The Mohegan Tribal Gaming Authority said year-on-year growth within its digital division in the second quarter helped drive total revenue up 13.2%.
Mohegan experienced growth across all of its business segments during the three months to March 31, though the 283.9% rise in digital revenue far outweighed the growth experienced at any of its land-based operations.
This, Mohegan said, was helped by the launch of digital gaming in the Canadian province of Ontario, with this now running in addition to its activities in Connecticut in the US.
“We are encouraged by the strong results from our digital segment and look forward to continued growth in that line of business,” chief executive Raymond Pineault said.
Revenue for the first quarter amounted to $405.8m, up from $358.5m in the corresponding period last year. This included $285.5m in gaming revenue, $37.5m from food and beverage, $27.8m in hotel revenue and $55.1m in retail, entertainment and other revenue.
Breaking this down by segmental performance, the flagship Mohegan Sun land-based casino in Connecticut was the primary source of revenue, posting $225.9m up 4.8% year-on-year, driven by increased in slots and sportsbook revenue.
Mohegan’s Niagara Resorts operations in Ontario generated $70.8m in revenue, an increase of 35.4%, while revenue at Mohegan Pennsylvania was up 1.7% to $63.2m.
The Mohegan Digital division posted $22.7m in revenue, in contrast to the $5.9m generated in the previous year. This was attributed to growth in its Connecticut digital business and the addition of digital gaming in Ontario.
An additional $15.5m worth of revenue was generated from management and development operations, down 0.8% year-on-year.
Turning to costs, operating expenses were 13.6% higher at $342.0m, while after including $73.7m in other, finance-related expenses, pre-tax loss was $9.9m, wider than the $2.7m loss posted in 2022.
Mohegan received $276,000 in income tax benefit, which reduced its net loss slightly to $9.6mm though this was still greater than $2.4m last year. However, adjusted EBTIDA was 17.8% higher at $102.1m for the quarter.
“Consolidated adjusted EBITDA of $102.1m reflects the positive results from our properties and digital operations,” Pineault said.