Mohegan Gaming & Entertainment announced its operating results for the fourth fiscal quarter that ended September 30, 2021, a period which saw record-breaking growth.
The company reported a 33.1 percent increase in net revenues, rising from $294m to $391.2m. Operations income rose from $50.2m to $65m, and adjusted EBITDA rose to $110.2m, a 29.5 percent increase from the previous fiscal year.
"Our Consolidated Adjusted EBITDA of $110.2 million was the highest in our 25-year history,” said Raymond Pineault, Chief Executive Officer. “This is the second quarter this fiscal year where we generated a top three Consolidated Adjusted EBITDA, and only the fourth time in our history where we surpassed the $100 million mark.”
Pineault credits the quarter’s high numbers to hard work, dedication and support of the organization’s team members.
The year-over-year growth in net revenues was due to the addition of Mohegan Sun Casino Las Vegas in the current period. Improvements in income from operations and adjusted EBITDA were largely due to the COVID-related closure of MGE Niagara Resorts in the fiscal 2020 period.
"These results continue to reflect our recovery from the COVID-19 pandemic, including the ongoing Adjusted EBITDA margin improvements as part of the reimagining of our business in the post-COVID environment,” said Carol Anderson, Chief Financial Officer.
“At our flagship property Mohegan Sun, adjusted EBITDA was $76.6 million, 18.2% favorable to the fourth quarter of fiscal 2019, which is the closest pre-COVID comparable, and the adjusted EBITDA margin was up 580 basis points over the same period, although net revenues were slightly below fourth quarter fiscal 2019 levels.”
