Mohegan Gaming & Entertainment posts net revenue of US$425.2m for Q1
Net revenue was up 4.6 per cent year-on-year in the quarter ending December 31.
South Korea.- Mohegan Gaming & Entertainment (MGE) has shared its financial results for the first quarter of the fiscal year 2023-2024. It posted net revenue of US$425.2m, up 4.6 per cent compared to the previous quarter.
Carol Anderson, chief financial officer of Mohegan, attributed the rise to the continued growth of Mohegan Digital and non-gaming revenues from Mohegan Inspire, the newly-opened South Korean casino resort. Compared to the previous year, net revenue was down by US$11m due to lower gaming volumes and table hold. Non-gaming growth was primarily driven by food and tenant revenues, partially offset by lower hotel and beverage revenues.
Although the parent company’s quarterly net loss remained stable at US$97m, consolidated adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by 21.8 per cent year-on-year to US$79m. Operating costs related to Mohegan Inspire’s opening, non-controlling interest adjustments at Niagara Resorts, and low table hold at some properties contributed to this decline.
Mohegan Gaming’s total debt as of December 31 was slightly over US$3.34bn, including funds from a credit facility, loan, and convertible bonds for the South Korea project.
Mohegan Inspire opened its non-gaming facilities on November 30, featuring the 15,000-capacity Inspire Arena. The foreigner-only casino opened on February 3, after the reporting period. The property is set for an official launch on March 5.
The casino has over 150 table games, 390 slot machines, and 160 electronic table games (ETG). It has a floor for VIP guests featuring a Guandong-style fine dining restaurant.
Ray Pineault, president and CEO of Mohegan, said: “We are on the brink of a historic moment with the grand opening of INSPIRE. We’re ready to set a new benchmark in hospitality and entertainment, welcoming guests from around the globe to discover the magic of INSPIRE.”
