Mohegan Tribal Gaming Authority has published a report that outlines the financial results for its first quarter of the 2023 financial year. This first quarter ended December 31, 2022.
During Q1, the company reported net revenue of $406.6m, reflecting a 1.2% increase when compared to the first quarter of last year. Income from Mohegan’s operations nearly doubled year-over-year during its first quarter and climbed to $70.2m.
Adjusted EBITDA during the first quarter grew by 3.8% and reached $101.1m.
CEO Raymond Pineault noted that the company’s first quarter results are consistent with its ongoing progress.
He said: "Our consolidated adjusted EBITDA of $101.1m continues our trend of strong performance.
"Our diversification strategy and continued focus on profitability have enabled Mohegan to offset some of the inflationary and labor pressures and achieve these strong results."
Group CFO Carol Anderson took a moment to speak about Mohegan’s quarterly progress when compared to pre-pandemic figures.
She commented: "Our Adjusted EBITDA margin of 24.9% was 605 basis points favorable compared with our pre-COVID-19 first quarter of fiscal 2020 and 62 basis points favorable compared with the prior-year period."
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.
