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US – Mohegan Gaming secures second best ever EBIDTA in 2023

By - 15 December 2023

Mohegan Tribal Gaming Authority announced operating results for its fourth fiscal quarter ended September 30, 2023 with quarterly net revenues increasing $31.3m compared with the prior-year period, primarily due to continued growth in Mohegan Digital that was partially offset by lower than expected table hold at Mohegan Sun.

Mohegan Sun’s revenues decreased $12.5m compared with the prior-year period primarily due to lower gaming volumes and table hold for the quarter. Strong non-gaming growth driven by food, beverage and entertainment revenues partially offset the decline in gaming revenues. Adjusted EBITDA of $56.3m was 13.7 per cent unfavorable compared with the prior-year period.

Mohegan Pennsylvannia’s revenues decreased $1.9m compared with the prior-year period primarily due to lower gaming volumes, which were partially offset by strong food, beverage, and hotel revenues. Adjusted EBITDA of $13.8m was 4.2 per cent favorable compared with the prior-year period.

Niagra Resorts revenues increased $4.1m compared with the prior-year period driven by the continued ramp of the OLG Stage entertainment venue which opened in October 2022.

Adjusted EBITDA of $88m decreased $11.7m compared with the prior-year period also due to table hold at Mohegan Sun and the non controlling interest impact of the Niagara Resorts debenture conversion and related transactions. Adjusted EBITDA margin of 19.8 per cent for the quarter was 178 basis points unfavorable compared with our pre-COVID-19 fourth quarter of fiscal 2019 and 434 basis points unfavorable compared with the prior-year period. Adjusting for normalized table hold at Mohegan
Sun and a $4.7m non-controlling interest impact of the Niagara Resorts debenture conversion, Adjusted EBITDA would have been $108.9m and Adjusted EBITDA margin would have been 24.5 per cent, up $6.4m and down 30 basis points compared with the prior-year period, respectively

“Our Adjusted EBITDA for fiscal 2023 of $399.9m was the second highest in our 27-year history, compared with Adjusted EBITDA for fiscal 2022 of $403.9m, which was the highest to date,” said Raymond Pineault, Chief Executive Officer of Mohegan. “We continue to see growth in our Digital gaming segment and with the recent soft opening of Mohegan INSPIRE on November 30th, our diversification efforts will further enable Mohegan to achieve strong results.”

In terms of the recently opened Inspire Korea, COO Jody Madigan revealed the casino should be open next year with the licence expected in March 2024.

He added: “Post weekend we’ve seen good foot traffic. On weekends our hotel occupancy is at where we thought it would be and we’re seeing really good food and beverage covers. There is a phased opening with that and we’re not fully ramped so we have a couple more things coming in early 2024 on the gaming side and then shortly thereafter there will be some additional non-gaming in Q2 that will finish the project out. I am pleased with what we’re seeing so far. I do believe we will be cash flow positive by the end of the year.”

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