UNCASVILLE, Conn., Aug. 8, 2024 /PRNewswire/ — Mohegan Tribal Gaming Authority (“Mohegan,” “we” or “our”) today announced operating results for its third fiscal quarter ended June 30, 2024.
Third Quarter 2024 and Recent Highlights:
- Mohegan achieved its highest quarterly net revenues in our history, up 21.4% year over year.
- Mohegan Digital net revenues up 151.3% year over year.
- INSPIRE generated net revenues of $101.1 million since opening.
- Joe Hasson appointed to Chief Operating Officer of Mohegan.
- Mohegan Sun Arena hosted its 3,000th show and received three national awards for Best Casino/Resort Arena.
“As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects. The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future,” said Raymond Pineault, Chief Executive Officer of Mohegan.
Mohegan Operating Results |
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Three Months Ended |
Variance |
||||||
($ in thousands, unaudited) |
June 30, 2024 |
June 30, 2023 |
$ |
% |
|||
Net revenues |
$ 504,167 |
$ 415,394 |
$ 88,773 |
21.4 % |
|||
Income from operations |
72,431 |
82,393 |
(9,962) |
(12.1) % |
|||
Net income (loss) attributable to Mohegan |
(29,939) |
50,557 |
(80,496) |
N.M. |
|||
Adjusted EBITDA1 |
104,745 |