Mohegan Gaming & Entertainment has published its financial results for the fiscal quarter that ended on 31 December 2018. The company’s net revenue and EBITDA decreased during the period.
The net revenue during the period is US$319.5 million, a 3.6 per cent decrease from the US$331.5 million in the last year. Income from operations dipped by 21.2 per cent to US$43.4 million, around US$12 million less than what was registered in the same period a year before. Adjusted EBITDA was US$71.9 million, a 5.4 per cent slide.
Consolidated net revenues declined modestly during the quarter, driven by slightly lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono, and continued increases in promotional activities in the Mohegan Sun Pocono gaming market. These factors, combined with higher slot taxes assessed by the Commonwealth of Pennsylvania and increased healthcare costs, all contributed to the year-over-year decline in Adjusted EBITDA, explained the company.
“While consolidated first quarter revenues and Adjusted EBITDA were modestly below prior year results, we remain encouraged, as overall gaming volumes at our flagship property, Mohegan Sun, were better than expected following the first full quarter of increased competition in the Northeast gaming market.” stated Mario Kontomerkos, President & Chief Executive Officer of MGE.