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US – Mohegan Gaming doubles first quarter revenue

By - 10 February 2022

Mohegan Gaming generated net revenues of $402m in its first fiscal quarter ended December 31, 2021versus $230.8m in the prior year period, a 74.2 per cent increase. Income from operations of $35.2m versus $10.6m in the prior year period, a 231.7 per cent increase.

The year-over-year improvements in net revenues and Adjusted EBITDA were due to strong performance at the Company’s owned and managed properties and the addition of Mohegan Sun Casino Las Vegas and MGE Digital, compared to the prior period which was negatively impacted by various COVID-19 related restrictions, including the closure of the MGE Niagara Resorts for the entire period, the closure of Mohegan Sun Pocono for 20 days, and state-mandated public health protocols at the Company’s other properties. When compared to the period ended December 31, 2019, consolidated net revenues increased 0.7 per cent and Adjusted EBITDA increased 29.7 per cent, which were largely driven by improved overall volumes and reductions in labor and marketing costs as part of the reimagining of MGE’s business.

“Our consolidated Adjusted EBITDA of $97.4 m continues our trend of strong performance and demonstrates MGE’s ability to drive profitability,” said Raymond Pineault, Chief Executive Officer of the Company. “In addition, following the successful completion of financing in November 2021, we are very pleased to announce that MGE has recommenced construction of Inspire Korea.”

Carol Anderson, Chief Financial Officer of the company, also noted: “These results, including our strong Adjusted EBITDA margins, continue to reflect MGE’s ability to adapt to the ongoing COVID-19 pandemic. At our flagship property Mohegan Sun, Adjusted EBITDA was $78.2 million, 20.1% favorable to the period ended December 31, 2019, which is the closest pre-COVID-19 comparable, while net revenues and Adjusted EBITDA margin were up 3.4%, and 430 basis points, respectively, over the same period. Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, ilani Casino Resort and Resorts Casino Hotel all continue to perform well. The MGE Niagara Resorts also generated strong results during its first full fiscal quarter of operations since the COVID-19 related closure that began in March 2020 and ended in July 2021.”

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