Mohegan posts $425.2m in net revenue for Q1 2024
However, net income, adjusted EBITDA and income from operations decreased during the quarter.
Mohegan Tribal Gaming Authority has released its report outlining the company’s first quarter operating results for 2024.
Net revenue companywide rose by 4.6% when compared to results posted one year ago. Mohegan reported $425.2m in net revenue during the first quarter.
Net income, adjusted EBITDA and income from operations numbers all fell during Q1 when compared to Q1 2023 results.
The company posted a net loss of nearly $97m for the first quarter. Adjusted EBITDA dropped by 21.8% in Q1, totaling $79m. Income from operations reached nearly $32m during the quarter.
Company CFO Carol Anderson took a moment to further discuss Mohegan’s Q1 report and explained what contributed to some of the reported decreases.
Anderson said, “Quarterly net revenues increased $18.6m compared with the prior-year period, primarily due to continued growth in Mohegan Digital and non-gaming revenues from Mohegan INSPIRE.
“However, our consolidated adjusted EBITDA of $79m decreased $22.1m compared with the prior-year period due to a number of factors, primarily operating costs related to the opening of Mohegan INSPIRE, non-controlling interest adjustments at Niagara Resorts, and low table hold at a few of our properties.”
Mohegan CEO Raymond Pineault commented on the recent results by saying, “We are thrilled that Mohegan INSPIRE has received its five-star hotel rating in January and opened the casino on February 3.
“The five-star rating is a testament to our pursuit for excellence and commitment to providing world-class experiences. We are looking forward to more amenities coming online in the ensuing months.”
Throughout its nearly 30-year history, Mohegan has formed strategic partnerships with a variety of brands, including Coca-Cola, Ticketmaster, Paramount Pictures, WNBA, Michael Jordan, the New York Yankees, the Boston Celtics and Live Nation.
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