UNCASVILLE, Conn., Aug. 11, 2022 /PRNewswire/ — Mohegan Tribal Gaming Authority (“MTGA,” “Mohegan,” “we,” or “our” ) today announced operating results for its third fiscal quarter ended June 30, 2022.
Mohegan Operating Results |
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Three Months Ended |
Variance |
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($ in thousands, unaudited) |
June 30, 2022 |
June 30, 2021 |
$ |
% |
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Net revenues |
$ 417,078 |
$ 328,189 |
$ 88,889 |
27.1 % |
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Income from operations |
90,126 |
64,041 |
26,085 |
40.7 % |
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Net income attributable to MTGA |
59,364 |
25,367 |
33,997 |
134.0 % |
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Adjusted EBITDA1 |
120,018 |
101,683 |
18,335 |
18.0 % |
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“Our Consolidated Adjusted EBITDA of $120.0 million was the highest quarterly total in our 25-year history,” said Raymond Pineault, Chief Executive Officer of Mohegan. “This was the first full fiscal quarter of operations without COVID-19 restrictions at MGE Niagara Resorts since the pandemic first closed the property in March of 2020, and Mohegan Digital continues to execute a strategy that is focused on profitability. These results reflect the success of Mohegan’s diversification strategies.”
Carol Anderson, Chief Financial Officer of Mohegan, also noted, “The Consolidated Adjusted EBITDA margin of 28.8% was 529 basis points higher than the pre-COVID comparable fiscal 2019 quarter. Compared to the fiscal 2021 quarter, the…