
  landless tribe, with most members residing in
  southern Washington state
• The Tribe is seeking to build a 510 million
  casino and resort in La Center, WA which is
  located near Portland, Oregon
• MTGA has partnered with a local businessman
  (Cowlitz Tribal Member) to develop and manage the
  property
• Progress Report
• Land for planned casino site has been acquired
• Cowlitz received a restored lands opinion in late
  2005 from NIGC
• Final EIS was delivered to the Central BIA office
  in Washington D.C.
• Washington state gaming regulators and the
  Washington Tribes have agreed on new gaming
  compacts
• Awaiting a Record of Decision from the BIA

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Menominee Project

• Overview
• Menominee Tribes reservation is located in
  Keshena, WI
• Currently projecting an 808 million casino in
  Kenosha, WI at the Dairyland Greyhound track
• Site is 50 miles north of Chicago and 30 miles
  south of Milwaukee
• MTGA will develop and manage the property
• Progress Report
• Land into Trust Application submitted in July
  2004
• The BIAs Midwest Regional Office issued a two
  part recommendation recommending the land be
  taken into Trust for the project
• Two referendums were passed, one in the city of
  Kenosha and one in the county of Kenosha
• The Menominee Tribe and the city and county of
  Kenosha have entered into intergovernmental
  agreements
• Final EIS has been moved to the Central BIA
  office in Washington D.C. for review
• Awaiting a Record of Decision from the BIA

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Financial Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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First Quarter Fiscal 2008 Operating Results

• Record first quarter consolidated gaming revenues
  of 350.6 million, a 1.3 increase over the
  corresponding period in the prior year
• Consolidated gross slot revenues of 249.0
  million, a 0.6 decrease from the corresponding
  period in the prior year
• Table games revenues of 100.4 million, a 6.1
  increase over the corresponding period in the
  prior year
• Consolidated non-gaming revenues of 69.7
  million, a 0.3 decrease from the corresponding
  period in the prior year
• Consolidated income from operations of 51.4
  million, a 24.6 decrease from the corresponding
  period in the prior year
• Consolidated net income of 23.7 million, a 37.5
  decrease from the corresponding period in the
  prior year
• Consolidated Adjusted EBITDA of 76.6 million, a
  19.1 decrease from the corresponding period in
  the prior year

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First Quarter Fiscal 2008 and 2007 Gross
Revenue Comparison
Q1 08
Q1 07
420.4
416.2
350.7
346.3
31.5
31.9
25.6
25.1
12.6
12.9
(in millions)
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Operating Statistics - First Quarter Fiscal 2008
and 2007
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Current Slot Operating Results
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Current Slot Operating Results
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Factors Impacting First Quarter Fiscal 2008
Operating Results

• Lower slot handle and slot revenues at Mohegan
  Sun
• Increased competition
• Abnormally high December promotional activities
  from our Connecticut competitor
• A general downturn in the regional economy
• Unfavorable weather conditions in the Northeast
  region
• Higher operating costs for Mohegan Sun
• Market driven labor increases
• Higher corporate related expenses
• A 3.5 million non-recurring non-cash charge
  relating to the Menominee Project
• Increased professional costs and consulting
  expenditures
• Higher slot handle and slot revenues at Mohegan
  Sun at Pocono Downs
• A full quarter of operations of the slot
  facility, which opened on November 14, 2006
• Higher table games drop and table games revenues
  at Mohegan Sun
• Continued focus on high end table play
• Continued success of the Asian marketing program

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Operating Results - First Quarter Fiscal 2008
and 2007
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Mohegan Sun Annual Compound Rate
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Mohegan Sun Annual Compound Rate
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MTGA Annual Compound Rate
( in millions)
CAGR13.2
CAGR 11.1
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Mohegan Tribal Gaming Authority Capital
Structure Liquidityand Capital Expenditures
MOHEGAN TRIBAL GAMING AUTHORITY
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Debt Capitalization
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Distributions and Capital Spending
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Financing Update

• The Authority amended its 1.0 billion revolving
  credit facility in February 2008
• Increases in the permissible amount of capital
  expenditures
• Project Horizon - from 800.0 million to 950.0
  million
• Project Sunrise - from 200.0 million to 215.0
  million
• Modifies certain provisions of the facility to
  conform with the increase in projected project
  expenditures and the change in the projected
  completion dates for both projects
• Total leverage
• Senior leverage
• Minimum fixed charge coverage ratio

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Investment
Considerations
MOHEGAN TRIBAL GAMING AUTHORITY
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Investment Considerations

• Mohegan Sun Market Location
• Connecticut duopoly with Foxwoods
• High barriers to entry for other Indian gaming
• Centrally located between Boston and New York
  City
• Located approximately one mile from I-395 with
  easy access from highway
• Mohegan Sun Operations
• Experienced and focused management team
• Senior management has over 100 years of
  cumulative experience in the gaming and hotel
  industry
• Proven Tribal Leadership
• Practical and conservative view of balancing
  distributions and debt
• Strategic vision to grow the Company

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Questions
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Appendix
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Reconciliation of Adjusted EBITDA to Net Income
For the Quarters Ended December 31, 2007 and 2006