The Mohegan Tribal Gaming Authority has released its Q2 2024 report, for the period ending 31 March 2024.
During this period, Mohegan Inspire celebrated its official grand opening ceremony on 5 March, and just after the period, it implemented a global Enterprise Resource Planning system on 1 April and launched Mohegan Digital in Pennsylvania on 2 April.
Net revenue grew 14% to $461.7m, the highest quarterly record in the company’s history.
However, income from operations fell 51% to $31.2m and net loss increased by 378% to $46.1m. Finally, adjusted EBITDA also fell 18% to $84m.
Mohegan CEO Ray Pineault said: "These important milestones are vital to the foundation we're building to ensure our continued success as we build for 13 generations to come, and beyond.
“As we work towards our objectives, these recent achievements demonstrate the effectiveness of our strategy to support our transformation into a world-renowned global resort operator.”
When looking at the US figures, net revenue grew 1% to $300.4m. Income from operations dropped 6% to $51.9m, while net income also fell 6% to $50.1m.
Interestingly though, the adjusted EBITDA of $79.7m and adjusted EBITDA margin or 26.5% were unchanged when compared to the prior-year period.
Mohegan CFO Ari Glazer said: "Net revenues of $461.7m increased $55.9m compared with the prior-year period, primarily due to continued growth in Mohegan Digital and revenue from Mohegan Inspire.
"Consolidated adjusted EBITDA of $84.0m decreased $18.2m compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan Inspire and non-controlling interest adjustments at Niagara Resorts."
The international figures, from Mohegam Inspire and Niagara Resorts, were much different. Net revenue grew 53% to $108.1m, but losses from operations grew by 475% to $39.5m.
Net income dropped from $438,000 to $63.6m and adjusted EBITDA fell from $4.3m to $16.6m.
Mohegan explained that this was due to operating costs relating to Mohegan Inspire, and $5m due to non-controlling interest adjustments related to Niagara Resorts.
Meanwhile, Mohegan's Digital platform saw a 71% jump in revenue to $38.8m and income from operations grew 12% to $19.9m.
Net income and adjusted EBITDA both increased by 11.6% to $20.3m and $20.2m respectively.
