Mohegan Gaming and Entertainment (MGE) has just unveiled an increase in revenue and net earnings during the 4th quarter of its 2020-21 financial year, while the adjusted EBTIDA hit a staggering amount of $110.2m.
Revenue for the three months to September 30, 2021, reached $391.2m, up 33.1% from $294.0m in the same interval last year.
MGE registered this increase following the easing of coronavirus (Covid-19) restrictions across the US, with is venues able to perform activities with only minimal limitations during the quarter.
Gaming revenue climbed 24.7% to $286,7m, while hotel earnings grew 52.2% to $28.4m, food and beverage earnings 125.4% to $28.4m and retail, engagement and other revenue 46.3% to $47.7m.
The brand’s main source of income was its Mohegan Sun venue in Connecticut, with earnings reaching $241.4m, up 14.0% year-on-year level after the easing of Covid-19 measures in the state. This enabled more people to enter the casino, while the operator was also able to organize events at the arena facility.
Profits at the Mohegan Sun Pocono in Pennsylvania also climbed 22.5% to $68.1m, while its MGE Niagara Resorts division, which involves its Fallsview Casino Resort and Casino Niagara venues in Ontario in Canada, recorded a revenue peak of 367.7% to $58.0m.
As for yield from management, enhancements and other working results, they climbed 23.8% to $16.3m, boosted by regular progress in management and development taxes from the Ilani venue in Washington.
Moreover, MGE made $8.7m in profit from the innovative Mohegan Sun Casino Las Vegas, which launched in March of this year.
Working expenses were 33.8% larger at $326.3m, while other spendings also approached up to $37.0m, essentially due to $43.6m in interest costs, but this was compensation by additional income and the early annulment of debt.
When it comes to Pre-tax profit, it was 63.5% larger at $24.2m, while MGE also recorded adjusted yield before interest, tax, depreciation, and amortization (EBITDA) which was 33.1% larger at $110.2m.
MGE covered $3.7m in income tax, with net profit for Q4 reaching $24.0m, up 29.0% year-on-year.
Q4 affected MGE’s yearly results, and its 12-month revenue was 10.2% higher at $1.23bn including the results by the of September.
Commenting on the latest results, MGE chief executive Raymond Pineault said:
“Our consolidated adjusted EBITDA of $110.2m was the highest in our 25-year history; this was due in large part to the hard work, dedication, and support of all our team members throughout the organization.”
Source:
“Mohegan reveals Q4 revenue growth as earnings hit record high”, igbnorthamerica.com, December 10, 2021.
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