The first quarter of the year has brought underwhelming results for Mohegan Gaming, which reported a dip in its finances.
US.- Mohegan Gaming and Entertainment has revealed that its finances suffered a setback during the first quarter of 2019. Its quarterly revenue fell 7.3% to US$307.7 million, down from the US$332 million registered in the same period in 2018.
Mohegan Gaming said that despite the dip in revenues, the results were in line with expectations, as new acquisitions and developments will boost growth in the near future. Moreover, Mohegan Gaming’s income from operations suffered a 60.4% dip to US$22.2 million, down from 2018’s US$56.1 million. EBITDA totalled US$67.2 million, or a 15.9% fall.
“Volume trends across our portfolio remain inline to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remain robust despite completing our second full quarter of increased competitive pressure in the Northeast,” explained Mario Kontomerkos, president and CEO of Mohegan.
“Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, flat with last year’s comparable period, and well ahead of recent fiscal year 1Q19 performance,” the CEO added.