Mohegan registers record quarterly revenue
Net revenue increased by 21.4 per cent year-over-year.
US.- Mohegan Tribal Gaming Authority has announced operating results for its third fiscal quarter ended June 30. The company achieved record quarterly net revenue, increasing 21.4 per cent year-over-year to $504.2m.
Domestic operations generated $310.7m. Mohegan Digital generated $41.9m and international operations $135.4m.
Mohegan CEO Raymond Pineault said: “As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects. The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future”.
Ari Glazer, chief financial officer of Mohegan added: “Net revenues of $504.2m increased $88.8m compared with the prior-year period, primarily due to continued growth in Mohegan Digital and revenue from Mohegan INSPIRE.
“Consolidated adjusted EBITDA of $104.7m decreased $3.9m compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts, offset by strong growth in our Digital operations. Excluding the adjustment of non-controlling interest at Niagara Resorts, adjusted EBITDA would have been $108.3m or flat to prior year.”
Mohegan has named Joseph J. Hasson as chief operating officer (COO), subject to regulatory approvals. Hasson has served as Mohegan’s interim COO since April.
