Mohegan posts third quarter fiscal 2023 results

The leading developer, owner and manager of entertainment resorts across the United States, Canada and Northern Asia, Mohegan, released its third quarter fiscal 2023 results. The company's latest unaudited report reveals details regarding its performance for the fiscal quarter ended June 30, 2023, showing a slight decrease in net revenues, as well as income from operations.

Judging by a statement released by Mohegan, its net revenues for the period halted at $415.4 million. When compared to the $417.1 million result from the three-month period ended June 30, 2022, the latest result showed a decrease of 0.4% or $1.7 million.

The net income from operations for the fiscal Q3 2023 decreased as well. Overall, Mohegan reported $82.4 million in net income from operations, a decrease of 8.6% when compared to the $90.1 million result from the corresponding period in 2022.

According to the recent report, net incomeattributable to Mohegan for the fiscal Q3 2023 was $50.6 million. This result, compared to the $59.4 million figure from the same period in 2022, marked a decrease of 14.8%.

The recently released figures reveal that adjusted EBITDA for the fiscal Q3 2023 was $108.7 million. Compared to the $120 million result from fiscal Q3 2022, the recent result marked a decrease of 9.5%, reveals Mohegan.

Carol Anderson, Mohegan's Chief Financial Officer, commented on the recent results. "Our Adjusted EBITDA margin of 26.2% was 268 basis points favorable compared with our pre-COVID-19 third quarter of fiscal 2019 and 262 basis points unfavorable compared with the prior-year period," she explained.

Raymond Pineault, Mohegan's CEO, added: "Our consolidated Adjusted EBITDA of $108.7 million was the third highest quarterly total in our 26-year history, while the prior-year comparable quarter was the highest to date." Last but not least, he pointed out: "We continue to see strong results from our digital segment and are focused on growing that line of business."

A breakdown released by the company reveals that Mohegan Sun's revenue halted at $230.7 million for the fiscal Q3 2023. A comparison to the $236.5 million result from fiscal Q3 2022 shows a decrease of 2.5% year-over-year. Similarly, Mohegan Pennsylvania's revenue for the fiscal Q3 this year decreased by 2.3% to $65.2 million.

In contrast to the slight decrease in revenue, Mohegan's Niagara Resorts reported an increase in its net revenues. Overall, the venue's net revenue for the fiscal Q3 2023 hit $81.1 million. A comparison year-over-year to the $79.6 million result from the same period in 2022 marked an increase of 1.8%.

Mohegan also posted strong growth for Mohegan Digital. Overall, its revenue for the fiscal Q3 2023 increased to $16.7 million, up by 56.6% from the $10.6 million result from the same period in 2022. Not unexpectedly, this boosted the income from operations that hit $11.5 million, up by 50.9% when compared to the fiscal Q3 2022 result of $7.6 million.

Image credit: Pixabay.com