The Mohegan Tribal Gaming Authority released its first-quarter results Thursday, led by a sizable uptick in net revenues, but also a net loss of $85.9 million.
Chief Financial Officer Ari Glazer said net revenue of $498.9 million, up $73.7 million compared to the prior year, is attributable to a strong quarter from Mohegan Sun, as well as continued growth from Mohegan Inspire and Mohegan Digital.
The net loss was nearly a $11 million decrease from what was reported the prior year.
“Consolidated adjusted EBITDA of $85.1 million increased $6 million compared with the prior-year period, as our domestic resorts, international resorts and Mohegan Digital outperformed prior year results,” Glazer said.
There was also the grand opening of Mohegan Inspire Entertainment Resort in Incheon, South Korea, in March.
Mohegan’s U.S. properties include the Mohegan Sun in Connecticut and resorts in Pennsylvania and Nevada. Mohegan also operates Fallsview Casino Resort and Casino Niagara in Niagara Falls. Play.MoheganPAcasino.com and associated mobile apps feature a full slate of slots, table games, and live dealer offerings, 500 in total.
Mohegan Digital adjusted EBITDA increased 52.1 percent year over year, the company detailed in a statement. Mohegan Inspire generated net revenue of $63.6 million.
“During 2024, Mohegan rolled out a number of important initiatives as part of our strategy to become one of the premier global omnichannel resort operators. Our success in accomplishing these transformational objectives is a credit to our incredible team and I’m optimistic about the trends I see emerging within our omnichannel business and from the increased contributions by our non-gaming segments,” said Raymond Pineault, Mohegan CEO.
The company last month told creditors that the Korea casino wasn’t performing as expected and that it had again amended its credit agreement on the resort.
Despite that, Glazer told New London Day that the property is still in its infancy, in ramp-up mode and they remain confident in its potential.
