Mohegan Reports Highest Quarterly Net Revenues in History

Mohegan Tribal Gaming Authority released its 3Q fiscal 2024 operating results (ended June 30, 2024), marked by a 21.4% year-over-year increase in net revenue ($504.2 million). Mohegan Digital net revenues are up 151.3% year-over-year ($41.8 million). 

Hasson Appointed COO

The company owns and operates resorts and US online casinos in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada, Canadian properties in Niagara Falls, Ontario, and Mohegan INSPIRE based in Incheon, South Korea. INSPIRE had their grand opening last March. Mohegan Digital went live in April.

“The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future,” said Raymond Pineault, Chief Executive Officer of Mohegan.

Results Led by Flagship Connecticut Property

Mohegan’s Chief Financial Officer, Ari Glazer, pointed to the continued growth in revenue at Mohegan Digital and revenue from INSPIRE as drivers of the company’s performance in 3Q.

That was marked by a strong performance from the company’s Connecticut digital operations. Adjusted EBITDA of $23.1 million for Digital was an increase from $11.5 million compared to the same period in 2023. 

"Consolidated Adjusted EBITDA of $104.7 million decreased $3.9 million compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts, offset by strong growth in our Digital operations,” said Glazer. “Excluding the adjustment of non-controlling interest at Niagara Resorts, Adjusted EBITDA would have been $108.3 million or flat to prior year."