Mohegan reports strong 3rd-quarter results
Mohegan ― Mohegan Sun generated net revenues of $236.5 million in the three months that ended June 30, a 7.5% increase over the same period the previous year, officials with the casino’s corporate parent, Mohegan, reported Thursday.
Mohegan’s consolidated net revenues totaled $417.1 million in the quarter, a year-over-year increase of 27%.
The company’s adjusted EBITDA ― earnings before interest, income taxes, depreciation and amortization ― reached $120 million, the highest quarterly total in its 25-year history, Ray Pineault, Mohegan president and chief executive officer, told investors and industry analysts on a conference call.
“This was the first full fiscal quarter of operations without COVID-19 restrictions at MGE Niagara Resorts since the pandemic first closed the property in March of 2020, and Mohegan Digital continues to execute a strategy that is focused on profitability,” Pineault said. “These results reflect the success of Mohegan’s diversification strategies.”
Mohegan, formerly known as Mohegan Gaming & Entertainment, rebranded itself in May.
The improvement in net revenues was attributed to strong performances at the properties Mohegan owns and the contribution from Mohegan Digital, a new division of the company that did not exist a year ago. Launched in October 2021, Mohegan Digital includes online casino gambling and sports betting in Connecticut and now Canada, where Mohegan introduced PlayFallsview.com this month.
Mohegan took over operation of Fallsview Casino Resort and Casino Niagara, both in Ontario, Canada, in 2019.
Volumes in the quarter also compared favorably to those of a year ago when COVID-19 capacity restrictions and health protocols were in place at Mohegan Sun and most of Mohegan’s other properties.
The MGE Niagara Resorts, closed during the April-May-June period a year ago, posted $15 million in adjusted EBITDA and $10.2 million in profit in the quarter this year.
Mohegan Sun Pocono in Wilkes-Barre, Pa., generated $66.8 million in net revenue in the quarter, up 6% over last year.
Mohegan also manages casinos in Atlantic City; Ridgefield, Wash.; and Las Vegas.
Company officials updated the status of construction of Inspire Korea, the $1.5 billion integrated casino resort Mohegan is building in Incheon, South Korea. Portions of the project’s three hotel towers, casino, convention center, arena and a retail area/pool dome/parking garage are progressing toward a completion set for the latter part of 2023, Pineault said.
Mohegan revealed a new slogan: “Legend to Legendary.”
Editor’s note: EBITDA was incorrectly defined in an earlier version of this article.