Mohegan posts $405.8m in consolidated revenue during Q2 2023

May 11, 2023
By
Leer en Español

The company CEO said the quarterly figures reflect positive results across all properties.

The Mohegan Tribal Gaming Authority has released its second quarter 2023 operating results. Net revenue for the quarter grew by more than 13% year-over-year.

Total company net revenue in Q2 totaled $405.8m. Income from operations reached $63.8m during the second quarter, an increase year-over-year of 11.1%.

The company posted an overall adjusted EBITDA of $102.1m for Q2, something group CEO Raymond Pineault said represents significant company growth across the board.

Pineault commented: "Our consolidated adjusted EBITDA of $102.1m reflects the positive results from our properties and digital operations.

"We are encouraged by the strong results from our digital segment and look forward to continued growth in that line of business."

Mohegan CFO Carol Anderson summarized this quarter’s results and noted how they stacked up with pre-pandemic figures.

Anderson said in closing: "Our adjusted EBITDA margin of 25.2% was 337 basis points favorable compared with our pre-Covid-19 second quarter of fiscal 2019 and 99 basis points favorable compared with the prior-year period."

Mohegan (formerly known as Mohegan Gaming & Entertainment) develops and operates premier international integrated entertainment resorts. The tribal operator is based in Connecticut but has locations throughout the US, Canada and in Northern Asia.

Mohegan was founded in 1995 in Uncasville, Connecticut. Throughout its nearly 30-year history, the company has formed strategic partnerships with a variety of brands, including Coca-Cola, Ticketmaster, Paramount Pictures, WNBA, Michael Jordan, the New York Yankees, the Boston Celtics and Live Nation.

In addition to its developmental achievements, the company owns and operates the WNBA team, Connecticut Sun.

State-by-State

Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

10-11-From-the-top
From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
12-GA-MAR-10-year-v2
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
16-18-IGA-Preview
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
20-22-GA-Mar-888-Holding-article
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.