Mohegan Tribal Gaming Authority has released its report outlining the company’s first quarter operating results for 2024.
Net revenue companywide rose by 4.6% when compared to results posted one year ago. Mohegan reported $425.2m in net revenue during the first quarter.
Net income, adjusted EBITDA and income from operations numbers all fell during Q1 when compared to Q1 2023 results.
The company posted a net loss of nearly $97m for the first quarter. Adjusted EBITDA dropped by 21.8% in Q1, totaling $79m. Income from operations reached nearly $32m during the quarter.
Company CFO Carol Anderson took a moment to further discuss Mohegan’s Q1 report and explained what contributed to some of the reported decreases.
Anderson said, "Quarterly net revenues increased $18.6m compared with the prior-year period, primarily due to continued growth in Mohegan Digital and non-gaming revenues from Mohegan INSPIRE.
"However, our consolidated adjusted EBITDA of $79m decreased $22.1m compared with the prior-year period due to a number of factors, primarily operating costs related to the opening of Mohegan INSPIRE, non-controlling interest adjustments at Niagara Resorts, and low table hold at a few of our properties."
Mohegan CEO Raymond Pineault commented on the recent results by saying, "We are thrilled that Mohegan INSPIRE has received its five-star hotel rating in January and opened the casino on February 3.
"The five-star rating is a testament to our pursuit for excellence and commitment to providing world-class experiences. We are looking forward to more amenities coming online in the ensuing months."
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.
