Ending its fourth quarter and fiscal year on September 30, 2024, Mohegan achieved the second highest quarterly net revenue and the highest annual revenue in its history.
The revenue for the whole fiscal year reached US$1.888bn, up from $1.672bn the previous year. The company attributed the growth in revenue to the continued growth of Mohegan Digital and revenue from the South Korean Mohegan INSPIRE resort which opened in November 2023.
"Consolidated Adjusted EBITDA of $349.0 million decreased $50.9 million compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE, low table hold at Mohegan INSPIRE, an $11.9 million non-cash adjustment to the value of a customer contract asset at Niagara Resorts, $12.1 million in non-controlling interest at Niagara Resorts, and a full year of ilani management fees earned in the prior-year period, partially offset by strong growth in our Digital operations,” said Ari Glazer, chief financial officer of Mohegan.
The revenue for the quarter reached $497.7m, up 12 per cent from the previous year.
"Consolidated Adjusted EBITDA of $81.3m decreased $6.8m compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE, low table hold at Mohegan INSPIRE, an $11.9m non-cash adjustment to the value of a customer contract asset at Niagara Resorts, and a full quarter of ilani management fees earned in the prior-year period, partially offset by strong growth in our digital operations,” said Glazer.
Raymond Pineault, CEO of Mohegan, added: "It has been 30 years since the Mohegan Tribe was granted federal recognition in 1994, and in that time since we opened the Mohegan Sun here in Connecticut, we have transformed Mohegan from a regional, single casino, into one of the premier global integrated omni-channel resort operators.
“This year marks the culmination of a number of important initiatives which enables us to build on these accomplishments and remain focused on executing our strategy.”
