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The Mohegan Tribal Gaming Authority released its fiscal third-quarter earnings report, which detailed a slight decrease in overall net revenue.
Although casino activity was down, strong non-gaming growth driven by food, beverage, entertainment and hotel revenue helped offset the gaming revenue drop. In addition, Mohegan’s online casino segment continues to improve from quarter to quarter.
Mohegan Q3 financial highlights
For the third quarter, which ended June 30, Mohegan reported net revenue of $415.4 million, down 0.4% compared to the same period last year.
In a press release,Mohegan CEO Raymond Pineault said:
“Our consolidated Adjusted EBITDA of $108.7 million was the third highest quarterly total in our 26-year history, while the prior-year comparable quarter was the highest to date.”
Pineault continued by saying Mohegan continues to see substantial results from its digital segment and is focused on growing that line of business.
Mohegan’s financial revenue from Q3-2023 increased significantly from Q2 when it reported $405.8 million in net revenue.
Net revenue by Mohegan property Q3 2023:
- Mohegan Sun: $230.6 million, down 2.5%
- Mohegan Pennsylvania: $65.2 million, down 2.3%
- Niagara Resorts: $81.1 million, up 1.8%
- Mohegan Digital: $17 million, up 56.6%
- Mohegan Sun: $225.9 million, up 4.8%
- Mohegan Pennsylvania: $63.2 million, up 1.7%
- Niagara Resorts: $70.8 million, up 35%
- Mohegan Digital: $22.7 million, up 283.9%
Q1 2023 financials:
- Mohegan Sun: $239.4 million
- Mohegan Pennsylvania: $59.8 million
- Niagara Resorts: $74 million
- Mohegan Digital: —
Carol Anderson, Chief Financial Officer of Mohegan, also noted: “Our Adjusted EBITDA margin of 26.2% was 268 basis points favorable compared with our pre-COVID-19 third quarter of fiscal 2019 and 262 basis points unfavorable compared with the prior-year period.”
Mohegan Digital continues its rise
The company’s digital segment, which is active in Connecticut’s online casino market experienced the most significant increase primarily due to the addition of online gaming in Ontario.
In September 2022, Mohegan launched its digital app PlayFallsview in Ontario.
Mohegan said the adjusted EBITDA of $11.6 million was up $4.0 million compared to Q3-2022.
“In the prior-year comparable period, Mohegan Digital Connecticut benefited from a cumulative update to the revenue share allocation from our digital gaming partner, which impacted net revenues and Adjusted EBITDA.”
Back in 2018, the casino operator inked a deal to become the official service provider of Fallsview Casino Resort and Casino Niagara in Niagara Falls, Ontario, Canada.
