MGE posts poor results during the 3Q of its fiscal year

MGE posted an overall decline in its financial results.

Mohegan Gaming & Entertainment reported its third quarter results and announced an overall decline from last year’s same period.

US.- Developer and operator of global gaming and entertainment properties Mohegan Gaming & Entertainment (MGE) announced its operating results for its third fiscal quarter ended June 30th, 2018. Overall figures were down in comparison to the same period last year, the company revealed in a filing released on Wednesday.

MGE revealed net revenues reached US$344.9 million and were down 1.5 per cent from the third quarter of 2017. According to the company, the main reason for the decline was a reduction in non-gaming revenues, caused by a weaker entertainment calendar. However, MGE explained it was offset by higher gaming revenues, which reached US$295.4 million, fueled by promotional activity in the Mohegan Sun Pocono gaming market.

Adjusted EBITDA was also down 1.2 per cent year-on-year to US$88.2 million.

“Overall fiscal third-quarter results were generally in line with prior year performance, driven by effective operational cost containment initiatives leading to an impressive margin performance at Mohegan Sun in Connecticut. These initiatives, along with revenue enhancement measures, reflect the initial phases of a prolonged strategy to combat anticipated incremental competition in the New England gaming market. The quarter also marked considerable progress in our non-gaming development strategy,” the company said in the filing.