Mohegan Reports Difficult Quarter as Revenue, Income, and Earnings Tumble
Posted on: August 12, 2025, 04:32h.
Last updated on: August 12, 2025, 09:07h.
- Mohegan endured a difficult quarter
- Company officials are optimistic about the future
- Mohegan is selling the WNBA’s Connecticut Sun
The Mohegan Tribal Gaming Authority has unveiled how its tribal and commercial gaming units performed in the third quarter of its 2025 fiscal year.
Mohegan, the gaming operating unit of the tribe based in Connecticut that was formerly known as Mohegan Gaming & Entertainment, disclosed net revenue of $436.9 million for the three months ending June 30, 2025. Revenue slowed by 1.6% from the prior-year period.
Income from operations dropped 20% to $73.3 million, leading to a net loss attributable to Mohegan of $5.2 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) were a little shy of $94.1 million, a 16% year-over-year decline.
Mohegan executives cited that the company no longer managing the ilani Casino Hotel in Washington on behalf of the Cowlitz Indian Tribe and a one-time digital licensing fee last year at Mohegan Pennsylvania for the year-over-year comparable struggles. Ari Glazer, Mohegan’s chief financial officer, said adjusted EBITDA would have been up almost 5% to $4.4 million without those two conditions.
Wins and Losses
Mohegan’s quarterly report showed that only its digital online gaming segment managed a year-over-year improvement.
Mohegan Digital reported a 61% surge in net revenue to $67.5 million, delivering the company adjusted EBITDA of $34.2 million, a 48% jump. Mohegan Digital includes MoheganSunCasino.com, MoheganPACasino.com, and PlayFallsview.
Adjusted EBITDA for Mohegan’s other verticals, Mohegan Domestic Resorts, Canadian Resorts, and Corporate, were each down from the prior year.
Though adjusted EBITDA at Mohegan Sun and Mohegan Pennsylvania fell 15%, the properties — chiefly the company’s flagship resort in Uncasville, Conn. — remained wildly profitable. They combined to post adjusted EBITA of $70.1 million, with Mohegan Sun accounting for $58.2 million.
Mohegan’s Niagara resorts — Fallsview Casino Resort and Casino Niagara — delivered Mohegan adjusted EBITA of $5.2 million, down 5% from a year ago.
Mohegan Corporate, which includes the WNBA’s Connecticut Sun and a 10% stake in Resorts Casino Hotel in Atlantic City, reported a loss of $15.4 million for the three months.
Positive Outlook
As if the quarterly filing wasn’t bad enough, Mohegan concedes the year-over-year comparables from the 2024 fiscal year were reworked “to exclude results of operations of Inspire.”
Earlier this year, Mohegan defaulted on its Korea Term Loan that it used to help build and open the $1.6 billion Inspire Entertainment Resort at South Korea’s Incheon International Airport. Mohegan’s lender, Bain Capital, has since taken control of the property near Seoul.
With Inspire in the rear view, and Mohegan expected to be provided with an influx of cash following its sale of the Connecticut Sun to billionaire Steve Pagliuca for $325 million — a record price for any women’s sports franchise — Mohegan is optimistic about its future in North America. Part of that mission includes gaining a license in New York City.
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,” said Ray Pineault, CEO of Mohegan.
“Now that we’ve addressed our capital structure, we’re singularly focused on executing our plan and increasing value for all our stakeholders,” Pineault concluded.
Last Comment ( 1 )
When the Happy Valley Casino in State College, PA opens in April 2026 they should expect the same. They'll hope for casino revenue to accelerate, only to have their hopes dashed by the increasing popularity of online gambling. When the casino developer in State College bid for the right to apply for a slot machine license in September 2020, the growing popularity of online gambling was never anticipated. That harsh reality will be realized until it results in eventual closure. Doubters should focus on the fact that the Happy Valley Casino is being built in a former Macy’s department store in the dying Nittany Mall. Who does that anyway?