Mohegan Tribal Gaming Authority reported that the digital division of its gaming authority grew by 13.2% in the second quarter.
Mohegan saw growth in all its segments over the past three months, but the 283,9% increase in digital revenues far exceeded the growth seen at its land-based businesses.
Mohegan stated that the launch of its digital gaming activities in Ontario, Canada, has helped to support the company’s efforts in Connecticut, the US.
Chief executive Raymond Pineault stated, “We are encouraged by our strong digital segment results and look forward to continuing growth in this line of business.”
Q2
The first quarter revenue was $405.8m. This is up from the $358.5m of the same period last year. The gaming revenue was $285.5m, followed by $37.5m for food and beverages, $27.8m for hotel revenue, and $55.1m retail, entertainment, and other revenue.
The Mohegan Sun casino in Connecticut, which is the largest land-based casino, was the main source of revenue. It posted $225,9m, up 4.8% on the previous year, due to an increase in slot and sportsbook revenues.
Mohegan Pennsylvania’s revenue increased 1.7%, to $63.2m, while Mohegan Niagara Resorts in Ontario saw a 35.4% increase in revenue.
Mohegan Digital generated $22.7m, compared to $5.9m the year before. The growth was due to the digital gaming business in Ontario and Connecticut.
The revenue generated by management and development operations increased to $15.5m, a decrease of 0.8% compared to last year.
After adding $73.7m of other finance-related costs, the pre-tax loss for 2022 was $9.9m. This is a larger loss than that posted in 2019.
Mohegan’s net loss was reduced by $276,000, or $9.6 million, but it is still higher than the $2.4 million last year. The adjusted EBTIDA for the quarter was $102.1m, which is 17.8% more than last year.
Pineault stated that the EBITDA adjusted for our digital and property operations was $102.1m.
