The Mohegan Tribal Gaming Authority released its second-quarter earnings report showing growth driven by online casino gaming and, among other things, food and beverage.
Mohegan CEO Raymond Pineault said Q2 results were encouraging, given how well the company’s digital segments are growing.
According to the tribe, net revenue across all its properties showed growth compared to Q2 of 2022 primarily due to increases in slot and sportsbook revenues, along with strong ancillary revenue. The second quarter ended on March 31, 2023.
Mohegan Q2 highlights
During Q2, the company reported net revenue of $405.8 million, up 13.2% compared to the second quarter of 2022.
Mohegan contributed the year-over-year growth to a return to normality at its Niagra Resorts as well as continued growth in its CT online casino and sports betting segments.
In a press release, Pineault said:
“Our consolidated Adjusted EBITDA of $102.1 million reflects the positive results from our properties and digital operations. We are encouraged by the strong results from our digital segment and look forward to continued growth in that line of business.”
Net revenue by Mohegan property Q2 2023:
- 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%
Net revenue by Mohegan property Q1 2023:
- Mohegan Sun: $239.4 million
- Mohegan Pennsylvania: $59.8 million
- Niagara Resorts: $74 million
- Mohegan Digital: —
Strong Q2 could lead to future growth
Revenue from operations for Q2 amounted to $63.6 million, up 11% from the same quarter last year. The adjusted EBITDA of $102.1 million was a 17.8% YOY increase from the $86.7 million in fiscal Q2-2022.
Carol Anderson, Chief Financial Officer of Mohegan, also noted in a Cision PR Newswire press release:
“Our Adjusted EBITDA margin of 25.2% was 337 basis points favorable compared with our pre-COVID-19 second quarter of fiscal 2019 and 99 basis points favorable compared with the prior-year period.”
During Q1, the company reported net revenue of $406.6 million. The figure is a 1.2% increase compared to the first quarter of 2021’s $401.9 million.