Mohegan Gaming and Entertainment is a world-renowned developer and casino operator with globally integrated entertainment resorts that have reported a continuous decrease in their yearly revenue during its second fiscal cycle, three-month periods that end on 31st March 2021.
Some of the MGE properties are Mohegan Sun in Uncasville, Connecticut, Pennsylvania, Mohegan Sun Pocono in Plains Township, The MGE Niagara Resorts in Niagara Falls, The Mohegan Sun Casino at Virgin Hotels Las Vegas in Nevada, Canada, and INSPIRE Entertainment Resort in Incheon, South Korea.
The company stated that it had $278.6 million of net revenue in financial year Q2 2021, and claims to have experienced an 11.5% of dip as compared to $314.7 million revenue generated in 2020.
Income generated from the just-completed quarter was $44.9 million which seems a positive swing as compared to a loss from operations of $106.3 million from the past year, which MGA claims was due to primarily a $126.6 million impairment charge at Mohegan Sun Pocono.
However, EBITDA showed up to a 57.3% hike of 80.7 million when compared to the $51.3 million in the corresponding quarter last year.
Raymond Pineault, the interim CEO said, “The figures of March quarter was necessary to get the actual evolution of MGE, as we began the Mohegan Sun Casino in Las Vegas, representing MGE’s newest expansion and significance of listing in the Las Vegas Market.” He continues, “By continuing the to keep the MGE in partnership with the governor of Connecticut and the Mashantucket Pequot Tribe, have reached to allow online gaming and sports betting, which once approved by the legislature of Connecticut, would greatly help to expand our chances of leaving a digital track and will provide further diversification to our business.”
Later in the quarter of the financial year, the MGE’s INSPIRE in Incheon, South Korea, received important approval from South Korea’s Ministry of Culture, Tourism, and Sports, which as per the MGE’s CEO, clears the path to finance the project in future.
The Chief financial manager of Mohegan Gaming, Carol Anderson, said, “The MGE’s properties in the United States have continued to recover from the losses we faced due to the pandemic because the vaccination rate of the United States is increasing and the states are continuously and drastically releasing the Covid-related restriction.”
She adds, “Our newest property, Mohegan Sun, even though the revenue was below the second quarters of 2019 because of the property closure in the second quarter of 2020, the loss got adjusted by EBITDA with $70 million, a favorable 17.9% increase as compared to the revenue gained in second quarters of 2019.”
Apart from Connecticut, Anderson reported the performance at ilani at Washington state as “continues to surpass our expectation,” while Mohegan Sun Pocono and Resorts seem to have positive exponential growth and still have a better growth spectrum.
Anderson concluded, “Finally we are eagerly waiting for the reopening of MGA Niagara Resort situated at Niagara Falls, as soon as we get the approval from the government. “