The company’s results for the first quarter, which ended on 31 December 2021, also included positive readings in other metrics; such as income from operations, net loss and adjusted EBITDA.
The report, which is yet to be audited, attributed the company’s performance to a relaxation of Covid-19 measures, which remained in full force 12 months prior.
In summary, the company posted net revenue of $402m (vs. $231m year-on-year), income from operations of $35.2m (vs. $10.6m), net loss of -$11.7m (vs. -$26.7m) and adjusted EBITDA of $97.4m (vs. $40.4m).
Raymond Pineault, CEO, MGE, commented: “Our consolidated adjusted EBITDA of $97.4m continues our trend of strong performance and demonstrates MGE's ability to drive profitability. In addition, following the successful completion of financing in November 2021, we are very pleased to announce that MGE has recommenced construction of Inspire Korea.”
MGE also released a breakdown of its best-performing casinos, including Mohegan Sun in Las Vegas, Mohegan Sun Pocono in Pennsylvania and MGE Niagara Resorts in Canada.
Carol Anderson, CFO, MGE, said: “At our flagship property Mohegan Sun, adjusted EBITDA was $78.2m, 20% favourable to the period ended December 31 2019, which is the closest pre-pandemic comparable, while net revenues and adjusted EBITDA margin were up 3.4%, and 430 basis points, respectively, over the same period.
“Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, Ilani Casino Resort and Resorts Casino Hotel all continue to perform well."
Indeed, of the company’s total revenue, top-performing casino Mohegan Sun contributed $252m, or 63%.
