Mohegan’s next revenue peak

August 8, 2024 17:45 • Last update: August 8, 2024 17:45

Mohegan — Mohegan, breaking the previous quarter’s record, generated its highest net income ever of $504.2 million in the three months ended June 30, the company announced Thursday.

The latest quarterly total was 21.4% higher than the $415.4 million Mohegan earned in the same quarter last year.

Mohegan reported its previous highest quarterly net income of $461.7 million in the period ended March 31.

During a conference call with investors, Mohegan executives again attributed the year-over-year revenue growth to the company’s growing digital business and new revenue from Inspire, a South Korean resort that opened earlier this year.

Mohegan’s adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, totaled $104.7 million, down 3.6% from the year-ago quarter.

“As I look at our business, I feel confident in the shape of our strategy and excited about our near-term and long-term prospects,” said Ray Pineault, Mohegan’s president and CEO, on the call. “The combination of profitable growth in Digital, growth in Inspire since our grand opening in March, combined with the stability and resilience of our flagship store, Mohegan Sun in Connecticut, underscores some of the important drivers of our growth now and into the future.”

Mohegan Digital, an online gaming company with operations in Connecticut, Pennsylvania and Ontario, Canada, posted revenue of $41.9 million in the quarter, up 151.3% year over year.

Mohegan Sun reported net revenue of $235.7 million, an increase of 2.2%.

Pineault highlighted several events that occurred during the quarter, including the appointment of Joseph Hasson as chief operating officer. Hasson, who took over the role on an interim basis in April, will continue as general manager of Mohegan Casino at Virgin Hotels Las Vegas, a property that Mohegan will relinquish by the end of the year.

As chief operating officer, Hasson will oversee the day-to-day operations of Mohegan resorts in the United States, Canada and South Korea.

Earlier this quarter, Mohegan named Nelson Parker as chief strategy officer, a position in which he is responsible for identifying, evaluating and executing growth opportunities and new business. He previously served as senior vice president of strategic development.

Pineault recognized two Olympians associated with the Connecticut Sun, Mohegan’s WNBA team. Jennifer Rizzotti, team president, coached the U.S. women’s 3×3 basketball team that recently won a bronze medal in Paris, while Sun player Alyssa Thomas competes with the U.S. women’s basketball team.

During the same quarter, Newsweek ranked Mohegan 77th on its annual list of the “100 Best Places to Work,” and the Academy of Country Music named Mohegan Sun Arena “Casino of the Year.”

[email protected]