Mohegan generates $413m in revenue for Q4 2022
The Mohegan Tribal Authority has generated $413m in revenue for Q4 2022, up 6% year-on-year.
Its adjusted EBITDA for Q4 also reached $99.8m, meaning its total adjusted EBITDA for 2022 hit $403.9m, the highest in its 26-year history according to the company.
Mohegan CEO Raymond Pineault said: “Our adjusted EBITDA for fiscal 2022 of $403.9m was the highest in our 26-year history.
“The first full fiscal year of operations of Mohegan Casino Las Vegas, the launch of Mohegan Digital, and the reopening and ramp-up of Niagara Resorts, all contributed to these results.”
Mohegan adds its net revenue growth was driven by a full period of operations and a return to “normal” operating conditions at Niagara Resorts, combined with continued growth in its online casino gaming and sports wagering operations in Connecticut.
Its Niagara Resorts location saw a year-on-year revenue increase of 46%, generating $84.5m for Q4 2022.
Despite this growth, Q4 revenue for Mohegan Sun decreased by $4.6m compared to the prior-year period.
Mohegan says this decline was a result of lower gaming volumes and table game hold percentages.
Despite this, non-gaming revenue from Mohegan Sun increased by $1.1m because of higher food and beverage revenues.
Mohegan CFO Carol Anderson added: “Our adjusted EBITDA margin of 24.2% for the quarter was 260 basis points higher than our pre-Covid-19 fourth quarter of fiscal 2019.
“Compared with the prior-year period, our adjusted EBITDA margin declined due to the continued reintroduction of certain lower margin non-gaming amenities, as well as increased labor and utility costs.”
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