Two prominent casinos in Connecticut, Foxwoods Resort Casino and Mohegan Sun, reported a dip in net revenues for the fiscal year ending September 30, 2023. 

Foxwoods Resort Casino Navigates Challenges in the Era of Online Gaming

Beyond the immediate revenue statistics, both Foxwoods and Mohegan Sun have been navigating the online gaming landscape in Connecticut. In their first full year of legal iGaming operations in the state, both brick-and-mortar casinos reported declines in play. 

Foxwoods Resort Casino, owned by the Mashantucket Pequot tribe, disclosed a net revenue of $636.8 million. Although a modest decrease of 0.5% from the previous year’s $640.2 million, the casino’s annual report revealed a 1.2% decline in gaming revenues. However, non-gaming revenues experienced a 2.4% increase, attributed to a rise in food and beverage sales.

Gaming accounted for 74.5% of Foxwoods’ gross revenue in fiscal 2023, down from 75.5% in the previous year. The casino’s payroll costs rose by $5.6 million, reflecting the addition of around 100 full-time equivalent employees. Foxwoods, which employed approximately 3,248 full- and part-time staff as of September 30, 2023, reported a substantial amount of indebtedness totaling $2.15 billion by the end of the fiscal year.

Mohegan Sun Adapts to Fiscal Challenges and Revenue Declines

On the other side, Mohegan Sun, in its annual report, disclosed a net revenue of $920.2 million, marking a 2.1% decrease from the previous year’s $940.3 million. The decrease was primarily attributed to declining gaming revenue from slot machines and table games. However, this decline was partially offset by higher revenues from food and beverage as well as entertainment.

Mohegan, which owns and manages several properties across the United States, Canada, and South Korea, reported a company-wide revenue of $1.67 billion in fiscal 2023, reflecting a 5.1% increase over the previous year’s $1.59 billion. Mohegan Sun contributed approximately 55% to the company’s total revenues.

According to Mohegan Tribal Gaming Authority‘s Q4 fiscal results, ending September 30, 2023, Mohegan Sun faced a challenging situation, experiencing a 5% decline in net revenue to $224 million, and witnessing a substantial drop in Adjusted EBITDA, plummeting 134% to $56 million.

At the same time, Mohegan proudly announced its inclusion in Newsweek’s America’s Greatest Workplaces for Diversity list for 2024, emphasizing its commitment to fostering a diverse and inclusive culture. 

The casino and hospitality giant views diversity as a critical component of business success and attributes its recognition to genuine respect for individuals from different backgrounds. 

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The Mohegan Tribal Gaming Authority recently released its fourth-quarter fiscal results ending 30 September 2023, showcasing notable strides in revenue diversification despite inconsistent results across some metrics. The company’s dedication to its customers and employees also set it apart from the competition, as management remained confident in its 2024 prospects, placing significant hope in its new and planned venues. 

Some Setbacks Offset Record Revenues

The overall net revenue for Mohegan operations surged to $444.3 million, marking a commendable 7.6% increase in year-on-year comparisons. This increase contributed to a record 2023 consolidated net revenue of $1.67 billion, reaffirming the company’s successful strategy. Adjusted EBITDA, likewise, fell just short of 2022’s full-year record of $403.9 million, settling at $399.9 million for 2023.

However, a more comprehensive look into individual metrics reveals that income from all operations experienced a 24% decrease, totaling $48 million. Even more stark was the net income attributable to Mohegan, which saw a 116% decline, resting at -$19.9 million. Additionally, adjusted EBITDA for all operating results witnessed a decrease of $11.7 million, amounting to $88 million.

Individual Venue Results Remain Mixed

These results are primarily due to the inconsistent performances of individual properties. Mohegan Pennsylvania was among the best-performing venues, offsetting the 3% decline in net revenue to $62.8 million with a 4% increase in adjusted EBITDA and a 4% upsurge in general net income. However, other resorts faired noticeably worse.

Niagra Resorts’ 5% increase in net revenue to $88.7 million did not reflect across other metrics as adjusted EBITDA decreased by 21% to $14 million, while net attributable income plummeted by 59% to $5 million. Mohegan Sun fared even worse, with net revenue shrinking by 5% to $224 million and Adjusted EBITDA falling off a cliff, dropping 134% to $56 million. 

Mohegan Is Optimistic Regarding Its Prospects

Despite rising revenues, significantly higher operating costs left Mohegan with a net loss of $18.8 million for the quarter, a sharp decline from Q4 2022’s $29.6 million net income. However, company management remained confident in its direction as CEO Raymond Pineault was optimistic regarding Mohegan’s foray into online gaming and the success of its new venues.

We were exceptionally pleased with the performance of our digital team. We are also extremely excited about the opening of our newest venture, Mohegan INSPIRE, and the property’s ability to drive additional growth for the organization.

Raymond Pineault, Mohegan Gaming & Entertainment CEO

The company’s diversified approach and the recent strategic initiatives remain vital focal points in navigating the gaming landscape, ensuring resilience and sustained growth despite the dynamic market conditions. Mohegan has demonstrated its ability to capitalize on its investments, so 2024 should hopefully bring enduring success for the tribal operator.

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Loto-Quebec, the Canadian lottery and casino operator, released its latest financial results, outlining details regarding its performance for the first quarter of the fiscal year 2023-2024. In its latest report, the operator confirmed that it has seen total revenues of CA$711.2 million ($528.2 million), as well as a consolidated net income of CA$380.9 million ($282.9 million).

The aforementioned results reaffirmed its exceptional performance for the period and growth, considering that the total revenue marked an 8.4% increase or some CA$54.9 million ($40.8 million) more when compared to the pre-pandemic fiscal year. Similarly, the consolidated net income revenue result was also strong, pointing to a 12.9% or CA$43.6 million ($32.4 million) increase when compared to the same period before the pandemic.

Despite the positive results and overall growth trajectory, a year-over-year comparison shows slight decreases. The total revenues reported for the first quarter of the fiscal year this year marked a 4.5% decrease year-over-year, while consolidated net income dipped by 14.7% when compared to the same period last year.

Loto-Quebec explained that the decrease in revenue was the result of lower sales of its Lotto Max game. “The difference in net income is primarily attributable to higher expenses resulting from the full resumption of on-site operations after pandemic-related restriction periods,” it added.

Lotto-Quebec’s President and CEO, Pleased with the Results

The latest results reveal that for the period between April 1 and June 26, 2023, the operator’s casino and gaming hall operating segment reported revenue of CA$274.6 million ($204 million), up by 4.2% year-over-year. According to Loto-Quebec, this exceptional figure comes as a result of the resumption of casino operations. From that total, 24.8% of the revenue was attributed to online casino.

On the other hand, Loto-Quebec’s lottery revenues halted at CA$224.7 million ($166.9 million). A year-over-year comparison to the corresponding period from last year shows a decrease of 12.4% or some CA$31.9 million ($23.7 million) less. The operator pointed out that this decrease was the result of lower Lotto Max sales and “an exceptional sequence of major grand prizes at the same time last year.” Some 12.8% of the segment’s revenue was attributed to online lottery operations, reveals the new report.

Last but not least, the operator’s gaming establishments reported revenue of CA$216.9 million ($161.1 million). This result marked a year-over-year decrease of 5.1%. Loto-Quebec confirmed that this operating segment was hit hard by the pandemic but said that retail demand continues to increase.

“I’m very pleased with our teams’ efforts and the results achieved. I’d like to point out that we had an exceptional year last year, which set the bar very high.“

Jean-François Bergeron, president and CEO at Lotto-Quebec

Jean-François Bergeron, Loto-Quebec’s CEO and president, revealed that he is happy with the strong results that were achieved by the cumulative efforts of the company’s teams. Moreover, he highlighted the exceptional performance of the company and the success it has seen recently. Bergeron thanked the dedicated team of experts at Loto-Quebec and predicted that they would be ready to meet upcoming challenges.

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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.

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Mohegan Tribal Gaming Authority revealed its monetary outcomes for the primary fiscal quarter of 2023 posting robust progress in earnings from operations on the again of a marginal improve in income.

Overview of the Efficiency

Over the three months ended December 31, 2022, Mohegan generated internet income of $406.62 million primarily as a result of robust efficiency at its Niagara Resorts which managed to greater than offset the setbacks at Mohegan Solar and Mohegan Pennsylvania. In comparison with the web income determine within the first fiscal quarter of 2022, the web income represents a marginal improve of 1.2%.

What’s extra spectacular is that from comparatively the identical internet income ($401.96 million within the fiscal Q1 2022), Mohegan ended the fiscal Q1 2023 with practically twice as a lot internet earnings, $70.23 million, as in comparison with $35.19 million within the fiscal Q1 2022, or up 99.5%. Internet earnings attributable to Mohegan for the interval stood at $807,000 to reverse a internet lack of $11.68 million within the fiscal Q1 2022.

Raymond Pineault, chief government officer of Mohegan, attributed the monetary outcomes to Mohegan’s diversification technique which enabled the corporate to deal with macroeconomic headwinds and are available out with optimistic outcomes.

“Our consolidated Adjusted EBITDA of $101.1 million continues our development of robust efficiency [and] our diversification technique and continued concentrate on profitability have enabled Mohegan to offset among the inflationary and labor pressures and obtain these robust outcomes,” he mentioned.

Adjusted EBITDA within the quarter was up 3.8% when in comparison with the adjusted EBITDA within the fiscal Q1 2022 of $97.4 million. Throughout Mohegan properties, adjusted EBITDA diverse from unfavorable 16.7% at Mohegan Pennsylvania to optimistic 8.7% for Niagara Resorts. Mohegan Solar additionally registered unfavorable EBITDA.

Throughout the Properties

The tribe’s dwelling state property, Mohegan Solar, registered internet revenues of $239.4 million, down 4.8% from $251.57 million within the fiscal Q1 2022. Mohegan attributed the outcome to declines in slot and desk video games revenues, whereas additionally accounting for the optimistic affect within the earlier comparable interval from the property’s 25^th-anniversary celebration and the unfavorable affect of slot and desk maintain, in addition to the climate within the reported quarter.

The figures at Mohegan Pennsylvania have been related as internet revenues fell to $59.78 million, down 6.9% from $64.22 million, as a result of poor climate which resulted in decrease gaming volumes and decrease desk video games maintain proportion.

At Niagara Resorts, internet revenues elevated by 17.8% to $74 million as a result of excessive gaming volumes and a considerable improve in non-gaming revenues. The opening of the 5,000-seat OLG Stage leisure venue and the dearth of working restrictions in the course of the quarter additionally contributed to the outcome.

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