Tag: Mohegan

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
	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

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US tribal casino operator Mohegan said overnight that its recently opened Korean integrated resort, Mohegan Inspire in Incheon, has generated net revenues of US$101.1 million since opening late last year but noted both visitation and volumes are showing strong month-on-month growth.

The contribution of Inspire helped push the company to group-wide revenues of US$504.2 million for the three months to 30 June 2024, up 21.4% year-on-year and its highest quarterly revenue result in history.

This was also the first quarter in which Mohegan has reported gaming and non-gaming results for its Korean resort, revealing net table win of US$35.2 million and net slot win of US$2.5 million. Hotel occupancy reached 70.8% with an average daily rate of US$190.

Notably, casino visitation has shown solid sequential growth every month since its 3 February launch, from 10,771 casino visitors in February to 15,803 in March, 19,295 in April, 24,781 in May and 27,411 in June.

Mohegan’s Chief Operating Officer Joseph Hasson also revealed during Mohegan’s earnings call that the trend had continued into July.

The casino at Mohegan Inspire

“When you look at the month of July, the ramp continues and it is significant,” he said. “We see it in tables, we see it in slots and we see it across the board in non-gaming revenues and what that does is puts us very close to profitability as we continue this ramp. It’s very encouraging compared to what’s behind it in the [March] quarter or dating back to the opening.”

Mohegan CEO Ray Pineault added that surpassing US$100 million in revenues was “one of the many important milestones” as the property continues to ramp.

“I…

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One of the greatest rappers of all-time is coming to Connecticut this fall to perform his greatest hits as well as new music.

MONTVILLE, Conn. — One of the most decorated rappers in the history of hip-hop is coming to Connecticut on Saturday, Oct. 12 to perform his greatest hits as well as new music.

Lil Wayne is set to take the stage at Mohegan Sun Arena at 9 p.m. that evening, Mohegan Sun announced on Wednesday.

Tickets to see the five-time Grammy Award-winning rapper go on sale this Friday at 10 a.m. on Ticketmaster. Fans can purchase tickets at the Mohegan Sun Box Office beginning on Saturday. Excitement is already building, as hip-hop lovers prepare for Lil Wayne’s appearance.

“Lil Wayne rewrote the entire game in his image,” the Mohegan Sun press release said. “The multi-platinum rap icon, Young Money Entertainment founder, acclaimed author, pro skater, philanthropist and history-making superstar left an indelible tattoo on the culture.”

RELATED: Comedian Katt Williams will perform at the XL Center next May

The release goes on to note that Lil Wayne has cemented his legacy as one of the best-selling artists of all-time by selling more than 100 million records worldwide with 25 million albums and 90 million digital tracks sold in the United States alone.

The rapper from New Orleans earned his first Diamond certification from the RIAA with his “generational smash hit ‘Lollipop’ featuring Static Major.”

According to Mohegan Sun, Lil Wayne has received 11 BET Awards, four Billboard Music Awards, two MTV VMAs and eight NAACP Image Awards.

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“Among many milestones, he emerged as ‘the first male artist to surpass Elvis Presley with the most entries on the Billboard Hot…

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An aerial view of the Mohegan Inspire Entertainment Resort’s exterior in Incheon / Courtesy of Mohegan Inspire Entertainment Resort

Japan’s upcoming project likely to prompt Korea to move more quickly: experts

Editor’s note

This is the first in a three-part series on growing competition in Asia for development of integrated resorts and advice for Korea to boost its tourism industry. — ED.

By Lee Hae-rin

Following Singapore’s success with integrated resorts, Asian countries have been eager to develop similar mega entertainment complexes to attract visitors and stimulate economic growth.

In April 2005, Singaporean Prime Minister Lee Hsien Loong announced the cabinet’s decision to develop two casinos, along with hotels and malls, in Marina South and Sentosa.

The government said the project was aimed to boost Singapore’s tourism industry, which was facing intense competition from neighboring cities like Bangkok, Hong Kong and Macao. Additionally, Malaysia’s casino theme park on Genting Highlands had been drawing Singaporean tourists.

In addition to the casinos, the Singaporean integrated resorts included other amenities, including hotels, restaurants, shopping and convention centers and entertainment facilities such as theme parks.

As a result, the projects brought over 11,500 and 7,000 new jobs in Marina Bay Sands and Sentosa, respectively, generating between 25 billion and 26 billion Singaporean dollars ($18.6 billion and $19.3 billion) in tourism revenues as of 2023.

Singapore’s Marina Bay Sands / Courtesy of Singapore Tourism Board

Before the opening of the mega resort complexes, Singapore received around 9.7 million inbound tourists per year. However, when the two integrated resorts opened in 2010, the figure increased by 20.2 percent from a year before to 11.6 million.

Although the number plummeted to 2.7 million in 2020 due…

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Lynn Malerba, one of the members of the 2024 50 Over 50: Impact list, is the first woman to lead the Mohegan Tribe in nearly 300 years and the first Native American to oversee the production and distribution of currency in U.S. history.

By Erin Spencer Sairam, Forbes Staff

Lynn Malerba’s name appears, in minuscule cursive, on the bills in our wallets, cash registers and banks around the country. As Treasurer of the United States, Malerba “signs” every piece of American currency; she and Treasury Secretary Janet Yellen are legally required to do so to make legal tender. It’s easy to pay for your groceries without noticing Malerba’s well-practiced loops, but behind her small signature is a larger-than-life story.

Lynn Malerba in June 1974 following her nursing school graduation

Lynn Malerba

In the lead-up to her name-signing in September 2022, Malerba knew she’d be making history. It would mark both the first time a Native American person would be the U.S. Treasurer and also the first time that the names of two women—Malerba’s and Yellen’s—would appear on U.S. currency. A longtime nurse trained in scribbling patient charts on the go, Malerba practiced a lot to get it right. She also made the decision to sign her name Lynn Roberge Malerba, intentionally including her maiden name to honor her parents, who’d struggled to make ends meet while raising seven children. To have their name on American currency was a full-circle moment, and when she first saw the printed money, she cried.

“My family is just so proud, and what could be better than making not only your immediate family proud, but your larger Mohegan family proud, and Indian country proud?” Malerba says.

US Treasury Secretary Janet Yellen and Treasurer Marilynn Malerba hold notes with their signatures at the…

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This week, the UFC returns to Yas Island, Abu Dhabi.

The event at Etihad Arena features a key bantamweight matchup between former interim title challenger Cory Sandhagen and undefeated Umar Nurmagomedov.

Elsewhere, many other combat sports events are taking place, featuring several familiar names who have competed under the UFC banner.

Check out which veterans of the global MMA leader are competing July 31-Aug. 2.

Scroll below to see how the UFC veterans fared last week, and see the names and details of this weekend’s competitors.

Upcoming event information from Tapology.

Last week’s results

Rashad Coulter (9-5 MMA, 1-3 UFC)

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Anthony Ivy (14-7 MMA, 0-2 UFC)

2023 PFL 7 Ceremonial Weigh-Ins at the Boeing Center at Tech Port in San Antonio, Texas, Thursday, Aug. 3, 2023. (Cooper Neill / PFL)

Liz Carmouche (22-7 MMA, 5-5 UFC)

Liz Carmouche – 2024 PFL 4: Mohegan Sun Ceremonial Weigh-Ins at Mohegan Sun Arena in Uncasville, Connecticut, Wednesday, June 12, 2024. (Cooper Neill / PFL)

Taila Santos (21-3 MMA, 4-3 UFC)

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