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 % |
|||
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,…