Mohegan Shares Q1 2023 Financial Results

Written By Katarina Vojvodic on February 10, 2023
A look at Q1 2023 financials for Mohegan

Connecticut’s Mohegan Tribal Gaming Authority released a report highlighting its financial results during the first quarter of the 2023 financial year. This first quarter ended on Dec. 31, 2022.

The company CEO, Raymond Pineault, explained the outcome during Q1 2023 continues the trend set by the company’s previous success.

The growth in net revenues in comparison to Q1 2021 was primarily driven by a full period of operations. Mohegan’s Niagara Resorts in Ontario returned to relatively normal operating conditions. The company also saw continued growth in its CT online casino gaming and sports betting operations in the state.

Mohegan’s diversification strategy may include CT online casino gaming

During Q1, the company reported net revenue of $406.6 million. The figure is a 1.2% increase in comparison to the first quarter of 2021’s $401.9 million.

Income from the company’s operations nearly doubled year-over-year during its first quarter and climbed to $70.2 million. In December 2021, that figure was 35.2 million.

Adjusted EBITDA during the first quarter reached $101.1m. Adjusted EBITDA grew by 3.8% from 2021’s $97.4m. Pineault said the company’s trend of strong performance continues.

“Our consolidated Adjusted EBITDA of $101.1 million 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.”

Group CFO Carol Anderson referred to Mohegan’s quarterly progress compared to pre-pandemic time. She said: “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.”

Net revenues across Mohegan properties

Mohegan Sun reported net revenues of $239.4 million, which is a 4.8% decrease from Q1 2022’s $251.6 million. Net revenues decreased by $12.2 million compared with the prior-year period due to declines in both slot and table games revenues. Mohegan reflected lower overall volumes, while 2021 benefited from the property’s 25th-anniversary celebration.

Mohegan Pennsylvania‘s net revenues fell to $59.8 million, 6.9% down from 2021’s $64.2 million. The company claims it was due to poor weather, resulting in lower gaming volumes and lower table games hold percentage.

Niagara Resorts‘ net revenues increased by 17.8% to $74 million. The company says that’s due to high gaming volumes and a substantial increase in non-gaming revenues.

Photo by PlayUSA
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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