Mohegan Gaming & Entertainment (MGE) has released its financial results for the first fiscal quarter of 2022, with the tribal operator growing net revenue by 74% year-on-year
Mohegan Gaming & Entertainment (MGE) has released its financial results for the foremost financial billet of 2022, with the tribal operator growing sack revenue by 74% year-on-year.
The company’s results for the first off quarter, which ended on 31 Dec 2021, also included positively charged readings inward other metrics; such as income from operations, meshwork loss and familiarised EBITDA.
The report, which is yet to be audited, attributed the company’s carrying into action to a loosening of Covid-19 measures, which remained inward total force 12 months prior.
In summary, the company posted meshwork revenue of $402m (vs. $231m year-on-year), income from trading operations of $35.2m (vs. $10.6m), nett loss of -$11.7m (vs. -$26.7m) and familiarised EBITDA of $97.4m (vs. $40.4m).
Raymond Pineault, CEO, MGE, commented: “Our consolidated familiarised EBITDA of $97.4m continues our trend of warm public presentation and demonstrates MGE's power to motor profitability. In addition, next the successful culmination of financing in November 2021, we are real pleased to herald that MGE has recommenced construction of Inspire Korea.”
MGE also released a equipment failure of its best-performing casinos, including Mohegan Sun in Las Vegas, Mohegan Sun Pocono in Pennsylvania and MGE Niagara River Resorts inward Canada.
Carol Anderson, CFO, MGE, said: “At our flagship belongings Mohegan Sun, familiarised Earnings Before Interest Taxes Depreciation and Amortization was $78.2m, 20% favourable to the point ended December 31 2019, which is the closest pre-pandemic comparable, spell meshing revenues and familiarised EBITDA perimeter were upwards 3.4%, and 430 basis points, respectively, o'er the same period.
“Mohegan Sun Pocono, Mohegan Sun Casino Las Vegas, Ilani Casino Resort and Resorts Casino Hotel all keep to perform well."
Indeed, of the company’s number revenue, top-performing cassino Mohegan Sun contributed $252m, or 63%.