Net revenue was up 4.6 per cent year-on-year in the quarter ending December 31.<\/p>\n\n\n\n\n\n\n\n
South Korea.-\u00a0Mohegan Gaming & Entertainment (MGE)\u00a0<\/strong>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.<\/p>\n\n\n\n Carol Anderson<\/strong>, chief financial officer of Mohegan, attributed the rise to the continued growth of Mohegan Digital and non-gaming revenues from\u00a0Mohegan Inspire<\/a>, 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.<\/p>\n\n\n\n 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.\u00a0Operating 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.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n Mohegan Inspire opened its non-gaming facilities on November 30<\/a>, featuring the 15,000-capacity Inspire Arena. The foreigner-only casino opened on February 3, after the reporting period. The property is set for\u00a0an official launch on March 5<\/a>.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Ray Pineault<\/strong>, president and CEO of Mohegan, said: \u201cWe are on the brink of a historic moment with the grand opening of INSPIRE. We\u2019re ready to set a new benchmark in hospitality and entertainment, welcoming guests from around the globe to discover the magic of INSPIRE.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Net revenue was up 4.6 per cent year-on-year in the quarter ending December 31.<\/p>\n","protected":false},"author":176,"featured_media":777013109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Mohegan Gaming & Entertainment reported Q1 FY23-24 net revenue of US$425.2m, a 4.6% QoQ increase driven by Mohegan Digital and non-gaming revenues from the new Mohegan Inspire resort in South Korea. Despite stable net loss, consolidated adjusted EBITDA declined 21.8% YoY to US$79m, impacted by Mohegan Inspire's initial operating costs and lower gaming volumes. The company's total debt stands at over US$3.34bn, largely tied to the South Korea project.","focusai_entities":"Mohegan Gaming & Entertainment, Mohegan Digital, Mohegan Inspire, Carol Anderson, Ray Pineault, Niagara Resorts","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Inspire's Profitability Outlook","query":"What is the projected timeline for Mohegan Inspire to achieve positive EBITDA contribution, considering the initial operating costs and current gaming volumes?"},{"label":"Digital Growth Strategy","query":"How does Mohegan Digital's continued growth align with MGE's broader omnichannel strategy, and what are the key performance indicators for its future expansion?"}],"footnotes":""},"categories":[16338,163],"tags":[24132],"class_list":["post-777013075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-mohegan-gaming-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777013075"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013075\/revisions"}],"predecessor-version":[{"id":777013106,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013075\/revisions\/777013106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777013109"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777013075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}