The Mohegan Tribal Gaming Authority, trading as Mohegan Gaming & Entertainment, announced record-breaking net revenues of nearly $504.2 million for the quarter ending June 30, marking a 21.4% increase year-on-year. The surge was largely driven by the successful launch of the Mohegan Inspire Entertainment Resort in Incheon, South Korea, alongside continued growth in Mohegan Digital.
The $88.8 million increase in revenue compared to the same period last year reflects the growing contribution of the $1.4 billion Mohegan Inspire complex, which opened its casino in February 2024 after launching non-gaming amenities in November 2023. The resort, which features South Korea’s largest foreigners-only casino, has quickly become a key revenue driver for the company.
Despite the record revenue, Mohegan reported adjusted EBITDA of just over $104.7 million for the quarter, a decline of 3.6% from the prior year. The company attributed this to operating costs related to the opening of Mohegan Inspire and adjustments related to its Canadian operations at Niagara Resorts. Excluding these factors, adjusted EBITDA would have remained flat year-over-year at $108.3 million.
Mohegan Inspire, which recorded net revenues of $60.1 million in the quarter, showed significant improvement in its financial performance. Its adjusted EBITDA narrowed to a loss of $7.6 million from a negative $24.1 million in the previous quarter, as visitor numbers to the resort’s casino steadily increased.
Mohegan’s net loss for the quarter was $29.9 million, a sharp reduction from the $46.1 million loss in the previous quarter. This compares to a net income of $50.6 million in the same quarter of fiscal 2023.
The group’s strong performance was also bolstered by its digital operations, with Mohegan Digital seeing significant growth. The segment encompasses iGaming and sports betting in Connecticut, Pennsylvania and Ontario, and generated $41.9 million, up 151.3% over last year.
Meanwhile, Mohegan’s flagship property, Mohegan Sun in Connecticut, continued to perform robustly, contributing to the overall revenue increase. It posted net revenue of $235.7 million, an increase of 2.2% over the same period in 2023.
“As I look across our enterprise, I feel confident about how our strategy is taking shape,” said Mohegan Gaming president and CEO Ray Pineault. “I’m excited about our near- and long-term prospects.”
Looking ahead, Mohegan Inspire is expected to play an increasingly central role in the company’s growth strategy, particularly as it prepares to host major events like the poker tournament P1 Circuit, which started on August 9.
Mohegan Tribal Gaming Authority also announced the appointment of Joseph Hasson as the group’s new Chief Operating Officer, tasked with overseeing the development and execution of strategic business plans across all Mohegan properties.
Original article: https://www.yogonet.com/international/noticias/2024/08/12/75122-mohegan-gaming-posts-record-q2-revenue-of-5042-million-boosted-by-south-korea-39s-inspire-resort
