Mohegan announces highest quarterly net revenue in its history

May 10, 2024 3:43 PM
Photo: Shutterstock
  • Mark Keast, CDC Gaming Reports
May 10, 2024 3:43 PM
  • Mark Keast, CDC Gaming Reports

Mohegan Tribal Gaming Authority is in the news again.

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Late last month, the company celebrated the official launch in Pennsylvania of a brand-new online-casino experience; Play.MoheganPAcasino.com and associated mobile apps feature a full slate of slots, table games, and live-dealer offerings, 500 in total. There was also the grand opening of Mohegan INSPIRE Entertainment Resort in Uncasville, Connecticut, in March and the grand opening of Mohegan INSPIRE Entertainment Resort in Incheon, South Korea, in February.

The company has been very active of late, including a series of high-level managerial announcements.

Yesterday’s announcement of the company’s second-quarter fiscal 2024 operating results (ended March 31) builds on that momentum. The company reports that it achieved its highest quarterly net revenue ($461.7 million) in their history, up 13.8% year over year.

Consolidated adjusted EBITDA of $84 million decreased $18.2 million compared to the prior-year period, company Chief Financial Officer Ari Glazer explained in a statement, due primarily to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts.

Besides the Mohegan and Connecticut properties, Mohegan also operates Fallsview Casino Resort and Casino Niagara in Niagara Falls, as well as properties in Pennsylvania, Nevada, New Jersey, and Washington.

“These important milestones are vital to the foundation we’re building to ensure our continued success as we build for 13 generations to come, and beyond,” said Raymond Pineault, Chief Executive Officer of Mohegan. “As we work towards our objectives, these recent achievements demonstrate the effectiveness of our strategy to support our transformation into a world renown global resort operator.”