Mohegan Pennsylvania Sees 2.9% Decrease in Net Revenues in Q4, 2023
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Mohegan Tribal Gaming Authority announced a year-over-year decrease of $1.9 million (2.9%) in net revenues ($62.7 million) at Mohegan Pennsylvania casino, according to Q4 financial results (three months ended Sept. 30) released this week.
In a statement, the company detailed lower gaming volumes as a primary reason for the decrease, partially offset by stronger food, beverage, and hotel revenues.
Income from operations was $10.7 million, a 3.9% increase over the prior year period. Adjusted EBITDA of $13.8 million was a 4.2% increase year-over-year.
Lower Net Revenue Offset by Stronger Food and Beverage Sales
Mohegan also operates properties in Nevada, New Jersey, Washington, Connecticut, and Niagara Falls. In a statement, Mohegan Chief Executive Officer Raymond Pineault also referenced the company’s soft opening on Nov. 30 of its new Mohegan INSPIRE property in Incheon, South Korea.
Mohegan Pennsylvania features a 67,000 square foot gaming floor, including 600 slot machines, nearly 60 table games and live harness racing, along with a high-limit slot room and a private player’s lounge.
There are 15 dining options, a 238-room hotel, and various entertainment amenities like a ballroom and comedy club.
Overall, Mohegan announced a 7.6% increase in Q4 2023 net revenues, according to the financial results.
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 came in at just over $48 million, a decrease of 24% year over year, and adjusted EBITDA for all operations came in at just over $88 million, an 11.7% year-over-year decrease.
Company Looks To Stronger Digital Performance
“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.”
In October, Mohegan named Guy Greene as Vice President of Online Marketing, which they said at the time was a sign they intended to expand the footprint of Mohegan Digital’s PA online gaming products.
Net revenues in Mohegan Digital increased $44.2 million in Q4 compared to the prior-year period partially due to an accounting adjustment which increased net revenue and expenses due to how Connecticut requires that online casino and sports betting payments be made to the state.
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