Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
Mohegan reported higher second-quarter revenue, helped by record digital gaming results, while weaker table game trends at Mohegan Sun limited the overall gain.
Good to Know
Mohegan Digital delivered the strongest part of the quarter. The segment posted record net revenue, Adjusted EBITDA and average revenue per monthly active user for the period ended March 31.
Digital net revenue rose to $79.3 million from $56.56 million a year earlier. Adjusted EBITDA increased 47.9% to $39.7 million, while average revenue per monthly active user in Connecticut reached a record $470.
Group revenue also improved. Mohegan Tribal Gaming Authority reported total net revenue of $429 million, up from $418.8 million in the prior-year quarter. Income from operations rose 1.3% to $60.5 million, while Adjusted EBITDA increased 1.8% to $85.4 million. Adjusted EBITDAR climbed 4.0%.
However, profit moved in the other direction. Net income dropped to $14.1 million from $46.9 million, a 69.9% decline.
Mohegan Sun had a mixed quarter in Connecticut. The resort topped 60% share of the state slot market in March, its best monthly share in five years. Still, weaker table hold and lower table volumes offset that slot strength.
International Resorts also softened. Revenue slipped 0.9% to $66.5 million, while Adjusted EBITDA fell 33.1% to $1.8 million due to lower revenue and higher contractual lease obligations. Prior figures were restated to remove Inspire Integrated Resort Co., Ltd., MGE Korea Limited and certain subsidiaries from continuing operations.
Away from quarterly trading, Mohegan also agreed to sell the Connecticut Sun WNBA team for $300 million. The group ended the quarter with $126.9 million in cash and $228.5 million in borrowing capacity.