Mohegan Gaming & Entertainment the developer and operator of global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut and Inspire Korea in Incheon, South Korea, has published financials for its fourth fiscal quarter ended September 30, 2018.
“Consistent with the company’s updated guidance, consolidated fourth quarter revenue and Adjusted EBITDA were below prior year results, in part due to the impact of a recent competitive opening in the Northeast gaming market,” said Mario Kontomerkos, President and Chief Executive Officer.
He added: “The declines in Connecticut were partially offset by stronger year-over-year EBITDA growth in Pennsylvania and in Corporate. Overall results also reflect the initial implementation phases of our previously disclosed multi-year profit enhancement initiatives, initiatives which will continue for the foreseeable future.
“The fourth quarter was also notable for the company as we were named the winning bidder to acquire certain assets associated with two significant destination casino resorts in Niagara Falls, Canada. Further, subsequent to quarter end, we made substantial progress advancing our development efforts in South Korea and also received approximately $107m in repayments as the result of a successful ilani refinancing. Together, these achievements diversify and strengthen our long-term revenue sources and credit profile, and ensure the continued long-term success of MGE.”
Selected consolidated operating results for the fourth quarter ended September 30, 2018 and prior year period (unaudited):
- Net revenues of $347.2m$362m in the prior year period, a 4.1% decrease
- Gaming revenues of $291.1m$307.1m in the prior year period, a 5.2% decrease
- Gross slot revenues of $205m$213.7m in the prior year period, a 4.0% decrease
- Table game revenues of $86.9m$94.3m in the prior year period, a 7.9% decrease
- Non-gaming revenues of $85m$84.5m in the prior year period, a 0.5% increase
- Total operating expenses of $277.7m$283.6m in the prior year period, a 2.1% decrease
- Adjusted EBITDA of $94.5m$102m in the prior year period, a 7.3% decrease