Exhibit 99.1

MOHEGAN TRIBAL GAMING AUTHORITY’S FOURTH QUARTER FISCAL 2011 ADJUSTED

EBITDA RISES 23.8% TO $90.5 MILLION

Uncasville, Connecticut, December 29, 2011 – The Mohegan Tribal Gaming Authority, or the Authority, the owner and operator of Mohegan Sun in Uncasville, Connecticut, and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pennsylvania, announced today its operating results for the fourth fiscal quarter ended September 30, 2011.

“We could not be more pleased with our earnings for the quarter,” said Mitchell Grossinger Etess, Chief Executive Officer of the Authority. “These results were quite impressive, particularly given the impact of Hurricane Irene and persisting economic concerns. The growth in Adjusted EBITDA and margin is extremely rewarding and demonstrates the commitment and dedication of our entire team. We are also pleased with the progress made in recent weeks toward finalizing our refinancing plan. Though we were not able to complete the plan during our first quarter of fiscal 2012 and, as a result, our auditors issued a ‘going concern’ opinion on our 2011 financial statements, we have obtained a waiver from our bank group addressing the opinion which we believe reflects the group’s continued confidence in and support of the Authority and the Mohegan Tribe. I look forward to discussing our fourth quarter results in further detail after the holidays on our scheduled conference call to be held on Wednesday, January 4, 2012”.

Consolidated operating results for the fourth quarter ended September 30, 2011:

The growth in net income attributable to the Authority and income from operations for the quarter ended September 30, 2011 was attributable to lower operating costs and expenses. The decline in operating costs and expenses primarily reflects the impact of a $58.1 million impairment charge related to the suspended elements of Project Horizon in the fourth quarter of fiscal 2010. The decline in operating costs and expenses also resulted from our continued focus on managing expenses and enhancing operating efficiencies at both Mohegan Sun and Mohegan Sun at Pocono Downs. These results were partially offset by a non-cash relinquishment liability reassessment credit of $8.8 million during the quarter ended September 30, 2011 compared to a credit of $26.5 million in the fourth quarter of fiscal 2010. The non-cash relinquishment liability reassessment credits resulted from reductions in Mohegan Sun revenue projections over the remaining relinquishment period compared to previous projections.

The increase in Adjusted EBITDA for the quarter ended September 30, 2011 was primarily attributable to our continued focus on managing expenses and enhancing operating efficiencies. The increase in Adjusted EBITDA also reflects higher table games revenues.

Mohegan Sun

Operating results (in thousands, unaudited):

The growth in income from operations was attributable to lower operating costs and expenses. The decline in operating costs and expenses primarily reflects the impact of the impairment charge related to the suspended elements of Project Horizon in the fourth quarter of fiscal 2010. The decline in operating costs and expenses also reflects our continued focus on managing expenses and enhancing operating efficiencies, including payroll costs and promotional and advertising expenditures. These results were partially offset by the reduction in the non-cash relinquishment liability reassessment credit.

The increase in Adjusted EBITDA was primarily attributable to our continued focus on managing expenses and enhancing operating efficiencies. The increase in Adjusted EBITDA also reflects higher table games revenues, offset by lower slot revenues. Adjusted EBITDA margin increased by 540 basis points to 27.3% for the quarter ended September 30, 2011 from 21.9% in the fourth quarter of fiscal 2010.

Selected gaming data (in thousands, except where noted, unaudited):

Information related to slot revenues within Mohegan Sun’s market area (in thousands, except where noted, unaudited):

Slot revenues at Mohegan Sun declined primarily as a result of changes in our promotional offers designed to improve profitability, combined with the impact of Hurricane Irene and the continued weakness in consumer discretionary spending.

The growth in table games revenues was attributable to the increase in table games hold, partially offset by lower table games drop during the quarter.

Non-gaming data (in thousands, except where noted, unaudited):

The decline in food and beverage revenues was primarily attributable to a $1.6 million decrease in food revenues resulting from the reduction in the number of meals served at Mohegan Sun-owned food and beverage outlets. The reduction in the number of meals served reflects the consolidation of certain Mohegan Sun-owned food and beverage outlets and replacement of the Fidelia’s Market food court outlets with third-party operators in connection with our cost containment initiatives. These results were partially offset by the increase in the average price per meal served resulting, in part, from the July 2011 re-opening of the renovated Season’s Buffet featuring expanded offerings.

The decrease in hotel revenues was primarily attributable to our yielding strategy and the related shift in hotel occupancy from transient and group guests to more profitable casino business, which had the effect of lowering the average daily room rate during the quarter.

The decline in retail, entertainment and other revenues was primarily due to a $3.0 million decrease in entertainment revenues. The decline in entertainment revenues resulted from the reductions in the average price per Arena ticket and Arena tickets sold due to fewer headliner shows held at the Mohegan Sun Arena during the quarter.

Mohegan Sun at Pocono Downs

Operating results (in thousands, unaudited):

The growth in income from operations and Adjusted EBITDA was primarily attributable to higher table games revenues resulting from a full period of table game operations, combined with higher slot and non-gaming revenues. These results were partially offset by increased operating costs and expenses to support a full period of table game and poker operations. Adjusted EBITDA margin increased by 140 basis points to 17.6% for the quarter ended September 30, 2011 from 16.2% in the fourth quarter of fiscal 2010.

Selected gaming data (in thousands, except where noted, unaudited):

Information related to slot revenues within Mohegan Sun at Pocono Downs’ market area (in thousands, except where noted, unaudited):

Slot revenues at Mohegan Sun at Pocono Downs were positively impacted by a full period of table game and poker operations, which resulted in increased patron visitation to the facility.

The growth in table games revenues reflects a full period of table game and poker operations, combined with higher table games hold.

Non-gaming revenues (in thousands, except where noted, unaudited):

The increase in food and beverage revenues primarily reflects the operations of an additional Mohegan Sun at Pocono Downs-owned food and beverage outlet.

The growth in entertainment and other revenues was primarily attributable to the addition of admission and sponsorship revenues associated with the first annual Pennsylvania Oktoberfest at Mohegan Sun at Pocono Downs.

Corporate

Loss from operations (in thousands, unaudited):

The decrease in loss from operations primarily resulted from lower professional expenses.

Mohegan Tribal Gaming Authority Property Information

Other Information

Liquidity

As of September 30, 2011, the Authority held cash and cash equivalents of $112.2 million compared to $63.9 million as of September 30, 2010. As of September 30, 2011, $535.0 million was drawn on the Authority’s $675.0 million bank credit facility. As of September 30, 2011, letters of credit issued under the bank credit facility totaled $3.7 million, of which no amount was drawn. Inclusive of letters of credit, which reduce borrowing availability under the bank credit facility, and after taking into account restrictive financial covenant requirements under the bank credit facility and the Authority’s line of credit and note indentures, the Authority had approximately $133.7 million of borrowing capacity under the bank credit facility as of September 30, 2011. The Authority’s total debt, including capital leases, was approximately $1.64 billion as of September 30, 2011 and 2010.

As of September 30, 2011, $811.1 million of the Authority’s debt matures within the next twelve months, including the $535.0 million outstanding under the bank credit facility which matures on March 9, 2012 and the Authority’s $250.0 million 2002 8% senior subordinated notes which mature on April 1, 2012. The Authority has determined that it will need to refinance this maturing debt prior to maturity; however, it has not yet completed this refinancing. The Authority’s consolidated financial statements for the fiscal year ended September 30, 2011 have been prepared under the assumption that the Authority will continue as a going concern. The conditions and events described above and the current uncertainty relating to the refinancing of the Authority’s fiscal 2012 maturities raise substantial doubt about the Authority’s ability to continue as a going concern, and the report of the Authority’s independent registered public accounting firm on the Authority’s 2011 consolidated financial statements contains an explanatory paragraph describing the existence of this substantial doubt about the Authority’s ability to continue as a going concern.

The Authority has engaged Blackstone Advisory Partners, L.P. and Credit Suisse Securities (USA) LLC to assist it in crafting a strategic plan relating to our debt maturities, including the refinancing of its fiscal 2012 maturities. While the Authority’s efforts to refinance or replace its outstanding indebtedness, including its fiscal 2012 maturities, at or prior to their maturities are ongoing, it can provide no assurances in this regard.

On December 28, 2011, we and the Tribe entered into a waiver under the bank credit facility pursuant to which the lenders have agreed to waive any potential default by us under the bank credit facility as a result of the going concern opinion issued by our independent registered public accounting firm in its report for the fiscal year ended September 30, 2011.

Interest Expense

Interest expense decreased by $753,000, or 2.5%, to $28.9 million for the quarter ended September 30, 2011 compared to $29.6 million in the fourth quarter of fiscal 2010. The decrease in interest expense was due to lower weighted average outstanding debt. Weighted average outstanding debt was $1.61 billion for the quarter ended September 30, 2011 compared to $1.67 billion in the fourth quarter of fiscal 2010. Weighted average interest rate was 7.2% for the quarter ended September 30, 2011 compared to 7.1% in the fourth quarter of fiscal 2010.

Cost Containment Initiatives

In September 2010, the Authority implemented cost containment initiatives in an effort to better align operating costs with market and business conditions, including the reduction of its workforce in Uncasville, Connecticut by approximately 475 positions. In addition, the Authority implemented a number of other cost containment initiatives, including certain modifications to employee medical benefits, consolidation of certain Mohegan Sun-owned food and beverage outlets and replacement of certain other Mohegan Sun-owned food and beverage outlets with third-party operators. The Authority estimates that these cost containment initiatives yielded consolidated labor and operating cost savings totaling approximately $9.5 million for the quarter ended September 30, 2011. Consolidated labor and operating cost savings for the fiscal year ended September 30, 2011 totaled approximately $34.0 million.

Relinquishment Liability Reassessment

Pursuant to a relinquishment agreement with Trading Cove Associates, or TCA, the Authority is required to make certain payments to TCA, determined as a percentage of revenues generated by Mohegan Sun, through the period ending December 31, 2014. A liability for these payments was established based on the estimated present value of Mohegan Sun’s projected revenues and is periodically reassessed. Based on recent operating trends, the Authority estimates that Mohegan Sun’s projected revenues over the remaining relinquishment period will decrease from previously projected amounts. Accordingly, the Authority recorded a non-cash relinquishment liability credit of $8.8 million during the quarter ended September 30, 2011. The relinquishment liability was $178.3 million as of September 30, 2011 compared to $230.7 million as of September 30, 2010.

Capital Expenditures

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

Distributions to the Tribe

Distributions to the Tribe totaled $23.4 million for the quarter ended September 30, 2011 compared to $12.8 million in the fourth quarter of fiscal 2010.

Conference Call

The Authority will host a conference call and simultaneous webcast regarding its fourth quarter fiscal 2011 operating results on Wednesday, January 4, 2012 at 11:00 a.m. (Eastern Standard Time).

Those interested in participating in the call should dial as follows:

(877) 756-4274

(706) 643-0107 (International)

Conference ID: 40150786

Please call five minutes in advance to ensure that you are connected prior to the initiation of the call. Questions and answers will be reserved for call-in analysts and investors.

Parties who want to listen to the live conference call on the Internet may do so through a web link on the Authority’s website at www.mtga.com, under the “Investor Relations/Financial News” section. Interested parties also may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on Wednesday, January 4, 2012. This replay will run through January 18, 2012.

The access number for a taped replay of the conference call is as follows:

(855) 859-2056

(404) 537-3406 (International)

Conference ID: 40150786

A transcript will be available on the Authority’s website for a period of 90 days following the conference call.

About the Authority

The Authority is an instrumentality of the Mohegan Tribe of Indians of Connecticut, or the Tribe, a federally-recognized Indian tribe with an approximately 507-acre reservation situated in Southeastern Connecticut, adjacent to Uncasville, Connecticut. The Authority has been granted the exclusive authority to conduct and regulate gaming activities on the existing reservation of the Tribe, including the operation of Mohegan Sun, a gaming and entertainment complex located on a 185-acre site on the Tribe’s reservation. Through its subsidiary, Downs Racing, L.P., the Authority also owns and operates Mohegan Sun at Pocono Downs, a gaming and entertainment facility located on a 400-acre site in Plains Township, Pennsylvania, and several off-track wagering facilities located elsewhere in Pennsylvania.

The Tribe’s gaming operation at Mohegan Sun is one of only two legally authorized gaming operations in New England offering traditional slot machines and table games. Mohegan Sun currently operates in an approximately 3.1 million square-foot facility, which includes Casino of the Earth, Casino of the Sky, Casino of the Wind, 100,000 square feet of retail space, including The Shops at Mohegan Sun, a 10,000-seat Mohegan Sun Arena, a 350-seat Cabaret Theatre, 100,000 square feet of meeting and convention space and the approximately 1,200-room luxury Sky Hotel Tower. Mohegan Sun at Pocono Downs operates in an approximately 400,000-square-foot facility, offering traditional slot machines and table games, live harness racing and simulcast and off-track wagering, several dining and retail options and a bus passenger lounge. More information about the Authority and its properties can be obtained by visiting www.mohegansun.com, www.mohegansunpocono.com or www.mtga.com.

Special Note Regarding Forward-Looking Statements

Some information included in this press release may contain 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 statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect” or “intend” and similar expressions. Such forward-looking information may involve important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Authority. Information concerning potential

factors that could affect the Authority’s financial results is included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as in the Authority’s other reports and filings with the Securities and Exchange Commission. Any forward-looking statements included in this press release are made only as of the date of this release. 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 that projected results or events will be achieved or will occur.

MOHEGAN TRIBAL GAMING AUTHORITY

CONSOLIDATED STATEMENTS OF INCOME

(in thousands)

(unaudited)

MOHEGAN TRIBAL GAMING AUTHORITY

CONSOLIDATED SELECTED FINANCIAL INFORMATION

(in thousands)

(unaudited)

MOHEGAN SUN

SUPPLEMENTAL DATA - OPERATING STATISTICS

(unaudited)