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Mohegan Marks Net Revenue Increase in 2023’s Fourth Quarter

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Mohegan has recorded a net revenue of $444m in the Q4 of this year, up 7.6% year-on-year. The figure led to the company achieving its highest consolidated net revenue ever recorded for a single fiscal year at $1.67bn.

Based on the Q4 results published by the Mohegan Tribal Gaming Authority, earnings from all the business operations amounted to $48m, a drop of 24% year-on-year, while net income attributed to Mohegan was -$19.9m, also a decrease of 116%.

Throughout the full year, Mohegan achieved an adjusted EBITDA of $399.9m, the second-highest in its history, slightly below the record of $403.9m established in 2022. It secured the impressive adjusted EBITDA despite a $4.7m interest impact from Mohegan’s Niagara debenture conversion and associated transactions.

Our adjusted EBITDA for fiscal 2023 of $399.9m was the second highest in our 27-year history, compared with adjusted EBITDA for fiscal 2022 of $403.9m, which was the highest to date. We continue to see growth in our digital gaming segment. With the recent soft opening of Mohegan INSPIRE on 30 November, our diversification efforts will further enable Mohegan to achieve strong results.

Raymond PineaultCEO of Mohegan

Related: Mohegan Announce Soft Launch Date in South Korea

Property Perfomance

Regarding specific properties, the Mohegan Sun experienced a decline in all aspects. Net income revenue dropped to $224.2m, a 5% drop, and Adjusted EBITDA declined to $56m, a 134% decrease. The operator attributed the decline to reduced gaming volumes and table hold.

Mohegan Niagara saw a slight uptick, generating $88.6m in net revenue, a 4.9% increase compared to the previous year. Mohegan Pennsylvania saw a decrease of 2.9% to $62.7m, while Mohegan Digital surged to $50.0m, a significant increase of $44.2m.

The income from operations and the income attributable to the Mohegan Sun amounted to $40m each, showcasing a decrease of 18% and 19%, respectively.

Niagara Resorts property experienced mixed results. The casino's net revenue rose 5% to $88.7m, but adjusted EBITDA declined by 21% to $14m. This shift might be attributed to a 2% increase in income from operations, reaching $14.6m, while net income attributable to the property dropped by 59% to $5m.

Of the three properties, Mohegan Pennsylvania had the most stable quarter. Even though its net revenue decreased by 3% to $62.8m, all other aspects showed positive trends, including a 4% increase in adjusted EBITDA to $13m.

Income from operations, both overall and specific to Mohegan Pennsylvania, rose 4% to $10.7m.

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