Mohegan announces Q4 net-revenue increase

December 14, 2023 4:15 PM
Photo: Shutterstock
  • Mark Keast, CDC Gaming Reports
December 14, 2023 4:15 PM
  • Mark Keast, CDC Gaming Reports

Mohegan Tribal Gaming Authority has announced a 7.6 percent increase in Q4 2023 net revenues (three months ended Sept. 30), according to financial results released yesterday.

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More specifically, net revenues for overall Mohegan operations came in at $444.3 million in Q4, an increase of $31.3 million compared to the prior-year period, primarily due to continued growth in Mohegan Digital.

Income from all operations were just over $48 million, a decrease of 24 percent year over year, and adjusted EBITDA for all operations was just over $88 million, an 11.7 percent year-over-year decrease.

Mohegan Chief Executive Officer Raymond Pineault referenced the company’s soft opening on Nov. 30 of its new Mohegan INSPIRE property in Incheon, South Korea. Mohegan also operates Fallsview Casino Resort and Casino Niagara in Niagara Falls, Ont., as well as properties in Pennsylvania, Nevada, New Jersey, Washington, and Connecticut.

“Our adjusted EBITDA for fiscal 2023 of $399.9 million was the second highest in our 27-year history, compared with adjusted EBITDA for fiscal 2022 of $403.9 million, which was the highest to date,” he said. “We continue to see growth in our Digital gaming segment and with the recent soft opening of Mohegan INSPIRE on November 30, our diversification efforts will further enable Mohegan to achieve strong results.”

With the Niagara properties, net revenue was up 4.9 percent ($88.7 million), income from operations was up 1.6 percent ($14.6 million), while adjusted EBITDA was down 21.3 percent ($14.1 million).

The net-revenue increase was driven by the continued ramp up of the OLG Stage entertainment complex that opened in October 2022. The gaming-revenue component decreased $7.2 million, due to lower volumes.

In October, Mohegan named Guy Greene as vice president of online marketing, a sign they intended to expand the footprint of Mohegan Digital’s online-gaming products, one of which is PlayFallsViewCasino.com.

Net revenues in Mohegan Digital increased $44.2 million in Q4 compared to the prior-year period, partially due to an accounting adjustment that increased net revenue and expenses due to how Connecticut requires that online casino and sports-betting payments be made to the state.