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US – Mohegan Gaming produces best ever year of EBITDA

By - 20 December 2022

Mohegan Gaming reported the best ever EBITDA in its history over the last year with the first full year of Mohegan Casino Las Vegas and the reopening and ramp-up of Niagara Resorts boosting its performance.

“Our Adjusted EBITDA for fiscal 2022 of $403.9m was the highest in our 26-year history,” said Raymond Pineault, Chief Executive Officer of Mohegan. “The first full fiscal year of operations of Mohegan Casino Las Vegas, the launch of Mohegan Digital, and the reopening and ramp-up of Niagara Resorts, all contributed to these results.”

Carol Anderson, Chief Financial Officer of Mohegan, also noted, “Our Adjusted EBITDA margin of 24.2% for the quarter was 260 basis points higher than our pre-COVID-19 fourth quarter of fiscal 2019. Compared with the prior-year period, our Adjusted EBITDA margin declined due to the continued reintroduction of certain lower margin non-gaming amenities, as well as increased labor and utilities costs.”

The growth in net revenues compared with the prior-year period was primarily driven by a full period of operations and a return to relatively normal operating conditions at the Niagara Resorts, combined with the continued growth in our online casino gaming and sports wagering operations in Connecticut.

At Mohegan Sun, net revenues decreased $4.6m compared with the prior-year period, primarily due to declines in both slot and table game revenues, reflecting lower overall gaming volumes and hold percentages. These results were partially offset by higher non-gaming revenues. Adjusted EBITDA of $65.2m was 14.9 per cent unfavorable compared with the prior-year period, in which we had significantly lower labor, marketing and other operating expenses. The Adjusted EBITDA margin of 27.5 per cent was 160 basis points favorable compared with our pre-COVID-19 fourth quarter of fiscal 2019, but 420 basis points unfavorable compared with the prior-year period.

At Mohegan Pennsylvania, net revenues decreased $3.4m compared with the prior-year period primarily due to lower gaming revenues as a result of lower gaming volumes and table game hold percentage. Non-gaming revenues increased $1.1m compared with the prior-year period primarily driven by higher food and beverage revenues. Adjusted EBITDA decreased $2.4m, or 15.3 per cent, compared with the prior-year period, primarily due to the decrease in net revenues. Adjusted EBITDA margin of 20.4 per cent was 190 basis points favorable compared with our pre-COVID-19 fourth quarter fiscal 2019, but 250 basis points unfavorable compared with the prior-year period.

At Nigara Resorts, net revenues of $84.5m and Adjusted EBITDA of $17.9m were $26.5m and $1.1m favorable compared with the prior-year period, respectively, reflecting a full period of operations and a return to relatively normal operating conditions. The Niagara Resorts were temporarily closed effective March 18, 2020, following the outbreak of COVID-19, and reopened on July 23, 2021 under various COVID-19 related restrictions. Adjusted EBITDA margin of 21.2 per cent was 1,000 basis points favorable compared with our pre-COVID-19 fourth quarter of fiscal 2019, but 770 basis points unfavorable compared with the prior-year period.

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