Adjusted EBITDA for Q4 2020 was $40.4m, a 46% decrease from Q4 2019. Income from operations for the period meanwhile stood at $10.6m, a 76% decrease from the prior year period.
“As we move through the early part of 2021, we have an eye on a broader industry recovery and I am confident in MGE's position to benefit from it,” said MGE president and CEO Mario Kontomerkos.
“Performance in the fiscal first quarter was challenging as COVID cases climbed substantially in virtually all of our markets, but the pressure we observed on our revenues and profitability largely began to reverse itself in late December with positive momentum observed throughout January, most notably at Mohegan Sun.”
Net revenues at Mohegan Sun declined 32% during Q4 2020 to $165,891. Mohegan Sun Pocono revenues declined 39% to $38,085, with revenues at MGE Niagara Resorts declining 85% to $12,997.
“Subsequent to the end of the quarter, MGE successfully completed its refinancing which extended our nearest maturities, increased our financial flexibility, and provided us with ample liquidity as we move forward,” added Kontomerkos.
“We remain quite positive that our business has been optimized to benefit from what we foresee to be significant pent-up demand for leisure consumption in the months ahead.”
