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Mohegan Gaming net revenue increases by 4.6 percent year-on-year

February 12, 2024 South Korea Casino & Hotel

For Mohegan Gaming Tribal Gaming Authority, a casino operator, net revenues increased by 4.6 percent year over year to US$425.2 million in the fiscal first quarter that concluded on December 31.

Chief financial officer Carol Anderson said that the group’s newly opened South Korean casino resort, Mohegan Inspire, generated non-gaming revenue in addition to steady growth in Mohegan Digital. These factors together accounted for this US$18.6 million rise. Mohegan Gaming is the name given to the firm.

The parent company’s quarterly net loss of US$97.0 million was unchanged from the previous year.

In spite of the increase in net sales, the group’s quarterly consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), or US$79.0 million, decreased by 21.8 percent year over year. This change was brought about by non-controlling interest adjustments at Niagara Resorts, the group’s Canadian venue, operating costs associated with the introduction of Mohegan Inspire, and low table holdings at numerous locations.

As of December 31, Mohegan Gaming owed more than US$3.34 billion in total debt, which included slightly more than US$933.9 million from loans, convertible bonds, and credit facilities related to the South Korea project.

The Mohegan Tribal Gaming Authority’s credit rating has been raised to “Caa1” by Moody’s Investors Service Inc. with a “stable” outlook. The company’s high leverage, significant debt maturities in the next two years, and significant annual cash distributions to the Mohegan Tribe have all been noted.

The 15,000-seat Inspire Arena was one of Mohegan Inspire’s non-gaming facilities that debuted on November 30. Opening on February 3rd, outside of the reporting period, was the foreigner-only casino. March 5 is the property’s formal debut date.

The CEO of Mohegan Gaming, Ray Pineault, expressed his happiness with Mohegan Inspire’s achievements, which include the casino’s February 3 opening and a five-star hotel rating in January. He emphasized the pursuit of excellence and commitment to producing experiences of the highest caliber, along with plans to add more facilities in the next months.

Original story by: GGRAsia

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