Operator News
US – Mohegan Gaming celebrates ‘remarkable’ fourth quarter
By Phil - 6 December 2019
Mohegan Gaming & Entertainment, owner of Mohegan Sun in Uncasville, Connecticut, Niagara Fallsview Casino Resort in Niagara Falls, Ontario, and Inspire Korea in Incheon, South Korea, has hailed a ‘remarkable’ fourth quarter.
Consolidated net revenues were up 19.2 per cent, driven by positive contribution of the Niagara resorts and continued outperformance from non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun. These were partially offset by lower gaming volumes at both Mohegan Sun and Mohegan Sun Pocono. Consolidated Adjusted EBITDA decreased 5.4 per cent during the quarter, reflecting the contributions noted above as well as stronger Corporate Adjusted EBITDA.
“MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well,” said Mario Kontomerkos, President & Chief Executive Officer. “These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. Outside of North America, project Inspire in South Korea continues under construction and remains on track for a 2022 opening. In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement. These domestic and international efforts, which also include the September announcement of our venture with Virgin Hotels in Las Vegas, have placed MGE on solid ground for success for generations to come.”
