Income from operations for the period was $65m, a 30% increase from 2020, while Adjusted EBITDA for the period was $110.2m, a 33% increase.
“Our Consolidated Adjusted EBITDA of $110.2m was the highest in our 25-year history,” said Mohegan Gaming & Entertainment CEO Raymond Pineault. “This is the second quarter this fiscal year where we generated a top three Consolidated Adjusted EBITDA, and only the fourth time in our history where we surpassed the $100m mark.
“This was due in large part to the hard work, dedication and support of all our team members throughout the organisation.”
Mohegan Sun represented $241.4m of the total revenue for the period, followed by Mohegan Sun Pocono with $68m, and MGE Niagara Resorts with $58m.
Carol Anderson, Mohegan Gaming & Entertainment CFO, commented: “These results continue to reflect our recovery from the Covid-19 pandemic, including the ongoing Adjusted EBITDA margin improvements as part of the reimagining of our business in the post-Covid environment.
“At our flagship property Mohegan Sun, Adjusted EBITDA was $76.6m, 18.2% favorable to the fourth quarter of fiscal 2019, which is the closest pre-Covid comparable, and the Adjusted EBITDA margin was up 580 basis points over the same period, although net revenues were slightly below fourth quarter fiscal 2019 levels.
“Mohegan Sun Pocono, ilani in Washington State, Mohegan Sun Las Vegas and Resorts also continue to perform well. MGE Niagara Resorts reopened to the public on July 23rd at limited capacity and has been generating positive results.”
