Mohegan records revenue of $406.6m for Q1
The Mohegan Tribal Gaming Authority has announced results for the fiscal quarter ended December 31.
US.- Mohegan Tribal Gaming Authority has announced operating results for its fiscal quarter ended December 31. The company reported net revenue of $406.6m, up 1.2 per cent year-on-year. Adjusted EBITDA grew by 3.8 per cent to $101.1m.
Raymond Pineault, chief executive officer of Mohegan, said: “Our consolidated Adjusted EBITDA of $101.1m continues our trend of strong performance. “Our diversification strategy and continued focus on profitability have enabled Mohegan to offset some of the inflationary and labor pressures and achieve these strong results.”
Carol Anderson, chief financial officer of Mohegan, added: “Our Adjusted EBITDA margin of 24.9% was 605 basis points favorable compared with our pre-COVID-19 first quarter of fiscal 2020 and 62 basis points favorable compared with the prior-year period.”
Established in 1996, the formerly named Mohegan Gaming & Entertainment is an extension of the Mohegan Tribe of Connecticut. It owns and manages gambling and entertainment resorts in the US, Canada, and Northern Asia. It also offers online gaming through the Mohegan Digital brand.
In November, Mohegan became a member of the International Betting Integrity Association (IBIA).
Soloviev Group partners with Mohegan for NYC casino bid
Soloviev Group has that Mohegan has joined its bid to build a casino at Freedom Plaza. It said the collaboration would make use of Morgan’s category expertise, values, long-term vision and culture, which it said are aligned with its own.
The Mohegan Tribe of Indians of Connecticut, known for its Mohegan Sun casino south of Norwich, Conn, would run the gaming floor of Soloviev’s proposed casino. The developer hopes the partnership will give it an edge over the competition for a gaming licence for Freedom Plaza.
