North American entertainment resorts operator Mohegan announced the completion of a holistic refinancing during the quarter ending March 31, which it described as “among the most significant in our history.”
“This important advancement was made possible through reconstituting our digital business into a commercial legal entity, which enabled us to unlock value for the company and investors, along with direct support from the tribe,” said Raymond Pineault, chief executive officer of Mohegan.
“All of which highlights the strategic importance of having the tribe as a long-term owner and investor. The culmination of these strategic initiatives has enabled us to build substantial runway and financial stability for the business which will allow us to remain hyper focused on our core business.”
During the quarter, Mohegan generated net revenues of US$418.8m, down from $425.8m year-on-year. Income from operations was $59.7m, down from $79m year-on-year.
However, net income attributable to Mohegan was $46.9m, up from a loss of $46m year-on-year.
