Mohegan Gaming Reports Strong Fiscal Quarter Results in 2023
Date: 2023-12-16 Author: Dima Zakharov Categories: PEOPLE, GAMING
Strong Growth for Mohegan Digital
Mohegan Gaming is celebrating a highly successful fiscal quarter, with net revenues surging by $31.3 million compared to the previous year. This remarkable growth can be attributed to the continued expansion of Mohegan Digital, offsetting some declines in other areas.
Challenges at Mohegan Sun
Mohegan Sun, on the other hand, faced challenges in the form of lower gaming volumes and table hold during the quarter, resulting in a decrease of $12.5 million in revenues. However, the resort made up for this setback with strong non-gaming growth in areas like food, beverage, and entertainment.
Positive Trends at Mohegan Pennsylvania
Mohegan Pennsylvania also experienced a drop in gaming volumes, leading to a $1.9 million decline in revenues. Nevertheless, the resort saw positive results in food, beverage, and hotel revenues, achieving a favorable 4.2% increase in adjusted EBITDA.
Niagara Resorts on the Rise
Niagara Resorts reported a $4.1 million increase in revenues, thanks to the ongoing success of the OLG Stage entertainment venue, which opened in October 2022.
Adjustments and Future Prospects
Adjusted EBITDA for the quarter was $56.3 million, slightly down from the previous year. However, when accounting for normalized table hold at Mohegan Sun and other factors, the adjusted EBITDA would have been $108.9 million, showcasing the company's underlying strength.
Positive Outlook
Raymond Pineault, CEO of Mohegan, expressed optimism, stating, "Our Adjusted EBITDA for fiscal 2023 of $399.9 million was the second highest in our 27-year history." He also mentioned the recent soft opening of Mohegan INSPIRE, which is expected to contribute to further growth.
Mohegan INSPIRE's Promising Future
The COO, Jody Madigan, revealed that Mohegan INSPIRE in Korea is off to a promising start, with plans to open fully next year. The casino expects to receive its license in March 2024 and is confident about achieving cash flow positivity by the end of the year, further solidifying Mohegan Gaming's position in the industry.
