Mohegan Tribal Gaming Authority showcases dynamic Q4 results

Lea Hogg December 15, 2023

The Mohegan Tribal Gaming Authority has unveiled its fourth-quarter fiscal results for the period ending September 30, 2023, showcasing a dynamic performance across its diverse portfolio.

Net revenue soars

The overall net revenue for Mohegan operations soared to $444 million this quarter, registering a robust 7.6 percent increase year-on-year. However, despite a 24 percent dip, income from all operations settled at $48 million, with net income attributable to Mohegan plummeting to -$19.9 million, marking a substantial 116 percent decrease. The adjusted EBITDA for all operating results landed at $88 million, reflecting an $11.7 million downturn.

Adjusted EBITDA balloons

Mohegan CEO Raymond Pineault emphasized the positive trajectory in the digital gaming segment, with fiscal 2023’s adjusted EBITDA reaching $399.9 million, the second-highest in the organization’s 27-year history. He compared this to the previous fiscal year’s record of US $403.9 million, showcasing consistent strength.

Mohegan Sun experiences downturn

The flagship Mohegan Sun, however, experienced a downturn across various metrics. Net revenue dwindled to $224 million, marking a 5 percent decrease, while adjusted EBITDA experienced a significant 134% decline, settling at $56 million. Income from operations and net income attributable to Mohegan Sun both contracted by 18% and 19%, totalling $40 million each.

Niagara Resorts exhibited a mixed performance. Although casino net revenue increased by 5 percent to US$ 88.7 million, adjusted EBITDA saw a 21 percent decline, landing at US$ 14 million. The disparity could be attributed to a 2 percent rise in income from operations to US$ 14.6 million, while net income attributable to Niagara Resorts witnessed a notable 59 percent drop, resting at US$ 5 million.

Increase in net income from operations

In contrast, Mohegan Pennsylvania demonstrated stability, despite a 3 percent dip in net revenue to US$ 62.8 million. Adjusted EBITDA showcased positivity, climbing 4 percent to US$ 13 million. Net income from operations, both in general and specific to Mohegan Pennsylvania, experienced a commendable 4% increase, settling at US$ 10.7 million. This stability positions Mohegan Pennsylvania as a standout performer within the organization’s diverse property portfolio.

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