Mohegan Gaming’s net revenues fell by $13.4m to $297.3m in its second quarter due to higher revenues in the prior year related to one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania and gaming revenues from Mohegan Casino Las Vegas.
Domestic Resorts’ gaming revenues decreased $11.8m, or 5.6 per cent, and non-gaming revenues decreased $1.6m, or 1.6 per cent. Adjusted EBITDA of $70.1m decreased $12.1m primarily due to one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania in the prior year period, and higher Mohegan Sun labor costs related to new food and beverage outlets in the current period. Adjusted EBITDA margin of 23.6 per cent was 288 bps unfavorable compared with the prior year period.
Digital results were much better with net revenues of $67.5m increasing $25.6m, or 61.2 per cent compared with the prior year period. The increase was primarily driven by itsConnecticut operations which continue to produce strong and profitable growth along with high player engagement. Its Pennsylvania and Ontario operations also achieved strong top-line growth from the comparable prior year period. Adjusted EBITDA of $34.2m was $11.1m, or 48.2 per cent favorable compared with the prior year period.
“The completion of our comprehensive refinancing has placed us in a great position to continue executing our strategy, to be one of the premier omnichannel enterprises. This important milestone further supports our opportunities for long-term growth and the evolution of our Digital business provides greater strategic flexibility. Now that we’ve addressed our capital structure, we’re singularly focused on executing our plan and increasing value for all our stakeholders,” said Raymond Pineault, Chief Executive Officer of Mohegan.
“Net revenues and Adjusted EBITDA declined compared with the prior-year period, as the prior year benefited from ilani management fees and one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania. Adjusted EBITDA was down $18.3m or 16.3 per cent compared with the prior year, however, after normalizing the prior year period for the ilani and Mohegan Pennsylvania adjustments, Adjusted EBITDA would have been up $4.4m, or 4.9 per cent,” said Ari Glazer, Chief Financial Officer of Mohegan.
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Mohegan Gaming’s net revenues fell by $13.4m to $297.3m in its second quarter due to higher revenues in the prior year related to one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania and gaming revenues from Mohegan Casino Las Vegas. Domestic Resorts’ gaming revenues decreased $11.8m, or 5.6 per cent, and non-gaming revenues decreased $1.6m, or 1.6 per cent. Adjusted EBITDA…
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