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Mohegan Tribal Gaming Authority reported higher revenue and earnings for its third fiscal quarter, driven by growth across its casino resorts and online gambling business. Companywide net revenue rose 3.1% to $450.6 million, and Adjusted EBITDA climbed 7.5% to $101.1 million for the three months ended June 30, 2026.
The quarter also featured one of the company’s biggest strategic moves in recent years: Mohegan completed the $300 million sale of the Connecticut Sun WNBA franchise, a deal that strengthened its financial position and gives it more flexibility to pursue long-term priorities.
Mohegan, which owns, develops and manages casino resorts in the US and Canada, continued to see solid demand at its domestic properties. Mohegan Digital delivered record quarterly profitability, offsetting softer results from the company’s international resorts.
Q3 fiscal 2026 highlights:
- Companywide net revenue: $450.6 million, up 3.1%
- Adjusted EBITDA: $101.1 million, up 7.5%
- Net income: $296 million, compared with a net loss a year earlier
- Restricted Group net revenue growth: 5.8%; Adjusted EBITDA growth: 10.2%
- Completed $300 million sale of the Connecticut Sun WNBA franchise
- Redeemed $140 million of 2029 senior unsecured notes
Online gambling delivers Mohegan’s most profitable quarter
Mohegan Digital is the company’s iGaming division, operating real-money online casino and online sports betting platforms in states and provinces where they’re legal.
Its offerings include online slots, table games and live dealer games, plus sports wagering through a partnership with FanDuel Casino in Connecticut, the PlayMoheganPA casino and sportsbook in Pennsylvania, and the PlayFallsview platform in Ontario, Canada.
Mohegan Digital was the quarter’s standout performer, posting the strongest results in the division’s history.
- Revenue: $78.5 million, up 16.3% year over year
- Adjusted EBITDA: $40.1 million, a division record, up more than 17%
- Operating income and net income: each up more than 17%
- Connecticut online gaming revenue per monthly active user: $467, reflecting sustained player engagement
Chief Operating Officer Joe Hasson said the quarter reflected healthy demand across the company’s destination resorts, continued momentum in its digital business, and a sustained focus on the guest experience.
Mohegan Sun captures highest slot share since 2020
Mohegan’s land-based operations also kept up their momentum. Strong slot play and higher spending on hotels, restaurants and other non-gaming amenities supported another quarter of growth at the company’s domestic resorts.
- Revenue: $310.1 million, up 4.3% year over year
- Adjusted EBITDA: $71.5 million
- Mohegan Sun slot market share: 59.7%, its highest quarterly share since the fourth quarter of 2020
Operating income also improved as the company’s flagship properties continued to draw steady customer demand.
Connecticut Sun sale strengthens financial position
Beyond its operating performance, Mohegan completed one of the most significant corporate transactions in its recent history. The $300 million sale of the Connecticut Sun WNBA franchise reshaped the company’s portfolio and had a substantial impact on its third-quarter results, generating a gain of approximately $279.7 million.
That gain helped lift net income to $296 million, compared with a net loss in the same period last year.
Chief Financial Officer Ari Glazer said the sale unlocked significant value and improved the company’s financial flexibility. He added that Mohegan remains focused on investing in its resort portfolio, improving operational efficiency, maintaining disciplined capital allocation and strengthening its balance sheet.
The company also redeemed $140 million of its 2029 senior unsecured notes during the quarter, another step toward improving its financial position.
International resorts face softer quarter
Mohegan’s international resorts were the one soft spot, with gaming revenue declining from the prior year. Executives attributed most of the drop to unfavorable table-game hold during the quarter.
International revenue fell 11% to $66.8 million, and Adjusted EBITDA declined to $2.2 million. On a table-hold-normalized basis, the Adjusted EBITDA decline was far smaller — about $0.3 million, compared with the $3 million drop in the reported figure.
Mohegan ends quarter with stronger cash, credit position
Mohegan ended the quarter in a stronger financial position. The company held $138 million in cash and cash equivalents, along with $211.8 million in borrowing capacity under its senior secured credit facility and line of credit.
According to a Q3 2026 press release, Mohegan said its Niagara Resorts business had an additional $35.1 million available under its revolving credit and swingline facility.
Together, the digital business’s record quarter, steady domestic growth, and the Connecticut Sun sale marked another step in Mohegan’s strategy to strengthen its balance sheet while positioning the business for long-term growth.
