Mohegan Tribal Gaming Authority (MTGA), which runs eight casinos in the US and Canada, posted record earnings in 2022. The news came during the company’s Q4 results report, which attributed the earnings boost to various factors.
Mohegan CEO Raymond Pineault said that the company’s adjusted earnings for fiscal year 2022 were $403.9 million. And that it was “the highest in our 26-year history.”
A report released in late October also noted that Mohegan’s North American properties generated $5.2 billion in economic activity.
A trio of factors led to Mohegan’s 2022 boom
The company’s CEO noted that three main developments led to the company’s record earnings last year:
- Mohegan’s Las Vegas casino was open for business the entire year
- Mohegan Digital launched
- Niagara properties re-opened
Mohegan’s Las Vegas property drives earnings
Mohegan Sun Casino at Virgin Hotels Las Vegas opened in March 2021. That opening marked the first Native American casino in Vegas.
The 60,000-foot facility has more than 650 slot machines and 50 table games. And it became a key earnings driver in fiscal year 2022 by generating revenue for a full 12 months.
Full-year of online gambling contributes to a record year
Much like Mohegan’s Las Vegas property, its digital arm, Mohegan Digital launched in 2021. And it had its first full year of operations in fiscal year 2022.
Mohegan Digital broke into the online gambling market in Connecticut, where its flagship casino, Mohegan Sun Connecticut, operates.
Niagara casinos re-opened
The MTGA runs two casinos in the Niagara Falls area: Casino Niagara and Fallsview Casino Resort. The two properties shuttered through the third week of July 2021 because of COVID restrictions.
And though the properties reopened that summer, they were running at a limited capacity. The casinos allowed only vaccinated individuals into the gaming floors.
Additionally, Fallsview’s 372-room hotel closed due to COVID restrictions until January 2022. At that time, regional health restrictions required the hotel to run at 50% capacity.
Both properties are now running at full strength, and all vaccination and masking mandates are over. As such, Mohegan saw a big bump in revenue at its Niagara properties.
The Q4 net revenue for the two properties was $84.54 million for FY 2022. That represents a 45% increase over the same revenue numbers from Q4 2021.
Mohegan made big changes to leadership in 2022, won multiple awards
Mohegan came out of the pandemic pushing for a strong rebound. And it did that, in part, by overhauling its senior leadership:
- Heather Menzano became vice president of web communications in June 2022 to boost the company’s digital marketing growth.
- Nelson Parker became vice president of strategic development in April 2022
- Jody Madigan became the company’s chief operating officer in September 2021
- The company appointed Christie St. Martin as vice president of online marketing in August 2021
The moves seemed to have paid off, judging by the company’s fiscal year 2022 results.
In addition to leadership changes, the company won several awards in 2022. It was named to Newsweek‘s list of the Top 100 Most Loved Workplaces for 2022.
Forbes recognized ut as a best-in-state employer for Connecticut. And, in September, Mohegan Sun Connecticut won USA Today‘s 10 Best Readers’ Choice Awards “Best Casino Hotel”. A designation won for the fifth year in a row.