MOHEGAN TRIBAL GAMING AUTHORITY

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MOHEGAN TRIBAL GAMING AUTHORITY Deutsche
Bank Sixteenth Annual Leveraged Finance
Conference September 24, 2008 Scottsdale,
Arizona Presented by Leo M. Chupaska, Chief
Financial Officer of MTGA Peter J. Roberti, Vice
President of Finance of MTGA
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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 at Pocono Downs
• Diversification Efforts
• Financial Overview
• Capital Structure, Liquidity, Distributions and
  Capital Expenditures
• Focus - Next Twelve Months
• 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
• Mohegan Sun and grounds are situated on 185 of
  the Mohegan Tribes 507-acre reservation in
  southeastern CT
• Mohegan Tribe Distribution Policy
• Approved by the Bureau of Indian Affairs (BIA)
• Distributions are made on a quarterly basis to
  members
• Tribal Council determines level of tribal
  stipends that will be distributed to members
• Distributions to members under 18 years of age
  are deposited to a trust created by the Tribe

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Mohegan Tribe Overview

• 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
MTGA Gaming
Mohegan Ventures Wisconsin
Mohegan Ventures Northwest
Mohegan Commercial Ventures PA
Mohegan Gaming Hospitality
Wisconsin Tribal Gaming
Salishan Mohegan
Downs Racing
Menominee Project
Cowlitz Project
Mohegan Sun at Pocono Downs
Mohegan Sun
Mohegan Resorts
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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
Toby Arnheim Senior VP Project Management MTGA
Marcia Seligman VP General Counsel
MTGA
Peter J. Roberti VP Finance MTGA
Paul I. Brody VP Development MTGA
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Mohegan Sun Project Horizon
MOHEGAN TRIBAL GAMING AUTHORITY
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Project HorizonProject Components
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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
• Approximately 660 slot machines
• 28 table games
• 42-table poker room
• Chiefs Deli
• 35-foot high electronic animated water wall
• Successfully opened on August 29, 2008
• Jimmy Buffetts Margaritaville Restaurant and
  Retail Outlet
• Two-levels
• 16,000 square feet
• Opening on September 29, 2008

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Project HorizonEarth Expansion Suspension of
the Project

• On September 22, 2008, we announced that we are
  suspending the Earth Expansion and Parking
  components of Project Horizon
• We believe that this is the most prudent course
  of action given the weakness in the economy
• We will reevaluate the feasibility of these
  components in approximately twelve months

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Project HorizonEarth Expansion Suspension of
the Project

• Next Steps
• Finish the foundation work and bring to grade
  level
• Back fill remaining to grade level
• Steel, Glass and other material contracts were
  not executed
• Refurbish the Winter Entrance which was closed
  down
• Connect the Winter Garage to the Winter Entrance
• Finish construction drawings November 2008
• Complete bid packages
• Orderly close-out of construction contracts
• Preserve key construction and support staff,
  where possible

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Mohegan Sun at Pocono Downs
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Sun at Pocono Downs

• The Pocono Downs property, including Project
  Sunrise which opened on July 17, 2008, now
  includes
• 2,500 slot machines
• Several dining options including
• Ruth Chris Steakhouse, Rustic Kitchen Bistro and
  Bar and Bar Louie
• A 300-seat Timbers Buffet
• A quick-serve dining area including Johnny
  Rockets, Hot Dog Hall of Fame, Puck Express by
  Wolfgang Puck, Ben and Jerrys Ice Cream and
  Betty and Joes Baker and Coffee Maker
• Six retail outlets
• Brookstone, Marshall Rousso, Misura, Reflections,
  Crossing Vineyards Wine and Cheese Shop and MOGO
• Three bars/lounges
• Sunburst Bar, Breakers and Pearl Sushi Bar
• Additional parking and bus amenities

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Diversification Efforts
MOHEGAN TRIBAL GAMING AUTHORITY
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Diversification Efforts

• New York
• Management Contract
• Cowlitz Tribe Project
• Management and Development Contract
• Menominee Tribe Project
• Management and Development Contract

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New YorkMTGA Gaming, LLC

• Overview
• In February 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
• In April 2008, MTGA 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
• The proposed facility is expected to open 12 to
  14 months after the selection of a manager
• There are 3 applicants, including MTGA, competing
  for the management contract
• Other competitors are Delaware North and SL Green
  with Hard Rock

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Cowlitz Project Salishan-Mohegan, LLC

• Overview
• The Cowlitz Tribe is a federally recognized
  landless Tribe, with most members residing in
  southwestern Washington state
• The Tribe is seeking to build a casino and resort
  in La Center, Washington which is located near
  Portland, Oregon
• MTGA has partnered with a David Barnett, a
  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 which materially expand the scope of
  gaming
• Awaiting a Record of Decision from the BIA

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Menominee ProjectWisconsin Tribal Gaming, LLC

• Overview
• Menominee Tribes reservation is located in
  Keshena, WI
• Currently projecting a casino and resort 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
• Two referendums were passed, one in the city of
  Kenosha and one in the county of Kenosha
• The BIAs Midwest Regional Office issued a two
  part recommendation recommending the land be
  taken into Trust for the project
• 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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Consolidated Operating Results Nine Months
Ended June 30, 2008 and 2007

• Gaming revenues of 1.04 billion, a 3.5 decrease
  from June 30, 2007
• Table games revenues of 278.1 million, a 4.7
  decrease from June 30, 2007
• Gross slot revenues of 755.9 million, a 3.0
  decrease from June 30, 2007
• Non-gaming revenues of 219.9 million, a 10.0
  increase over June 30, 2007
• Net revenues of 1.16 billion, a 2.1 decrease
  from June 30, 2007
• Income from operations of 146.1 million, a 32.7
  decrease from June 30, 2007
• Net income of 62.2 million, a 50.6 decrease
  from June 30, 2007
• Adjusted EBITDA of 221.7 million, a 23.9
  decrease from June 30, 2007

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Operating Statistics Nine Months Ended June 30,
2008 and 2007
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Consolidated Operating Results Nine Months
Ended June 30, 2008 and 2007
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Connecticut Slot Statistics
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Connecticut Slot Statistics
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Pennsylvania Slot Statistics
Mt. Airy opened in October 2007
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Pennsylvania Slot Statistics
Mt. Airy opened in October 2007
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Mohegan Sun Annual Compound Rate
(1) LTM through June 30, 2008
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Mohegan Sun Annual Compound Rate
CAGR 4.0 (2)
3,389 (2)
(1) LTM through June 30, 2008 (2) Normalized
for table hold impact in 3Q08
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MTGA Annual Compound Rate
CAGR12.1
( in millions)
CAGR 8.3
(1) LTM through June 30, 2008
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Capital Structure, Liquidity, Distributions and
Capital Expenditures
MOHEGAN TRIBAL GAMING AUTHORITY
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Capital Structure and Liquidity
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Distributions and Capital Spending
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Financing Update

• We currently have a revolving credit facility
  with Bank of America, N.A., as the administrative
  agent, which provides for up to 1.0 billion in
  borrowing capacity
• We have commenced discussions with Bank of
  America, N.A. and certain of our other lenders
  under our revolving bank credit facility
  regarding amendments to our existing covenants
  relating to the scope and completion of Project
  Horizon
• We are currently exploring various refinancing
  options with respect to our 2003 6 3/8 Senior
  Subordinated Notes which mature on July 15, 2009

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Focus Next Twelve Months
MOHEGAN TRIBAL GAMING AUTHORITY
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Focus Next Twelve Months

• Strengthen Balance Sheet
• Maximize Returns
• Mohegan Sun
• Mohegan Sun at Pocono Downs
• Develop MTGA-owned Real Estate with 3rd Parties
• Strategic vision to grow the Company outside the
  Northeastern United States
• Measured growth opportunities which do not
  require significant capital outlay to realize
  returns

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Questions
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Appendix
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Reconciliation of Adjusted EBITDA to Net Income
For the Nine Months Ended June 30, 2008 and 2007