UNCASVILLE, Conn., Feb. 9, 2022 /PRNewswire/ — Mohegan Gaming & Entertainment (“MGE” or the “Company”), a master developer and operator of premier integrated entertainment resorts, today announced operating results for its first fiscal quarter ended December 31, 2021.
MGE Operating Results
|
Three Months Ended |
Variance |
||||||
|
($ in thousands, unaudited) |
December 31, 2021 |
December 31, 2020 |
$ |
% |
|||
|
Net revenues |
$ 401,963 |
$ 230,781 |
$ 171,182 |
74.2 % |
|||
|
Income from operations |
35,195 |
10,610 |
24,585 |
231.7 % |
|||
|
Net loss attributable to MGE |
(11,680) |
(26,621) |
14,941 |
56.1 % |
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|
Adjusted EBITDA1 |
97,384 |
40,443 |
56,941 |
140.8 % |
“Our consolidated Adjusted EBITDA of $97.4 million continues our trend of strong performance and demonstrates MGE’s ability to drive profitability,” said Raymond Pineault, Chief Executive Officer of the Company. “In addition, following the successful completion of financing in November 2021, we are very pleased to announce that MGE has recommenced construction of Inspire Korea.”
Carol Anderson, Chief Financial Officer of the Company, also noted, “These results, including our strong Adjusted EBITDA margins, continue to reflect MGE’s ability to adapt to the ongoing COVID-19 pandemic. At our flagship property Mohegan Sun, Adjusted EBITDA was $78.2 million, 20.1% favorable to the period ended December 31, 2019, which is the closest pre-COVID-19 comparable, while net revenues and Adjusted EBITDA margin were up 3.4%, and 430 basis points, respectively, over the same period. Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, ilani Casino Resort and Resorts Casino Hotel all continue to perform well. The MGE Niagara Resorts also generated strong results during its first full fiscal quarter of operations since the COVID-19 related closure that began in March 2020 and ended in July 2021.”
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1 See the Reconciliation of Non-GAAP Financial Measures discussion later in this release for a reconciliation of Adjusted EBITDA. |
Selected consolidated operating results for the first quarter ended December 31, 2021 and prior-year period were as follows (unaudited):
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Net revenues of $402.0 million versus $230.8 million in the prior year period, a 74.2% increase;
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Income from operations of $35.2 million versus…
