Mohegan posts 206.1% revenue increase in last quarter
For its third quarter, Mohegan Gaming and Entertainment has reported revenue of $328.1m.
US.- Mohegan Gaming and Entertainment has reported financial results for the third quarter of its fiscal year with $328.1m in net revenue, more than double the $107m reported in Q3 2020, which was heavily affected by the pandemic.
The 206.1 per cent increase was driven mainly by gaming, which made up $241.2m of the total figure, growing 169.9 per cent year-on-year. At $43.8m, retail, entertainment and other was the second segment with the highest cut, seeing a 259 per cent increase, while the remaining funds were generated by the food and beverages and hotels segments.
The company’s largest venue, the Mohegan Sun, saw revenue rise to $220m, 181.1 per cent higher than last year. Mohegan Sun Pocono figures also improved to $62.9m, while the Niagara Falls property grew by 26.7 per cent to $14.3m.
Raymond Pineault, CEO of Mohegan Gaming, said: “Another quarter of strong results demonstrates that MGE remains well positioned as we continue to emerge from the pandemic.
“In addition, we recently announced Mohegan Digital, which will provide leading sports betting and digital gaming solutions to our loyal customers and attract new customers on a broader scale. This new business line will diversify our future revenue streams and contribute to the financial stability of MGE.
Carol Anderson, chief financial officer of Mohegan Gaming, said: “These results are indicative of the continued recovery as most remaining COVID-related restrictions were lifted at our United States properties during the quarter.”
