Mohegan Tribal Gaming Authority announces Q4 results

The financial results cover the period just before the opening of Mohegan Inspire.

MOHEGAN ANNOUNCES FOURTH QUARTER
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The Mohegan Tribal Gaming Authority has released its Q4 results, for the fiscal quarter ending September 30, 2023.

Net revenue for overall Mohegan operations reached $444m this quarter, a 7.6% increase when compared year-on-year.

Income from all operations was $48m, a decrease of 24%, while net income attributable to Mohegan was -$19.9m, a decrease of 116%.

Finally, adjusted EBITDA for all operating results this quarter was $88m, an $11.7m decrease.

Raymond Pineault, Mohegan CEO, said: "Our Adjusted EBITDA for fiscal 2023 of $399.9m was the second highest in our 27-year history, compared with adjusted EBITDA for fiscal 2022 of $403.9m, which was the highest to date.

"We continue to see growth in our Digital gaming segment and with the recent soft opening of Mohegan Inspire on November 30th, our diversification efforts will further enable Mohegan to achieve strong results."

As for individual properties, the Mohegan Sun saw drops across the board.

Net revenue was $224m, a decrease of 5%, while Adjusted EBITDA was $56m, a decrease of 134%.

The income from operations and income attributable to the Mohegan Sun totalled $40m each, a decrease of 18% and 19% respectively.

The Niagra Resorts property had both ups and downs. Net revenue at the casino was up 5% to $88.7m, while adjusted EBITDA was down 21% to $14m.

This was perhaps due to income from operations reaching $14.6m, an increase of 2%, while net income attributable to Niagra Resorts was down 59% to $5m.

Mohegan Pennsylvania had the most stable quarter out of the three properties.

Despite its net revenue being down 3% to $62.8m, everything else was positive, including adjusted EBITDA which was up 4% to $13m.

Net income from operations, both in general and those specific to Mohegan Pennsylvania, was up 4% to $10.7m.


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