The Mohegan Tribal Gaming Authority has published information about Mohegan’s operating results for its second fiscal quarter ended March 31, 2024 (Q2). The tribal gaming company reported an all-time-high quarterly revenue figure and highlighted some of its most noteworthy Q2 achievements.
As mentioned, Mohegan’s Q2 net revenue increased 13.8% year-on-year to $461.7 million, setting a new record. This marks an increase of over $55.8 million, which was attributed to the continued growth of Mohegan Digital and revenue from Mohegan INSPIRE, the company’s new property in South Korea.
In the meantime, adjusted EBITDA decreased by 17.8% to almost $84 million. The decline, according to CFO Ari Glazer, was due to the costs associated with Mohegan INSPIRE’s opening and non-controlling interest adjustments at Niagara Resorts.
The company reported a net loss of $46 million, far exceeding the loss of $9.6 million in the prior year period.
As of March 31, Mohegan held cash and cash equivalents of $197.8 million. Mohegan’s borrowing capacity under its senior secured credit facility and line of credit stood at $145.6 million at the end of the quarter.
Q2 Was an Important Period for the Company
Q2 was an important period for Mohegan, which finally opened its Mohegan INSPIRE resort in South Korea. The property celebrated its official grand opening on March 5 and was awarded a prestigious five-star rating. It exemplifies Mohegan’s ambition to become an international gambling company and expand its global presence.
In the meantime, Mohegan’s online brand, Mohegan Digital, launched in Pennsylvania on April 2, allowing the operator to capitalize on one of America’s most lucrative iGaming markets.
Mohegan also noted that it successfully implemented a new global Enterprise Resource Planning system on April 1.
Raymond Pineault, Mohegan’s chief executive officer, commented on the aforementioned milestones, saying that they are vital to the foundation his company is building.
As we work towards our objectives, these recent achievements demonstrate the effectiveness of our strategy to support our transformation into a world-renowned global resort operator.
Raymond Pineault, CEO, Mohegan
In the meantime, Mohegan recently strengthened its payment capacity with PayNearMe which partnered up with the company’s online gaming arm.
