Mohegan posts $413m in revenue for Q4 2022
Its adjusted EBITDA for the year reached the highest in company history.
Mohegan Tribal Gaming Authority has published its fourth quarter results for the fiscal period that ended September 30. During the quarter, the company posted a net revenue of $413m.
Net income from company operations reached $63.4m during the fourth quarter, falling by 2.3% when compared to last year’s total. Adjusted EBITDA in Q4 totaled $99.7m.
Company CEO Raymond Pineault said this year’s adjusted EBITDA was the highest in the company’s 26-year history and listed several factors as the reason for the results. For the 2022 fiscal year, the company reported an adjusted EBITDA of $404m.
He commented: “The first full fiscal year of operations of Mohegan Casino Las Vegas, the launch of Mohegan Digital, and the reopening and ramp-up of Niagara Resorts, all contributed to these results.”
Mohegan CFO Carol Anderson also spoke about the year-end spike in adjusted EBITDA and noted it surpassed pre-pandemic figures by 260 basis points, or by 24.2%.
Anderson elaborated: “Compared with the prior-year period, our Adjusted EBITDA margin declined due to the continued reintroduction of certain lower margin non-gaming amenities, as well as increased labor and utilities costs.”
Mohegan recently became a member of the International Betting Integrity Association (IBIA) though an arrangement that includes both its retail betting and digital brands.
As part of the IBIA, Mohegan will work with other operators to guard against betting corruption. The network collectively monitors suspicious activity through an anti-corruption tool designed specifically for betting markets.
The company also recently partnered with SuzoHapp and RBY Gaming to install its sports betting terminals in the Canadian province of Ontario.
Through the agreement, Mohegan will gain both podium-style terminals and over-the-counter units that will give its guests access to streamlined and easy transactions. The terminals are designed to “customize and automate the entire betting cycle for sports betting, from cashier, to bet, to payout.”
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