Mohegan Q3 revenue hits $436.9m as digital surges 48.2%

Mohegan has reported third quarter fiscal 2025 net revenue of $436.9m, down 1.6% year-over-year, and an adjusted EBITDA of $94.1m, a 16.3% decrease compared to Q3 FY2024.

However, after adjusting for one-time gains in the prior year, including Ilani management fees and non-cash digital license revenue from Mohegan Pennsylvania, the company said EBITDA would have increased 4.9%. Mohegan reported $418.8m in net revenue for Q2 2025.

Mohegan Digital also posted a 61.2% revenue increase year-over-year to $67.5m, with adjusted EBITDA up 48.2%, driven by engagement in Connecticut and gains in Pennsylvania and Ontario.

Mohegan Sun contributed $234.7m in net revenue, while overall, domestic resorts saw revenues fall 4.3% to $297.3m, in part due to higher labor costs and a tough comparison against one-time items in 2024. 

Adjusted EBITDA for domestic resorts declined from $82.2m to $70.1m.

The company also posted a net loss of $5.2m, a significant improvement from a $29.9m loss in the prior-year quarter.  

The improvement was attributed to the absence of discontinued operations and better performance in the core business segments.

“Now that we’ve addressed our capital structure, we’re singularly focused on executing our plan and increasing value for all our stakeholders,” said CEO Raymond Pineault. 

CFO Ari Glazer added that adjusted results show a positive outcome once one-time items are accounted for.

International Resorts revenue held steady at $75.1m, with a slight EBITDA decline of 5.2%. Meanwhile, the company’s corporate and Development segment posted a loss of $15.4m in adjusted EBITDA, impacted by Ilani management fees earned in the prior year. 

Mohegan ended the quarter with $145.2m in liquidity and $141.4m in available borrowing capacity under its senior secured facility and line of credit.

Carlos Mendez

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