Mohegan is focused on growing its digital segment as revenue during the second quarter of 2023 fell slightly in comparison to the previous year.
Digital operations improved across all financial measurements, but land-based operations failed to match online’s strong performance during the quarter.
Publishing its Q2 results, Mohegan declared overall revenue of $415.4m, down 0.4 per cent in comparison to the previous year’s $417.1m. However, Q2’s revenue is an improvement on Q1’s $405.8m.
Income from operations dropped as well by 8.6 per cent year-over-year to $82.4m (2022: $90.1m), while net income fell by 14.8 per cent to $50.6m (2022: $59.4m).
However, while adjusted EBITDA also declined by 9.5 per cent YoY to $108.7m (2022: $120m), the quarter’s figure was the third-highest quarterly total in the operator’s 26-year history, with the previous year’s figure being the highest.
AEBITDA margin came in at 26.2 per cent, 268 basis points favourable in comparison to Q3 2019 and 262 basis points unfavourable in comparison to Q2 2022.
As of June 30, 2023, and September 30, 2022, Mohegan held cash and cash equivalents of $188.2m and $164.7m, respectively.
Commenting on the results, CEO Raymond Pineault said: “Our consolidated adjusted EBITDA of $108.7m was the third highest quarterly total in our 26-year history, while the prior-year comparable quarter was the highest to date.
“We continue to see strong results from our digital segment and are focused on growing that line of business.”
Per segment, Mohegan’s Digital revenue improved by 56.6 per cent YoY to $16.7m thanks to strong growth in Connecticut and the addition of Ontario. Connecticut online casino gaming win rose by 65 per cent to $42.8m (2022: $26m) with 10,000 active daily players.
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