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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As a result, Highlight Games Limited will see its games featured with operators across the 1×2 N Network which focuses on helping select studios and their products strike home with more online operators and their audiences.

Sports Fans Get More Games to Play

Highlight Games develops esteemed instant and virtual win content that makes it a perfect fit for 1×2 Network which is constantly looking to add more innovative and worthwhile content to its window shops. Among the games that 1×2 customers will be able to access as a result are select titles, such as Manchester City’s “Scratch of the Day” instant win game and SOCCERBET, which is available in several languages.

There are also NBA and IIHF International Ice Hockey games to add even more variety to the games that you can experience and enjoy. Commenting on this opportunity, Highlight Games co-CEO Steven Holmes said that he was absolutely stoked to see his company’s products launch with the 1×2 network.

This agreement will broaden the availability of our products even further, and I look forward to sharing news of more content featuring teams from premium football leagues available via 1X2 in the near future.

1×2 Network commercial director Chris Loftus was similarly pleased with the opportunity to see the network grow with yet another trusted and respected partner.

“Football holds universal appeal with players, and virtual sports have been a pillar of our brand since day one, We’re delighted to have the opportunity to be offering these innovative games that feature some of the best teams and players in the business,” Loftus added, focusing on the fact that Highlight Games appeals to soccer and sports audiences and does so through inventive and innovative game design.

1×2 Network has been growing its reach of titles and available partner operators at a good pace over the past several weeks and months. The company boosted its capacity with AD LUNAM and Rogue rollout in February and secured another important content tie-up with 7777 gaming in March.

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Gaming and Leisure Properties (GLPI) has published its financial results for the first quarter of the year. The company recorded favorable results with metrics increasing across the board.

As reported by GLPI, the total company revenue increased by 12.7% year-on-year to $355 million. Its income from operations, meanwhile, skyrocketed from $199.8 million in Q1 2022 to $266.8 million in Q1 2023.

The company’s total net income for the period was $188.7 million, representing a stellar 55% increase. The company also recorded adjusted EBITDA of $323.1 million, which translates into a 10% YOY rise.

Adjusted Funds from Operations (AFFO) for the period sat at $248.6 million. The company updated its guidance, saying that it expects AFFO of between $984 million and $997 million for the year ending December 31.

The company also said that it paid its first quarter dividend of $0.72 per share to shareholders as well as a profit dividend of $0.25 per share related to the sale of its Tropicana Las Vegas property.

The first quarter of the year was a time of busy activity for the company. In January, the company called for redemption of its $500 million, 5.375% Senior Notes – a move it completed by February 12.

In January, GLPI also completed the $635 million sale-leaseback of Bally’s Tiverton and Hard Rock Hotel & Casino Biloxi from Bally’s Corporation. The two properties were added to the existing master lease with Bally’s. That same month, GLPI completed a new master lease with PENN Entertainment.

CEO Carlino Praised the Results

Peter Carlino, GLPI’s chair and CEO, commented on the Q1 results, praising the value of his team’s long-term strategy to expand and diversify the company portfolio. He also said that the Q1 growth reflects GLPI’s expansion and diversification into a landlord with 6 tenants with 59 properties across 18 states. Eight of these properties, Carlino noted, were added in 2022 and early 2023.

The CEO said that his team hopes to generate record results in 2023 and continue the ongoing expansion and diversification of its portfolio.

Our disciplined capital investment approach, combined with our focus on stable regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value.

Peter Carlino, CEO, GLPI

In February, the company published its Q4 2022 results, once again highlighting the durability of its robust rental streams.

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