Mohegan Tribal Gaming Authority reported net revenues of nearly US$504.2 million in the three months to June 30, up 9.2 percent quarter-on-quarter, and up 21.4 percent year-on-year.
The US$88.8 million gain in the fiscal third quarter compared with the prior-year period was “primarily due to continued growth in Mohegan Digital and revenue from Mohegan Inspire,” said Ari Glazer, chief financial officer of the group, which trades as Mohegan Gaming & Entertainment.
The latter was a reference to Mohegan Inspire Entertainment Resort (pictured), a complex with a foreigner-only casino at Incheon, South Korea. Mohegan Inspire launched non-gaming amenities in November, and the casino opened its doors in February.
Mr Glazer had given similar commentary in May, at the time of the firm’s results for the three months to March 31.
The company said the latest reporting quarter had generated the “highest quarterly net revenues in our history”.
Nonetheless, adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) were just over US$104.7 million, a decline of 3.6 percent from the prior-year period.
The CFO said that was “primarily due to operating costs related to the opening of Mohegan Inspire and non-controlling interest adjustments at Niagara Resorts,” a business in Canada. Such decline was “offset by strong growth” in the group’s digital operations, he added.
Mr Glazer said that excluding the adjustment of non-controlling interest at Niagara Resorts, adjusted EBITDA for the reporting quarter would have been US$108.3 million, or flat compared to the prior-year period.
Net loss attributable to Mohegan for the three months to June 30 was just over US$29.9 million, narrowed sharply from the US$46.1-million loss in the quarter to March 31. In the third quarter of fiscal 2023, Mohegan had reported net income of nearly US$50.6 million.
Aside from operations in South Korea and Canada, the group also runs casinos in the United States, including Mohegan Sun in Connecticut.
Net revenues at Mohegan Inspire for the three months to June 30 were US$60.1 million, according to an earnings deck issued on Thursday at the time of the quarterly results. The Incheon property had recorded net revenues of US$35.9 million in the first three months of 2024. The firm said total net revenues since the resort’s November opening had been US$101.1 million.
Mohegan Inspire’s latest quarterly adjusted EBITDA were negative to the tune of US$7.6 million. That was a major narrowing from the negative US$24.1-million adjusted EBITDA in the quarter ending March 31.
Net slot win at Mohegan Inspire in the latest reporting quarter was US$2,513, with net slot hold at 5.1 percent. Net table win was US$35,270, with net table hold at 5.8 percent.
Hotel occupancy stood at 70.8 percent for the period. The resort has 1,275 rooms shared among three towers, according to its website, as well as a 15,000-seat arena.
The group said monthly visitor figures for the casino had been steadily rising since its February launch: from 10,771 that month, to 27,411 in June. For the fiscal third quarter the casino visitor tally was 71,487.
Mohegan Inspire is to see on Friday (August 9) the start of a poker tournament – branded ‘P1 Circuit’ – to mark the opening of a poker room at the complex.
On Wednesday, Mohegan Tribal Gaming Authority confirmed Joseph Hasson as the group’s chief operating officer, responsible for “overseeing the development and execution of short and long-term strategic business plans across all Mohegan properties”.
