Gambling in the USA
Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating Results
Mohegan Gaming & Entertainment , a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut and Inspire Korea in Incheon, South Korea, announced today operating results for its second fiscal quarter ended March 31, 2019.
“Volume trends across our portfolio remain inline to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remain robust despite completing our second full quarter of increased competitive pressure in the Northeast,” said Mario Kontomerkos, President & Chief Executive Officer. “Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, flat with last year’s comparable period, and well ahead of recent fiscal year 1Q19 performance. At the same time, non-gaming results continue to be healthy and remain a driving factor for our growth at Mohegan Sun. These revenue enhancements have been driven, in part, by the recent adoption of our $100 million revenue and cost improvement program â a plan we remain committed to delivering over the next several years.  Outside of the Northeast, cash flows from our managed portfolio grew strongly, up 86% year over year. Looking ahead, in June we expect to assume operational control of two major Niagara Falls, Canada assets which will mark the first international operations for MGE and will provide increased earnings and cash flow diversity for our stakeholders. Similarly, we have begun to mobilize construction at our development site in Incheon, South Korea, having completed our negotiations with our general contractor and following the receipt of all necessary construction permits and approvals.”
Selected consolidated operating results for the second quarter ended March 31, 2019, and prior year period (unaudited):
- Net revenues of $307.7 million vs. $332.0 million in the prior year period, a 7.3% decrease; and
- Income from operations of $22.2 million vs. $56.1 million in the prior year period, a 60.4% decrease primary driven by one time accelerated depreciation due to the closure of Casino of Wind; and
- Adjusted EBITDA of $67.2 million vs. $79.9 million in the prior year period, a 15.9% decrease.
Consolidated net revenues and Adjusted EBITDA declined during the quarter, driven by lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono largely driven by unfavorable hold in the quarter at both properties. Â These declines were partially offset by improved non-gaming revenue growth, including entertainment and hotel revenues, at Mohegan Sun, as well as stronger Corporate Adjusted EBITDA, driven by tighter expense management and improved financial performance at ilani Casino Resort.
On October 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), on a modified retrospective basis. Â As such, results for the three months and six months ended March 31, 2019 in this release are presented under this new guidance, while results for the three months and six months ended March 31, 2018 remain presented under prior guidance. Â For comparative results for all periods as reported under the new guidance, please see our supplemental earnings deck, available on our website (https://mohegangaming.com/financial-information/).
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Mohegan Sun |
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|
Operating results (in thousands, unaudited): |
|||||||
|
For the Three Months Ended  |
|||||||
|
March 31, |
March 31, |
Percentage |
|||||
|
2019 |
2018 |
Variance |
 Variance |
||||
|
Net revenues |
$ Â Â Â Â Â Â Â 238,391 |
$ Â Â Â Â Â 260,354 |
$ Â Â Â Â (21,963) |
(8.4%) |
|||
|
Income from operations (1) |
$ Â Â Â Â Â Â Â Â 19,913 |
$ Â Â Â Â Â Â 57,779 |
$ Â Â Â Â (37,866) |
(65.5%) |
|||
|
Adjusted EBITDA |
$ Â Â Â Â Â Â Â Â 59,341 |
$ Â Â Â Â Â Â 77,746 |
$ Â Â Â Â (18,405) |
(23.7%) |
|||
|
(1) Includes $21.6 million in accelerated depreciation related to Casino of the Wind. |
|||||||
Net revenues and Adjusted EBITDA declined during the quarter, driven by lower overall gaming revenues and unfavorable table hold during the period, which was partially offset by stronger non-gaming results. Â Slot and table volumes declined 8.7% and 3.2%, respectively, in line with internal expectations. Â Had table hold percentage fallen into the historically normal range, net Revenues and Adjusted EBITDA would have declined less than 3.1% and 7.4%, respectively, on a 606 to 606 basis. Â Non-gaming revenues increased during the quarter, driven by improvement in nearly all segments of the business. Â The higher than normal decline in income from operations relates to the one-time accelerated depreciation expense of $21.6 million, caused by the closure of the Casino of the Wind in March, as that space will be designed and repurposed for higher and better use.
|
Mohegan Sun Pocono |
|||||||
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Operating results (in thousands, unaudited): |
|||||||
|
For the Three Months Ended  |
|||||||
|
March 31, |
March 31, |
Percentage |
|||||
|
2019 |
2018 |
Variance |
 Variance |
||||
|
Net revenues |
$ Â Â Â Â Â Â Â Â 61,241 |
$ Â Â Â Â Â Â 67,130 |
$ Â Â Â Â Â (5,889) |
(8.8%) |
|||
|
Income from operations |
$ Â Â Â Â Â Â Â Â Â 8,214 |
$ Â Â Â Â Â Â Â 8,872 |
$ Â Â Â Â Â Â (658) |
(7.4%) |
|||
|
Adjusted EBITDAÂ |
$ Â Â Â Â Â Â Â Â 11,592 |
$ Â Â Â Â Â Â 12,230 |
$ Â Â Â Â Â Â (638) |
(5.2%) |
|||
Net revenues declined during the quarter driven by lower gaming revenues, largely reflecting the adverse impact from lower table hold. However, the year-over-year decline in Adjusted EBITDA was more muted due to a strong focus expense management, including lower payroll costs and certain casino marketing and promotional expenses. Notably, local marketing activity has started to return to more normalized levels following aggressive promotional activity from a regional competitor over the last several quarters.
|
Corporate |
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Operating results (in thousands, unaudited): |
|||||||
|
For the Three Months Ended  |
|||||||
|
March 31, |
March 31, |
Percentage |
|||||
|
2019 |
2018 |
Variance |
 Variance |
||||
|
Net revenues |
$ Â Â Â Â Â Â Â Â Â 8,125 |
$ Â Â Â Â Â Â Â 4,593 |
$ Â Â Â Â Â Â 3,532 |
76.9% |
|||
|
Loss from operations |
$ Â Â Â Â Â Â Â Â (5,901) |
$ Â Â Â Â Â Â (10,579) |
$ Â Â Â Â Â Â 4,678 |
44.2% |
|||
|
Adjusted EBITDA |
$ Â Â Â Â Â Â Â Â (3,716) |
$ Â Â Â Â Â Â (10,122) |
$ Â Â Â Â Â Â 6,406 |
63.3% |
|||
The increase in net revenues and Adjusted EBITDA was primarily due to higher management fees from ilani Casino Resort driven by continued improvement in performance at the property.
|
MGE Property Information |
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|
Net Revenues |
Income (Loss) from Operations |
Adjusted EBITDA |
|||||||||||
|
(in thousands, unaudited) |
     For the Three Months Ended |
For the Three Months Ended |
For the Three Months Ended |
||||||||||
|
March 31, |
March 31, |
March 31, |
March 31, |
March 31, |
March 31, |
||||||||
|
2019 |
2018 |
2019 |
2018 |
2019 |
2018 |
||||||||
|
Mohegan Sun |
$ Â Â Â Â 238,391 |
$ Â Â Â Â 260,354 |
$ Â Â Â Â Â 19,913 |
$ Â Â Â Â Â 57,779 |
$ Â Â Â Â Â 59,341 |
$ Â Â Â Â Â 77,746 |
|||||||
|
Mohegan Sun Pocono |
61,241 |
67,130 |
8,214 |
8,872 |
11,592 |
12,230 |
|||||||
|
Corporate |
8,125 |
4,593 |
(5,901) |
(10,579) |
(3,716) |
(10,122) |
|||||||
|
Inter-segment revenues |
(60) |
(60) |
– |
– |
– |
– |
|||||||
|
Total |
$ Â Â Â Â 307,697 |
$ Â Â Â Â 332,017 |
$ Â Â Â Â Â 22,226 |
$ Â Â Â Â Â 56,072 |
$ Â Â Â Â Â 67,217 |
$ Â Â Â Â Â 79,854 |
|||||||
Other Information
Liquidity
As of March 31, 2019, MGE held cash and cash equivalents of $91.4 million, compared to $103.9 million as of September 30, 2018.  As of March 31, 2019, $55.0 million was drawn on MGE’s $250.0 million revolving credit facility, while no amounts were drawn on MGE’s $25.0 million line of credit.  As of March 31, 2019, letters of credit issued under the revolving credit facility totaled $2.3 million, of which no amounts were drawn.  Inclusive of letters of credit, which reduce borrowing availability under the revolving credit facility, MGE had approximately $192.7 million of borrowing capacity under its revolving credit facility and line of credit as of March 31, 2019.
About Mohegan Gaming & Entertainment:
Mohegan Gaming & Entertainment is a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, and Inspire in Incheon, South Korea. Â The Company is owner, developer, and/or manager of integrated entertainment resorts throughout the United States, including Connecticut, New Jersey, Washington, Pennsylvania, Louisiana, Northern Asia, and, beginning in mid-2019, Niagara Falls, Canada. Â MGE owns and operates Connecticut Sun, a professional basketball team in the Women’s National Basketball Association, and the New England Black Wolves, a professional lacrosse team in the National Lacrosse League. Â For more information on MGE and our properties, visit www.mohegangaming.com.
SOURCE Mohegan Gaming & Entertainment
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venueâs history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.
The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribeâs ancestors to carefully chosen artwork placed throughout for guests to enjoy.
Snoqualmie Casino & Hotelâs destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.
âIt is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,â said Interim CEO Mary Lou Patterson.
In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.
One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the regionâs entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.
In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.
Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.
Wind Creek Chicago Southland has announced that it will open to the public on November 11. The state-of-the-art casino represents the first step toward delivering a full-scale integrated resort experience, scheduled for completion in spring 2025.
Spanning an impressive 70,000 square feet, Wind Creek Chicago Southland features over 1400 slot machines, 56 table games, high-limit slot areas, a high-limit table games salon, a poker room, a dynamic sportsbook, and 4 âHidden Gemsâ throughout the casino floorâoffering visitors a unique and customizable private gaming and event microenvironment. Designed with an emphasis on curated entertainment spaces, this new offering aims to redefine leisure and hospitality for the entire region.
âThe opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve. Weâre committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community,â said Jay Dorris, President and CEO of Wind Creek Hospitality.
Wind Creek Chicago Southland is expected to create more than 1000 full-time jobs in fields ranging from hospitality to technology. Roles will include security, gaming attendants, food service, IT technicians, and environmental services, reinforcing Wind Creekâs commitment to strengthening the local economy. Additionally, Homewood and East Hazel Crest will benefit from gambling revenue, along with 42 other south suburban communitiesâfunding essential local services within the immediate and surrounding communities.
âWind Creek Chicago Southland is more than a casinoâitâs a community-driven destination. The Tribe and Wind Creek will continue to prioritize the Villages of Homewood and East Hazel Crest as we are committed to uplifting our neighbors,â said Stephanie Bryan, Tribal Chair and CEO, Poarch Creek Indians.
On Nov. 6th and Nov. 7th, the Illinois Gaming Board visited the casino for two mandatory test days, which also included an extended invitation to family friends and local dignitaries. Wind Creek Hospitality received notice of approval on Nov. 8th to operate on Monday, Nov. 11th at approximately 11:00 a.m.
The Nov. 11th opening marks only the beginning of what will become a flagship destination. High-limit gaming rooms, a hotel, spa, poker room, a sportsbook and more will be available for Guests seeking diverse experiences. Wind Creekâs partnership with Fabio Viviani Hospitality Group will also introduce an exceptional range of signature restaurants and food & beverage offerings to the highly anticipated property.
âWhether youâre looking for elevated dining, quick-service eateries, or something in betweenâyou wonât be disappointed as weâre creating something truly unforgettable,â said Fabio Viviani.
âFrom the start, our mission has been to create jobs, spur economic growth, and offer the ultimate entertainment escape. Weâre thrilled to welcome our Guests on Nov. 11th to experience the excitement firsthand,â said Roger Kuehn, EVP and General Manager of Wind Creek Chicago Southland.
Gambling in the USA
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