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.
