Mohegan Gambling and Entertainment reported year-over-year increases in net revenue and adjusted EBITDA as a result of its excellent group-wide performance, which includes both land-based and online casino gaming. This is consistent with the company’s outstanding performance at owned and managed locations and the addition of Mohegan Sun Casino Las Vegas and MGE Digital.

MGE records bounce-back year

However, 2020 was poorly impacted by several COVID-19-related limitations, including the closure of MGE Niagara Resorts for the whole of the time and Mohegan Sun Pocono for 20 days, in addition to state-mandated public health regulations at the operator’s other sites. Net revenue increased 74.2 percent to $402 million (2020: $230.8 million), income from operations increased to $35.2 million (2020: $10.6 million), net loss decreased 56.1 percent to $11.7 million (2020: $26.6 million), and adjusted EBITDA increased 140.8 percent to close at $97.4 million.

When compared to the year-ago period, net revenue and adjusted EBITDA climbed by 0.7% and 29.7%, respectively, according to MGE. The increase was primarily due to increased overall volume and cost savings in labor and marketing. MGE CEO Raymond Pineault stated that its consolidated adjusted EBITDA of $97.4 million continues its strong performance and reflects MGE’s capacity to achieve profitability. Furthermore, we are glad to inform you that MGE has restarted the construction of Inspire Korea following the successful completion of financing in November 2021.

The company’s flagship Mohegan Sun casino in Connecticut increased 51.6 percent to $251.5 million (2020: $230.7 million) due to robust gaming numbers and increased non-gaming revenue over a period described as “normal operating conditions compared to the prior-year quarter.” Mohegan Sun Pocono revenue increased 68% to $64.2 million (2020: $38 million), while MGE Niagara Resorts sales increased considerably to $62.8 million (2020: $12.9 million).

Quotes from the Press Release

Carol Anderson, MGE’s Chief Financial Officer, stated that these results, particularly our excellent adjusted EBITDA margins, demonstrate MGE’s capacity to respond to the ongoing COVID-19 epidemic. At their flagship property, Mohegan Sun, adjusted EBITDA was $78.2 million, 20.1 percent higher than the period ended December 31, 2019, the most recent comparable period prior to COVID-19, while net revenues and adjusted EBITDA margins increased by 3.4 percent and 430 basis points, respectively, over the same period. Mohegan Sun’s properties, including Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, Ilani Casino Resort, and Resorts Casino Hotel, continue to perform well.

Furthermore, MGE Niagara Resorts achieved good results in its first full fiscal quarter of operations following the COVID-19-related closure in March 2020 and ended in July 2021.