Mohegan net revenue grows again in Q2
Net loss, however, also increased for the quarter.
Mohegan has announced its financial results for the second quarter of 2024, with continued growth experienced by the company.
Revenue experienced a rise of 13.8% year-over-year to $461.7m during the quarter, a figure which was also the highest quarterly net revenue total Mohegan has achieved in its history.
Much of the reasoning behind this came down to continued growth within Mohegan Digital and the revenue from Mohegan Inspire, which held its official grand opening on March 5.
Looking closer at the numbers it is clear to see the impact of Mohegan Digital, which out of all segments of the business achieved the highest increase in net revenue, going up 70.8% to $38.8m. Domestic did represent the largest bulk of total net revenue at $300.4m, but this was only a rise of 1% from the same period last year.
However, Mohegan’s income from operations decreased 51.1% to $31.2m, while net loss was valued at $46.1m, compared with the net loss of $9.6m experienced in the second quarter of 2023.
Adjusted EBITDA also fell in the quarter to a figure just under $84m, underling a decrease of 17.8%. This has mainly been put down to operating costs coming from the opening of Mohegan Inspire and non-controlling interest adjustments at Niagara Resorts.
Mohegan CEO Ray Pineault said: “These important milestones are vital to the foundation we’re building to ensure our continued success as we build for 13 generations to come, and beyond.
“As we work towards our objectives, these recent achievements demonstrate the effectiveness of our strategy to support our transformation into a world-renowned global resort operator.”
Mohegan CFO Ari Glazer added: “Net revenues of $461.7 million increased $55.9 million compared with the prior-year period, primarily due to continued growth in Mohegan Digital and revenue from Mohegan Inspire.
“Consolidated adjusted EBITDA of $84.0 million decreased $18.2 million 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.”
DoubleDown Interactive also released results today, covering the first quarter of 2024, showing growth in revenue, net income and adjusted EBITDA.
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
