Mohegan Tribal Gaming Authority released its second fiscal 2023 quarter report on Thursday posting double-digit increases across the key performance metrics, but net loss for the period more than tripled.

Mohegan Digital Is Pulling Its Weight

Net revenue for the three months ended March 31, 2023, was $405.8 million, registering an increase of 13.2% from $358.5 million the tribal gaming authority reported for the second fiscal 2022 quarter. On a sequential basis, revenues marginally decreased ($406.62 million in fiscal Q1).

Mohegan attributed the year-over-year growth in net revenue to the quarter representing a full period of operations and a return to relatively normal operating conditions at the Niagara Resorts, as well as the continued growth in the company’s online casino gaming and sports wagering operations in Connecticut.

Net revenue varied from $225.9 million at Mohegan Sun (+$10.4 million; $215.5 million in fiscal Q2 2022), $63.2 million at Mohegan Pennsylvania (+$1.1 million; $62.1 million in fiscal Q2 2022), $70.8 million at Niagara Resorts (+$18.5 million; $52.3 million in fiscal Q2 2022), and $22.7 million for Mohegan Digital (+16.8 million; $5.9 million).

Income from operations in the quarter amounted to $63.8 million, up 11.1% from $57.5 million in fiscal Q2 2022. The result was influenced almost entirely by Mohegan Digital with an increase of $16.3 million which was partially offset by the negative reading at Niagara Resorts, $2.9 million.

“Our consolidated Adjusted EBITDA of $102.1 million reflects the positive results from our properties and digital operations,” commented Raymond Pineault, chief executive officer of Mohegan.

Adjusted EBITDA of $102.1 million registered an increase of 17.8% year-over-year ($86.7 million in fiscal Q2 2022) and a marginal decrease from $101.1 million in fiscal Q1 2023.

Adjusted EBITDA increased by $2.7 million at Mohegan Sun and $16.6 million for Mohegan Digital, decreased by $2.3 million at Niagara Resorts and was almost unchanged at Mohegan Pennsylvania.

Non-Cash Adjustment Impacting Niagara Resorts

Mohegan said that the decrease in Adjusted EBITDA at Niagara Resorts was primarily due to a $3.7 million non-cash adjustment as per the Casino Operating and Services Agreement contract asset and the continued reintroduction of certain lower margin non-gaming amenities.

We are encouraged by the strong results from our digital segment and look forward to continued growth in that line of business.

Raymond Pineault, CEO, Mohegan

Mohegan’s chief financial officer, Carol Anderson, also commented on the results, noting that the fiscal Q2 2023 Adjusted EBITDA margin of 25.2% “was 337 basis points favorable” compared to Mohegan’s Q2 2019, and “99 basis points favorable” compared to Q2 2022.

Mohegan’s liquidity at the end of the quarter stood at $188.8 million in cash and $164.7 million in cash equivalents. In addition, Mohegan had $226.2 million under its senior secured credit facility and an additional $121.9 million under the Niagara Resorts revolving credit facility.

The post Mohegan Reports Double-Digit Growth in Fiscal Q2 2023 appeared first on Keno Wizard.

Gaming and hospitality operator Century Casinos released today its fourth quarter and full year 2022 financial report, posting increases in revenue and EBITDA despite the decline from US operations.

Net Operating Revenue, Adjusted EBITDA

Net operating revenue for the three months ended December 31, 2022, was $103.75 million, down 3% from $107.3 million registered in the fourth quarter of 2021, mainly due to the decline of 9% in revenue from US operations that could not be offset by the increase in Poland. Revenue from operations in Canada remained almost unchanged.

For the full-year 2022, net operating revenue posted an increase of 11% to $430.53 million ($388.5 million in 2021) due to the significant increase in Canada (54%, to $71.57 million) and Poland (55% to $58.23 million) was more than enough to offset the 5% decrease in the US to $268.58 million.

“We finished 2022 with record net operating revenue and Adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River,” wrote co-chief executive officers of Century Casinos, Erwin Haitzmann and Peter Hoetzinger.

Century Casinos reported a 16% decrease in earnings from operations for the quarter and a 1% decrease for the full year. In both readings, the consolidated result was driven down by the company’s US performance which recorded decreases of 31% in Q4 and 21% for the year. Earnings from operations in Canada and Poland increased by 20% and 22% in the quarter, and 153% and 2178% for the year but nominally these results were too small compared to the US.

Adjusted EBITDA for the quarter was down 13%, to $21.67 million, and up 6%, to $103.34 million, for the year. The main component influencing both results was the operations in the US but the increases in Canada and Poland, together with the significant drop in the company’s Corporate division, were more than enough to lead to a positive full-year EBITDA reading.

Developments in Missouri and Nevada

“In December 2022, we completed the relocation of the Caruthersville casino from the riverboat and barge to the land-based pavilion where we will operate the casino until the casino and hotel development project is complete,” continued Haitzmann and Hoetzinger in their comments.

Experiential real estate investment trust (REIT) VICI Properties agreed to provide the funds for the new casino project comprising a casino and 38-room hotel tower in Caruthersville, Missouri, in exchange for ownership of the real estate improvements and rent increase under the master lease once the property is operational.

Another important development mentioned by the co-CEOs was the unanimous recommendation of the Nevada Gaming Control Board to the Nevada Gaming Commission to approve the company’s application for the acquisition of the Nugget Casino Resort.

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