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May 12, 2022 Land Based, Finance, Results

Mohegan Gaming reports $358.5m in net revenue for Q2 2022

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Company executives noted reported numbers for the quarter rival pre-pandemic figures.

Mohegan Gaming & Entertainment (MGE) has released its second quarter fiscal 2022 operating results. During Q2, the Connecticut-based developer and operator reported a 28.7% boost in overall revenue, reflecting a total of $358.5m.

Adjusted EBITDA during Q2 2022 reached $86.7m, rising 7.4% when compared to the previous year period. The adjusted EBITDA margin was 24.2%.

MGE CEO Raymond Pineault commented: "Our consolidated adjusted EBITDA of $86.7m reflects our strong performance and ongoing focus on profitability.

"Although visitation was somewhat impacted by the Omicron variant and poor weekend weather at our Northeast properties early in the quarter, the consolidated adjusted EBITDA margin of 24.2% was 234 basis points higher than the pre-Covid comparable fiscal 2019 quarter."

MGE credits the surge in net revenue and adjusted EBITDA to strong performances by its existing properties, as well as to the addition of Mohegan Sun Las Vegas and MGE Digital locations.

During the previous year’s period, the company’s MGE Niagara Resorts destinations were closed during the duration of the quarter, and Mohegan Sun Pocono was closed for three days. State-mandated health protocols and imposed capacity limitations at the Mohegan Sun also affected last year’s numbers.

MGE Chief Financial Officer Carol Anderson said the Q2 2022 report reflects company resilience during the pandemic as performance continues to improve.

She commented: "These results demonstrate MGE's ability to adapt to the ongoing Covid-19 pandemic and reflect the current stabilizing operating environment.

“We have reintroduced some lower margin non-gaming amenities since the prior-year period, and last year also included temporary reductions in labor, marketing and entertainment expenses as well as deferred operating expenses that were necessary to operate within the early phases of the Covid-impacted environment."

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