It’s been only three years since Mohegan Gaming and Entertainment took over the day-to-day operations of Fallsview Casino Resort and Casino Niagara under a 21-year agreement with the Ontario Lottery and Gaming Corporation.
These were the first Canadian properties of Mohegan Gaming and Entertainment, an affiliate of the Mohegan Tribe of Connecticut.
Mohegan is the owner, developer, and/or manager of resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada, Mohegan INSPIRE in Incheon, South Korean, as well as the two Niagara properties. The company also has an igaming division and own a WNBA professional basketball team.
But one look at the company’s second-quarter fiscal-2023 operating results shows how important the Canadian properties have become.
Net revenue for the three months ended March 31, 2023, was just over $405.8 million, a 13.2 percent increase from Q2 in 2022. Income from operations was just over $63.8 million, up 11.1 percent from 2022.
“Our consolidated Adjusted EBITDA of $102.1 million reflects the positive results from our properties and digital operations,” said Raymond Pineault, chief executive officer of Mohegan. “We’re encouraged by the strong results from our digital segment and look forward to continued growth in that line of business.”
Breaking down the Niagara resorts, net revenue for the second quarter was $70.75 million, up $18.5 million (35.4 percent) from the same period in 2022. The company pointed to non-gaming revenues with the opening of the 5,000-seat OLG Stage entertainment venue in February as something to keep an eye on.
Obviously, the prior year was impacted by government-mandated COVID-related closures.
The company said the overall growth in net revenue was primarily driven by a full period of operations and a relative return to normal at the Niagara resorts, as well as continued growth in igaming and sports betting at their Connecticut property.