Quarter 4, 2023 Net Revenues Decline by 2.9% for Mohegan Pennsylvania
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Mark Keast: Sports Gambling and iGaming Insights
Hey there! 'Mark Keast', a seasoned sports journalist, recently penned some insights about the sports betting industry in Canada for The Parleh. Previously, he's held prestigious roles as a sportswriter and editor, most notably with the Toronto Sun.
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Recently, Mohegan Tribal Gaming Authority announced a 2.9% decrease in net revenues at their Mohegan Pennsylvania casino, based on Q4 financial results (October 1 - December 31, 2023) revealed this week.
The company attributed this decline to lower gaming volumes, partially offset by boosted food, beverage, and hotel earnings. Income from operations saw a 3.9% increase over the previous year, standing at $10.7 million. Adjusted EBITDA also rose by 4.2%, reaching $13.8 million.
Mohegan also operates properties in Nevada, New Jersey, Washington, Connecticut, and Niagara Falls. In a statement, Mohegan's CEO, Raymond Pineault, also brings up the company's recently opened Mohegan INSPIRE property in Incheon, South Korea.
Mohegan Pennsylvania houses a 67,000 square foot gaming floor filled with 600 slot machines, nearly 60 table games, and live harness racing, alongside a high-limit slot room and a private player's lounge. It boasts 15 dining options, a 238-room hotel, and various entertainment amenities such as a ballroom and comedy club.
Overall, Mohegan reported a 7.6% surge in Q4 2023 net revenues, as per the financial results. For the complete disposal of their financial data, refer to the official quarterly results.
Mohegan's total Q4 net revenues clocked in at $444.3 million, a $31.3 million increase compared to the previous year, thanks to continued growth in Mohegan Digital. Income from operations came in at just over $48 million, marking a 24% drop compared to the previous year. Adjusted EBITDA for all operations amounted to just over $88 million, a 11.7% decrease year-over-year.
How the Company Prioritizes Growth
"Our Adjusted EBITDA for fiscal 2023 of $399.9 million was the second highest in our 27-year history, compared with Adjusted EBITDA for fiscal 2022 of $403.9 million, which was the highest to date," the CEO stated.
"We continue to see growth in our Digital gaming segment and with the recent soft opening of Mohegan INSPIRE on November 30, our diversification efforts will further enable Mohegan to achieve strong results."
In October, Mohegan brought on Guy Greene as Vice President of Online Marketing, an evident move to expand the reach of Mohegan Digital's online gaming products within Pennsylvania.
Net revenues in Mohegan Digital swelled by $44.2 million in Q4 compared to the previous year, partially due to an accounting adjustment affecting online casino and sports betting payments required by Connecticut.
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- Mark Keast, a sports journalist, recently shared insights about the sports betting industry in Canada, including the news of a 2.9% decrease in net revenues at Mohegan's Pennsylvania casino.
- The Mohegan Tribal Gaming Authority attributed the decline to lower gaming volumes, but there was a 3.9% increase in income from operations, reaching $10.7 million.
- Despite the casino's revenue decrease, Mohegan reported a 7.6% surge in Q4 2023 net revenues, thanks in part to continued growth in Mohegan Digital.
- To expand the reach of Mohegan Digital's online gaming products, Mohegan recently appointed Guy Greene as Vice President of Online Marketing.
