Mohegan Tribal Gaming Authority reveals third quarter fiscal results
Net revenues increased $16.4m at Mohegan Sun due to the reintroduction of non-gaming amenities.
Results for the third quarter fiscal quarter, ending June 30, 2022, have been revealed for the Mohegan Tribal Gaming Authority and displayed an increase in net revenues at the Mohegan Sun by $16.4m.
The year-over-year increase in net revenues was partially accredited to a strong performance at Mohegan’s owned properties and the addition of Mohegan Digital.
The adjusted EBITDA at Mohegan Sun of $75.7m was 8.1% unfavorable to the prior-year period. The company explained that in 2021 it had significantly lower labor, marketing and other operating expenses.
Slot volumes and increased non-gaming revenue at Mohegan Sun Pocono brought in $3.9m net, while adjusted EBITDA decreased $0.4m, or 2.6%, compared to 2021.
MGE Niagara Resorts saw net revenue of $79.6m and an adjusted EBITDA of $19.6m.
Mohegan CEO Raymond Pineault commented: “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.”
The company combined results from Mohegan Sun Las Vegas and Mohegan Digital. Total adjusted EBITDA of $8.4m was comprised of $0.8m from Mohegan Sun Las Vegas and $7.6m from Mohegan Digital.
Mohegan CFO Carol Anderson stated: “The consolidated adjusted EBITDA margin of 28.8% was 529 basis points higher than the pre-Covid comparable fiscal 2019 quarter.
“Compared to the fiscal 2021 quarter, the adjusted EBITDA margin has declined due to the continued reintroduction of some lower margin non-gaming amenities since the prior-year period.”
As of June 30, 2022, and September 30, 2021, Mohegan held cash and cash equivalents of $156.9m and $149.8m, respectively.
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