UNCASVILLE, Conn., Feb. 8, 2024 /PRNewswire/ — Mohegan Tribal Gaming Authority (“Mohegan,” “we” or “our”) today announced operating results for its first fiscal quarter ended December 31, 2023.
“We are thrilled that Mohegan INSPIRE has received its five-star hotel rating in January and opened the casino on February 3rd,” said Raymond Pineault, Chief Executive Officer of Mohegan. “The five-star rating is a testament to our pursuit for excellence and commitment to providing world-class experiences. We are looking forward to more amenities coming online in the ensuing months.”
Mohegan Operating Results |
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Three Months Ended |
Variance |
||||||
($ in thousands, unaudited) |
December 31, 2023 |
December 31, 2022 |
$ |
% |
|||
Net revenues |
$ 425,232 |
$ 406,621 |
$ 18,611 |
4.6 % |
|||
Income from operations |
31,970 |
70,229 |
(38,259) |
(54.5) % |
|||
Net income (loss) attributable to Mohegan |
(97,019) |
807 |
(97,826) |
N.M. |
|||
Adjusted EBITDA1 |
79,002 |
101,055 |
(22,053) |
(21.8) % |
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“Quarterly net revenues increased $18.6 million compared with the prior-year period, primarily due to continued growth in Mohegan Digital and non-gaming revenues from Mohegan INSPIRE,” said Carol Anderson, Chief Financial Officer of Mohegan. “However our consolidated Adjusted EBITDA of $79.0 million decreased $22.1 million compared with the prior-year period due to a number…