Mohegan posts $415.4m in revenue during third quarter

August 10, 2023
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The Tribal operator reported downward trends in its income from operations and from its adjusted EBITDA.

Mohegan Tribal Gaming Authority has published its third quarter fiscal 2023 operating results. Group revenue during the third quarter totaled $415.4m.

Income from operations fell by 8.6% when compared to results from the previous year’s corresponding quarter.

The company’s consolidated adjusted EBITDA reached $108.7m, down 9.5% year-over-year. However, adjusted EBITDA for the third quarter was among the higher quarterly totals to date.

Group CEO Raymond Pineault further elaborated by saying, "Our consolidated adjusted EBITDA of $108.7m was the third highest quarterly total in our 26-year history, while the prior-year comparable quarter was the highest to date.

"We continue to see strong results from our digital segment and are focused on growing that line of business."

CFO Carol Anderson briefly discussed the group’s adjusted EBITDA margin and how it stacks up in the most recent quarter when compared to pre-pandemic figures.

Anderson commented, "Our adjusted EBITDA margin of 26.2% was 268 basis points favorable compared with our pre-Covid-19 third quarter of fiscal 2019 and 262 basis points unfavorable compared with the prior-year period."

Throughout its nearly 30-year history, Mohegan 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.

Mohegan recently became a member of the International Betting Integrity Association (IBIA) through 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.

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