Mohegan Tribal Gaming Authority is reporting 151.3 percent year-over-year growth in net revenues ($41.8 million), according to third-quarter fiscal-2024 operating results released late last week.
“The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future,” said Raymond Pineault, Chief Executive Officer of Mohegan.
Mohegan Digital launched a new online gaming experience in Pennsylvania in April, focusing on more than 500 games slot, table-game, and live-dealer games. The app is also live in Connecticut and New Jersey, as well as Ontario.
In the 3Q report (ended June 30, 2024) released last week, Mohegan reported a 21.4 percent year-over-year increase in net revenue ($504.2 million). The company owns and operates resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada, Canadian properties in Niagara Falls, Ontario, and Mohegan INSPIRE based in Incheon, South Korea.
Mohegan’s Chief Financial Officer, Ari Glazer, also pointed to revenue from INSPIRE as a driver of the company’s performance in 3Q. INSPIRE had their grand opening last March, after a soft launch in November 2023. INSPIRE features 1,275 hotel rooms, a multi-purpose arena, casino and shopping, dining, and entertainment facilities, like an indoor water park for up to 30,000 people.
Also, last week, Mohegan named Joseph Hasson as Mohegan’s Chief Operating Officer.
The company’s 3Q results were also marked by a strong performance from the company’s Connecticut digital operations. Adjusted EBITDA of $23.1 million for Digital was an increase from $11.5 million compared to the same period in 2023.
“Consolidated Adjusted EBITDA of $104.7 million decreased $3.9 million compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts, offset by strong growth in our Digital operations,” said Glazer. “Excluding the adjustment of non-controlling interest at Niagara Resorts, Adjusted EBITDA would have been $108.3 million or flat to prior year.”
