MOHEGAN ANNOUNCES THIRD QUARTER FISCAL 2025 OPERATING RESULTS
UNCASVILLE, Conn., Aug. 7, 2025 /PRNewswire/ -- Mohegan Tribal Gaming Authority ("Mohegan," "we" or "our") today announced operating results for its third fiscal quarter ended June 30, 2025.
Third Quarter 2025 and Recent Highlights:
Mohegan generated net revenues of $436.9 million.
Mohegan Adjusted EBITDA, after normalizing the prior year period, increased 4.9% year over year.
Mohegan Sun produced net revenues of $234.7 million.
Mohegan Digital Adjusted EBITDA increased 48.2% year over year.
"The completion of our comprehensive refinancing has placed us in a great position to continue executing our strategy, to be one of the premier omnichannel enterprises. This important milestone further supports our opportunities for long-term growth and the evolution of our Digital business provides greater strategic flexibility. Now that we've addressed our capital structure, we're singularly focused on executing our plan and increasing value for all our stakeholders," said Raymond Pineault, Chief Executive Officer of Mohegan.
Mohegan Operating Results
Three Months Ended
Variance
($ in thousands, unaudited)
June 30, 2025
June 30, 2024
$
%
Net revenues
$ 436,902
$ 444,065
$ (7,163)
(1.6) %
Income from operations
73,281
91,655
(18,374)
(20.0) %
Net loss attributable to Mohegan
(5,203)
(29,939)
24,736
82.6 %
Adjusted EBITDA1
94,084
112,346
(18,262)
(16.3) %
"Net revenues and Adjusted EBITDA declined compared with the prior-year period, as the prior year benefited from ilani management fees and one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania. Adjusted EBITDA was down $18.3 million or 16.3% compared with the prior year, however, after normalizing the prior year period for the ilani and Mohegan Pennsylvania adjustments, Adjusted EBITDA would have been up $4.4 million, or 4.9%," said Ari Glazer, Chief Financial Officer of Mohegan.
____________________________
1 Refer to the Reconciliation of Non-US GAAP Financial Measures for a discussion and reconciliation of Adjusted EBITDA.
Prior period amounts have been restated to exclude results of operations of Inspire Integrated Resort Co., Ltd. and its parent company MGE Korea Limited from continuing operations.
Domestic Resorts
Three Months Ended
Variance
($ in thousands, unaudited)
June 30, 2025
June 30, 2024
$
%
Net revenues
$ 297,324
$ 310,747
$ (13,423)
(4.3) %
Income from operations
50,819
63,556
(12,737)
(20.0) %
Net income
50,787
63,536
(12,749)
(20.1) %
Adjusted EBITDA
70,146
82,245
(12,099)
(14.7) %
Net revenues of $297.3 million decreased $13.4 million compared with the prior year period, primarily due to higher revenues in the prior year related to one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania and gaming revenues from Mohegan Casino Las Vegas. Domestic Resorts' gaming revenues decreased $11.8 million, or 5.6%, and non-gaming revenues decreased $1.6 million, or 1.6%. Adjusted EBITDA of $70.1 million decreased $12.1 million primarily due to one-time accelerated non-cash digital license fee revenue at Mohegan Pennsylvania in the prior year period, and higher Mohegan Sun labor costs related to new food and beverage outlets in the current period. Adjusted EBITDA margin of 23.6% was 288 bps unfavorable compared with the prior year period.
Mohegan Digital
Three Months Ended
Variance
($ in thousands, unaudited)
June 30, 2025
June 30, 2024
$
%
Net revenues
$ 67,482
$ 41,861
$ 25,621
61.2 %
Income from operations
34,236
