Mohegan reports 27% net revenue increase for Q3
The Mohegan Tribal Gaming Authority has published financial results for the company’s third fiscal quarter ending 30 June 2022.
Net revenue amounted to $417.1m, representing a rise of 27% year-on-year.
This result comes amid similar growth among competitors, with MGM Resorts International reporting a 44% revenue increase in the same period, while Caesars Entertainment posted an 11% rise.
Mohegan’s Adjusted EBITDA totalled $120m, an increase of 18%, coming as the highest quarterly total in the company’s 25-year history.
Income from operations amounted to $90.1m, a 41% growth, while net income attributable to the company stood at $59.4m, representing a notable 134% rise.
Mohegan CEO Raymond Pineault said: “This was the first full fiscal quarter of operations without Covid-19 restrictions at MGE Niagara Resorts since the pandemic first closed the property in March of 2020, and Mohegan Digital continues to execute a strategy that is focused on profitability.
“These results reflect the success of Mohegan’s diversification strategies.”
The MGE Niagara Resorts property reported a $65.3m rise in net revenue, while the Mohegan Sun and Mohegan Sun Pocono locations posted net revenue increases of 8% and 6% respectively.
Mohegan CFO Carol Anderson added: “The consolidated adjusted EBITDA margin of 28.8% was 529 basis points higher than the pre-Covid comparable fiscal 2019 quarter.
“Compared to the fiscal 2021 quarter, the adjusted EBITDA margin has declined due to the continued reintroduction of some lower margin non-gaming amenities since the prior-year period.”
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