Mohegan reports highest quarterly net revenue in company’s history, up 21.4% year-over-year

The Mohegan Digital sector’s net revenues were also up 151.3% from the prior year period.

Mohegan Tribal Gaming Authority (Mohegan) has announced the operator’s financial results from the third fiscal quarter of the year. Mohegan achieved its highest quarterly net revenue in the company’s history, increasing 21.4% year-over-year for a revenue of just under $504.2m. 

“Net revenues of $504.2m increased $88.8m compared with the prior-year period, primarily due to continued growth in Mohegan Digital and revenue from Mohegan INSPIRE,” Mohegan CFO Ari Glazer said. 

“Consolidated adjusted EBITDA of $104.7m decreased $3.9m compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts, offset by strong growth in our Digital operations. Excluding the adjustment of non-controlling interest at Niagara Resorts, adjusted EBITDA would have been $108.3m or flat to prior year.”

Operations income did experience a decrease, however, falling 12.1% for a total of $72.4m throughout the third quarter of the fiscal year. 

“As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects. The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future,” Mohegan CEO Raymond Pineault said. 

The company also reported a net income loss of $29.9m for Q3 FY2024, decreasing from the just under $82.4m figure it had generated from the prior year period. Adjusted EBITDA also decreased, albeit by only 3.6%, for a reported total of $104.7m for the third quarter of the fiscal year. 

Mohegan Digital revenue increased 151.3% year-over-year, generating $41.9m during Q3 FY2024, while International operations also increased, rising 67% for a total of $135.4m throughout Q3 FY2024. 

Domestic operations increased by the smallest margin but also generated the most revenue for the company, reporting $310.7m in revenue during the third quarter of the fiscal year and a 2.6% increase year-over-year. 

The company’s gaming sector contributed the most revenue throughout the fiscal year quarter, generating $335.8m for an increase of 19.1% from the prior year period. Mohegan’s food and beverage, hotel and retail sectors also increased in revenue throughout the quarter as well.

Kirk Geller

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