Mohegan Gaming reports $402m net revenue for Q1 2022
First quarter numbers show the company has adapted during the pandemic.
Mohegan Gaming & Entertainment (MGE), the Connecticut-based developer and operator, has reported operating results for its first fiscal quarter that ended December 31, 2021.
The company generated net revenues of $402m, representing a 74.2% increase.
Income from operations were $35.2m, a 231.7% increase. The adjusted EBITDA was $97.4m, representing a 140.8% increase.
Raymond Pineault, company CEO, said, “Our consolidated adjusted EBITDA of $97.4m continues our trend of strong performance and demonstrates MGE’s ability to drive profitability.”
“In addition, following the successful completion of financing in November 2021, we are very pleased to announce that MGE has recommenced construction of Inspire Korea.”
Carol Anderson, CFO, said, “These results, including our strong adjusted EBITDA margins, continue to reflect MGE’s ability to adapt to the ongoing Covid-19 pandemic. “
“At our flagship property Mohegan Sun, adjusted EBITDA was $78.2m, 20.1% favorable to the period ended December 31, 2019, which is the closest pre-Covid-19 comparable, while net revenues and adjusted EBITDA margin were up 3.4%, and 430 basis points, respectively, over the same period. Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, ilani Casino Resort and Resorts Casino Hotel all continue to perform well. The MGE Niagara Resorts also generated strong results during its first full fiscal quarter of operations since the Covid-19 related closure that began in March 2020 and ended in July 2021.”
Gaming America recently sat down with CEO Raymond Pineault. The video can be seen here.
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