Mohegan reports strong Q4 and full fiscal year 2024 results

The owner, developer and manager of luxury entertainment resorts across the US, Canada and Asia, Mohegan, released its latest financial update.

Mohegan enjoys exceptional financial results

Earlier this week, the Mohegan Tribal Gaming Authority uncovered its fourth quarter and full fiscal year ended September 30, 2024, unaudited operating results.

Recording significant growth, the company acknowledged that its full fiscal year 2024 annual net revenue hit a new record, going up by 13% year-over-year.

In a press release, Mohegan pointed to its exceptional net revenue result for the full fiscal year 2024 which hit $1.9bn, up by $216.7m year-over-year.

Equally as exciting was the revenue reported by Mohegan Digital which soared by $60.1m when compared to the prior year period.

Mohegan confirmed that its Mohegan INSPIRE net revenues hit $62.2m, marking another good result.

The company retains the positive momentum

Ari Glazer, Mohegan's Chief Financial Officer, spoke about the solid revenue growth the company reported during the fourth quarter of 2024.

The executive explained that this growth was the result of revenue increases reported by Mohegan INSPIRE and the ongoing development of Mohegan Digital.

Moreover, Glazer noted: "Consolidated Adjusted EBITDA of $81.3m decreased $6.8m compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE, low table hold at Mohegan INSPIRE, an $11.9m non-cash adjustment to the value of a customer contract asset at Niagara Resorts, and a full quarter of ilani management fees earned in the prior-year period, partially offset by strong growth in our Digital operations."

Glazer pointed to the increase in net revenues for the company's full fiscal year 2024, highlighting the importance of Mohegan INSPIRE and Mohegan Digital in that process.

It was back in March last year when Mohegan strengthened its C-suite with the appointment of Glazer as Chief Financial Officer.

Taking the important senior-level role, the executive was put in charge of the company's entire financial activities.

More recently, Mohegan promoted Nelson Parker to the role of Chief Strategy Officer.

An executive with solid experience and knowledge, Parker previously held the role of Senior Vice President of Strategic Development.

Raymond Pineault, Mohegan's Chief Executive Officer, pointed to the federal recognition granted to the Mohegan Tribe three decades ago.

He explained that since then, Mohegan has transformed from "a regional, single casino, into one of the premier global integrated omni-channel resort operators."

"This year marks the culmination of a number of important initiatives which enables us to build on these accomplishments and remain focused on executing our strategy," Pineault said in conclusion.

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