Mohegan Gaming & Entertainment (MGE) has reported net revenue of $358.5m for its second fiscal quarter ended 31 March 2022, a 29% increase from the prior-year period.
Adjusted EBITDA for the period amounted to $86.7m, a 7% increase from the prior-year period. Income from operations grew 28% to $57.5m.
MGE noted that the year-over-year increases in net revenue and adjusted EBITDA were due to strong performance at the group’s owned properties and the addition of Mohegan Sun Las Vegas and MGE Digital, compared to the prior-year period when volumes were negatively impacted by various Covid-related restrictions.
Such restrictions included the closure of MGE Niagara Resorts for the entire period, the closure of Mohegan Sun Pocono for three days, self-imposed capacity limitations at Mohegan Sun, and state-mandated health protocols at most of the group’s other properties.
“Our consolidated adjusted EBITDA of $86.7m reflects our strong performance and ongoing focus on profitability,” said MGE CEO Raymond Pineault.
“Although visitation was somewhat impacted by the Omicron variant and poor weekend weather at our Northeast properties early in the quarter, the consolidated adjusted EBITDA margin of 24.2% was 234 basis points higher than the pre-Covid comparable fiscal 2019 quarter.”
Mohegan Sun reported revenue of $215.4m for the period, with Mohegan Sun Pocono revenue amounting to $62.1m. MGE Niagara Resorts posted revenue of $52.2m, with revenue for Management, Development and Other amounting to $15.6m. All Other revenue totalled $13.2m.
MGE CFO Carol Anderson commented: “These results demonstrate MGE’s ability to adapt to the ongoing Covid-19 pandemic, and reflect the current stabilising operating environment.
“We have reintroduced some lower margin non-gaming amenities since the prior-year period, and last year also included temporary reductions in labour, marketing and entertainment expenses as well as deferred operating expenses that were necessary to operate within the early phases of the Covid-impacted environment.”