Mohegan Tribal Gaming Authority has published its fourth-quarter fiscal operating results for 2023. The company officially ended its fourth quarter on September 30.
Company-wide net revenue during Q4 reached $444.3m, reflecting a 7.6% increase when compared to results from last year’s fourth quarter.
However, adjusted EBITDA and net income from operations fell substantially year-over-year. The company posted an adjusted EBITDA of $88m for the fourth quarter, down by 11.7% when compared to Q4 2022. Income from operations reached $48.1m for the quarter as well, which reflected a year-over-year decrease of 24.2%.
Company CEO Raymond Pineault shared the company’s fiscal highlights for 2023 and noted that Mohegan achieved some milestones throughout the year.
He commented, "Our adjusted EBITDA for fiscal 2023 of $399.9m was the second highest in our 27-year history, compared with adjusted EBITDA for fiscal 2022 of $403.9m, which was the highest to date.
"We continue to see growth in our Digital gaming segment and with the recent soft opening of Mohegan Inspire on November 30th, our diversification efforts will further enable Mohegan to achieve strong results."
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.
The company recently announced that CFO Carol Anderson will step down from her position next year. Anderson’s contract with the company ends March 31, 2024.
Anderson commented on her upcoming departure by saying, “While this is a very difficult decision, it is important that I redirect focus on personal and family commitments upon the conclusion of my employment contract."
