Mohegan increases Q1 FY2025 net revenue by 17.3%, reports net loss of $85.9m

Mohegan Tribal Gaming Authority (Mohegan) has reported the company’s financial results from the first fiscal quarter of 2025 (Q1 FY2025), including a net revenue increase of 17.3% year-over-year but a net loss of $85.9m as well. 

The increase in net revenue during Q1 FY2025 led to a reported total of $498.9m for Mohegan, while the $85.9m net loss still represents a near $11m decrease from the net loss reported throughout the prior year period. 

Income from operations and adjusted EBITDA also increased during Q1 FY2025, reporting totals of $51m and $85.1m, respectively, equating to increases of 59.7% and 7.6% year-over-year. 

“During 2024, Mohegan rolled out a number of important initiatives as part of our strategy to become one of the premier global omnichannel resort operators. Our success in accomplishing these transformational objectives is a credit to our incredible team, and as I look forward to 2025, I’m optimistic about the trends I see emerging within our omnichannel business and from the increased contributions by our non-gaming segments,” Mohegan CEO Ray Pineault said. 

Mohegan Digital performed well throughout the period, reporting increases across the board in terms of revenue, net income, adjusted EBITDA and income from operations. The sector reported a Q1 FY2025 revenue of $53.1m, representing an increase of 46.7% year-over-year. Net income grew by 52% from the prior year period to generate $25.1m during Q1 FY2025, while income from operations and adjusted EBITDA were reported to be $25m and $25.1m, respectively, for increases of 52.3% and 52.1%. 

Good to know: Doug Vogelei was appointed as VP of Gaming for Mohegan Sun on January 13, where he will provide strategic vision, oversight and alignment of gaming operations in collaboration with Mohegan Sun’s gaming leadership team

While Mohegan Digital performed well throughout the period, the company’s international resorts segment reported an increase in net loss of 3.2% year-over-year for a total of $33.9m. Revenue increased by 71.2% from the prior year period, however, reported to be $135.7m during Q1 FY2025. Mohegan’s international resorts still saw a loss of $9.7m from operations, but the figure represents a near $13.8m decrease from the total reported during the prior year period. The international resort segment’s adjusted EBITDA grew by $10m to generate nearly $4.1m throughout Q1 FY2025, whereas Mohegan reported an adjusted EBITDA loss of $5.9m during the prior year period. 

Domestic resorts, similar to Mohegan Digital, saw increases in every category during Q1 FY2025, including a 5.8% increase in revenue year-over-year for a total of $312m. Income from operations grew by 17.1% to be $54.9m, while net income during Q1 FY2025 was also $54.9m, representing an increase of 21.8%. Having generated $74.6m throughout Q1 FY2025, domestic resorts’ adjusted EBITDA managed to increase by 9.5% from the prior year period. 

The management and corporate sectors also reported a net loss during Q1 FY2025, with management operating at a loss of $5.1m, while corporate reported a net loss of nearly $41.3m. Revenue generated by the management sector was reported to be $5.1m, but the corporate sector reported a loss in revenue of $27k. Both sectors also reported a loss of income from operations, with management seeing a $5.1m loss, while corporate reported a loss of just over $14m. 

Kirk Geller

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