Mohegan Gaming Reports Q4 Fiscal 2019 Results

Mohegan Gaming & Entertainment (MGE) has released the operating results for its fourth fiscal quarter ended September 30, 2019. During the three-month period, net revenues totalled US$414 m, a 19.2% rise from US$347.2 m in 2018.

Mohegan’s income from operations in Q4 was US$15.7 m, a 77.4% decline from the US$69.6 m that it had posted in 2018. This was primarily driven by an impairment charge at Mohegan Sun Pocono.

AEBITDA of US$89.4 m was a 5.4% decrease from the US$94.5 m in the prior year. Consolidated net revenues were up 19.2%, driven by the positive contribution of the Niagara resorts and continued outperformance from non-gaming revenue growth.

“MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well,” Mario Kontomerkos, President and CEO of Mohegan said.

“These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. Outside of North America, project Inspire in South Korea continues under construction and remains on track for a 2022 opening. In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement. These domestic and international efforts, which also include the September announcement of our venture with Virgin Hotels in Las Vegas, have placed MGE on solid ground for success for generations to come,” Mario Kontomerkos added.