The Mohegan Tribal Gaming Authority has disseminated operational results of Mohegan for the Q2 period ending March 31, 2024. This period witnessed record-breaking revenue figures and extraordinary Q2 accomplishments from the tribal gaming corporation.
Mohegan’s Q2 net earning rose to $461.7 million, a 13.8% year-on-year increase, setting an unprecedented record. This signifies an increment of over $55.8 million, credited to the ongoing expansion of Mohegan Digital and proceeds stemming from Mohegan’s INSPIRE, a new establishment in South Korea.
Concurrently, the adjusted EBITDA exhibited a reduction of 17.8% to approximately $84 million. This decrease, as outlined by CFO Ari Glazer, was a result of associated expenses from Mohegan INSPIRE’s launch, alongside non-controlling interest adjustments at Niagara Resorts.
The company recorded a considerable net loss of $46 million, significantly surpassing the loss of $9.6 million from the same period the prior year.
As of March 31, Mohegan’s cash and cash equivalents amounted to $197.8 million. Meanwhile, the company’s borrowing limit under its senior secured credit provision and credit line was marked at $145.6 million at the quarter’s conclusion.
The Significance of Q2 for the Company
Q2 was a consequential period for Mohegan, culminating in the establishment of the company’s Mohegan INSPIRE resort in South Korea. The property, which held its grand opening on March 5, acquired a coveted five-star rating. This development signifies Mohegan’s aspirations of international expansion in global gambling.
Simultaneously, Mohegan’s online platform, Mohegan Digital, had its official launch in Pennsylvania on April 2, potentially exploiting one of the richest iGaming markets in America.
Mohegan announced the successful integration of a new, global Enterprise Resource Planning system on April 1.
CEO Raymond Pineault illustrated these milestones’ importance on the company’s foundation stating:
Working towards achieving our objectives, these recent accomplishments affirm our strategy’s effectiveness in transforming us into a globally acclaimed resort operator.
Ray Pineault, CEO, Mohegan
Recently, Mohegan has made efforts to expand its payment capability by partnering with PayNearMe associated with the company’s online gaming division.
