In the third quarter of the 2024 fiscal year, Mohegan achieved the "highest quarterly net revenue" in its history, with a year-over-year growth exceeding 20%.
The operator noted that its digital revenue throughout the operation increased by more than 150% compared to the same period last year, and the Mohegan INSPIRE in South Korea has generated a revenue of $101.1 million since its opening.
Chief Executive Officer Raymond Pineault reviewed the three months ending June 30, stating he is "confident" about the operator's strategy beginning to take shape and feels "excited" about both the near and long-term prospects.
When releasing the financial report, Mohegan reported that its net revenue increased by 21.4% to $504.2 million (Q3 2023: $415.4 million), marking the "highest quarterly net revenue" in its history. Chief Financial Officer Ari Glazer attributed this growth primarily to "the continuous growth of Mohegan Digital and the revenues from Mohegan INSPIRE."
Operating income fell by 12.1% to $72.4 million compared to the same period last year (2023: $82.4 million). The operator also reported a net loss of $29.9 million (2023: net income of $50.6 million), with an adjusted EBITDA of $104.7 million, a year-over-year decrease of 3.6% (2023: $108.7 million).
As of June 30, Mohegan had $180.9 million in cash and cash equivalents (Sept 30, 2023: $217.3 million).
Glazer commented: “The consolidated adjusted EBITDA was $104.7 million, a decrease of $3.9 million from last year, mainly due to the operational costs associated with the opening of Mohegan INSPIRE and adjustments for non-controlling interests at Niagara Resort, but this was offset by strong growth in our digital business.
“Excluding the adjustment for non-controlling interests at Niagara Resort, the adjusted EBITDA would have been $108.3 million, on par with last year.”
