Mohegan Q3 2025: Net loss reduces 82.6%, online segment sees growth
Mohegan Digital revenue was up 61.2%, despite overall revenue falling 1.6%.
Key points:
– US tribal operator Mohegan has released its latest financial results
– Revenue was down 1.6%, despite a sharp rise in revenue from its digital division
– Net loss reduced from $29.9m to $5.2m
Mohegan has announced its financial results for Q3 2025.
In the three-month period ending 30 June 2025, net revenue came to $436.9m, down 1.6% year-on-year, with income from operations dropping sharply by 20%, making $73.3m. Adjusted EBITDA was also down, falling 16.3% to $94.1m, while net loss reduced significantly, shrinking 82.6% to $5.2m.
Several factors may contribute to this change in net loss, including the takeover (and eventual sale) of its South Korea property, Inspire Entertainment Resort, which occurred in May.
Results by segment – Domestic resorts
Looking at the tribal operator’s domestic properties, figures were down across the board. Revenue was down 4.3% to $297.3m, with adjusted EBITDA down 14.7% to $70.1m. Net income fell 20.1% to $50.8m, though according to Mohegan, this decrease was due to a particularly high revenue period reported this time last year, as well as increased labour costs at Mohegan Sun.
Results by segment – Mohegan Digital
Bucking the trend of decline is Mohegan’s online sector. Revenue here was up 61.2% year-on-year, making $67.5m, with adjusted EBITDA and net income reaching $34.2m, up 48.2%, and $34.1m, up 48.1%, respectively. Connecticut efforts were pointed to as a specific driver of growth during the quarter, with Pennsylvania and Ontario operations also noted as having experienced growth.
Results by segment – International resorts
Despite net income almost doubling from $0.7m to $1.3m this quarter, income from international resort operations was down 12.6% to $39m, with adjusted EBITDA falling 5.2% to $5.2m and net revenue falling just slightly, down 0.3% to $75.1m.
Revenue by vertical
Looking at Mohegan’s various revenue streams across its operations, gaming revenue led the charge, making $311.7m, up 4.6% year-on-year. Food and beverage was also up marginally, making $45.4m, or $0.3m more than last year. Hotel revenue took a small dip, down just over $0.1m to $29.3m; however, the biggest sink in revenue came from was in retail, entertainment and other revenues. Last year, this segment made $73.4m, but this has since declined to $50.5m; perhaps in part due to the struggles it had in hosting at Inspire, with audiences “unimpressed” when it hosted the K-Pop Music Awards in November.
However, despite an overall decline in net revenue, perhaps some of the damage done by falling revenue was mitigated by a relatively small increase in operating costs and expenses, which went up by 3.2% to $363.6m. This still did not cushion the blow of a 20% hit to income from operations, exacerbated by factors such as a $24.4m loss due to modification and early extinguishment of debt, which did not need to be paid this time last year.
Comments
On the results, Mohegan CEO Raymond Pineault said: “The completion of our comprehensive refinancing has placed us in a great position to continue executing our strategy, to be one of the premier omnichannel enterprises.
“This important milestone further supports our opportunities for long-term growth and the evolution of our digital business provides greater strategic flexibility. Now that we’ve addressed our capital structure, we’re singularly focused on executing our plan and increasing value for all our stakeholders.”
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