Mohegan Reports Record Earnings of Nearly $404M in 2022 Fiscal Year
Posted on: December 21, 2022, 12:13h.
Last updated on: December 21, 2022, 12:37h.
Mohegan — formerly Mohegan Gaming & Entertainment (MGE) — is fresh off its best 12-month operating period ever in the tribal company’s history.
Owned and operated by the Mohegan Tribe in Uncasville, Conn., Mohegan says its 2022 fiscal year, which wrapped Sept. 30, 2022, was its best 12 months on record. Mohegan was founded in 1996 with the opening of the tribe’s flagship property, Mohegan Sun, in its home state of Connecticut.
Mohegan, through financial disclosures posted Tuesday, revealed its earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $403.9 million during the tribe’s 2022 fiscal campaign.
Our adjusted EBITDA … was the highest in our 26-year history,” said Raymond Pineault, chief executive officer of Mohegan. “The first full fiscal year of operations of Mohegan Casino Las Vegas, the launch of Mohegan Digital, and the reopening and ramp-up of Niagara Resorts all contributed to these results.”
Along with Mohegan Sun and Mohegan Las Vegas, Mohegan owns and/or operates Mohegan Pennsylvania in Wilkes-Barre, Resorts Casino Hotel in Atlantic City, and ilani in Washington state.
Mohegan additionally runs the operations at Casino Niagara and Fallsview Casino Resort in Canada’s Ontario. The Canadian properties are owned by the Ontario Lottery and Gaming Corporation.
Finally, Mohegan plans to open an integrated casino resort at Incheon International Airport in South Korea late next year at a cost of $1.5 billion.
Revenue Slows in 2022 Q3
Mohegan just finished its best 12 months ever, but the three-month period that ended September 30 slowed compared with a year ago. Mohegan said net revenue from July 1 through September 30 totaled approximately $412.9 million.
Though revenue climbed almost 6%, higher costs and the resumption of lower-margin business segments cut into earnings, Mohegan officials said. EBITDA for the third quarter of 2022 was about $99.8 million — a 9.5% year-over-year decline.
Carol Anderson, chief financial officer for the tribe’s gaming unit, explained that the company’s 2022 Q3 fiscal earnings were still 260 basis points higher than the same quarter in pre-COVID-19 2019.
Mohegan added that the growth in net revenue was largely driven by the full resumption of operations of the company’s Canadian properties. The company also cited continued growth in iGaming and sports betting in Connecticut for the revenue climb.
Flagship Property Dominates Portfolio
For the first time in almost three years, Mohegan’s entire North American portfolio was fully operational throughout the three months ending September 30. While the company’s Niagara resorts returning to business without pandemic restrictions was a welcome development, Mohegan’s financial disclosure highlights the importance that Mohegan Sun plays in assuring the tribe’s economic sovereignty.
In the third quarter, Mohegan Sun accounted for more than 57% of Mohegan’s $412.9 million in companywide net revenue. The tribe’s flagship generated net revenue of $236.7 million during the three months.
Mohegan Pennsylvania generated net revenue of almost $64.7 million, while the Canadian casinos accounted for $84.5 million. The remaining revenue — about $27 million — was generated through Mohegan’s other gaming assets, including its iGaming, sports betting, and social gaming operations.
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