Operator News
US – Table games provide huge upswing for Mohegan Sun
By Phil - 29 July 2017
A huge swing in table gaming revenues has boosted revenues for Mohegan Gaming & Entertainment, the owner and operator of Mohegan Sun in Uncasville, Connecticut, and Mohegan Sun Pocono in Wilkes-Barre, Pennsylvania.
The operator reported third quarter revenue of $350.2m, representing an 8.3 per cent increase over the third quarter of fiscal 2016.
Gaming was up 6.2 per cent to $294m with slot revenues flat at $205.5m but tables up a 22.5 per cent to $88.2m.
Mitchell Grossinger Etess, Chief Executive Officer of Mohegan Gaming & Entertainment, said: “We were pleased with our third quarter results which continue to reflect strong underlying operating fundamentals, particularly in Connecticut where revenues and EBITDA growth continue to outpace the region. During the quarter, the company continued to diversify its earnings base with the successful opening of ilani Casino Resort in Washington State. Additionally, construction of the Mohegan Sun Exposition and Convention Center commenced late last quarter and is on budget and on schedule to open next summer. Staying in Connecticut, work has started on our joint venture development in East Windsor which was recently signed into law by the Governor. Looking internationally, the company is well into the planning stage of its Korean joint venture, Project Inspire, where we anticipate breaking ground before the end of calendar 2017.”
Adjusted EBITDA of $89.3m, marked a 16.5 per cent increase, driven by the increase in table game revenues which benefited from improved hold percentage and higher volumes. The growth in non-gaming revenues reflected strong overall business activity driven, in part, by the additional hotel room capacity added by our new 400-room Earth Hotel which opened on November 10, 2016. These results were partially offset by higher payroll costs.
