Mohegan Gaming and Entertainment has reported a revenue increase of 206.1% year-on-year in its results for the third quarter of 2021, ended 30 June.
Net revenue for the quarter totaled at $328.1m (£237.1m/280.1m), substantially more than the $107.1m in revenue posted in its Q3 2020 results, which were affected by the novel coronavirus (Covid-19) pandemic.
Gaming made up $241.2m of the total revenue, a rise of 169.9% compared to Q3 2020. Retail, entertainment and other generated the second most revenue, at $43.8m, an increase of 259.0%. The remaining amount was generated by food and beverages and hotels.
Individual Mohegan properties also improved year-on-year. The flagship Mohegan Sun saw revenue rise 181.1% to $220.0, while Mohegan Sun Pocono brought in $62.9m in revenue, a rise of $52.4m.
For Mohegan’s Niagara Falls property, revenue rose again by 26.7% to $14.3m.
In terms of expenses, gaming also made up most of the cost at $122.3m. This was an increase of 192.4% year-on-year. Advertising, general and administrative costs came to $55.6m, while depreciation and amortization totaled at $27.1m. The remaining expenses comprised of costs such as food and beverages, corporate expenses, and retail, entertainment and other costs.
In total, expenses for the quarter came to $264.1m, an increase of 106.7% compared to the same period in 2020. This left the operating revenue at $64.0m. Further costs, such as interest expense, totaled at $41.4m, leaving the total net income before income tax at $22.5m.
Income tax benefit added $3.3m, while non-controlling interest expense took away $535,000.In total, net income for the quarter amounted to $25.3m
“Another quarter of strong results demonstrates that MGE remains well positioned as we continue to emerge from the pandemic,” said Raymond Pineault, CEO of Mohegan Gaming.
In June, Mohegan launched its digital division, Mohegan Digital as Connecticut prepares to launch online betting and casino gaming through a new tribal compact with the Mohegan Tribe. Last month, Mohegan announced a sports betting partnership with FanDuel, replacing a previously agreed deal with Kambi.
“In addition, we recently announced Mohegan Digital, which will provide leading sports betting and digital gaming solutions to our loyal customers and attract new customers on a broader scale,” added Pineault. “This new business line will diversify our future revenue streams and contribute to the financial stability of MGE.”
“These results are indicative of the continued recovery as most remaining COVID-related restrictions were lifted at our United States properties during the quarter,” said Carol Anderson, chief financial officer of Mohegan Gaming.
Last week, Mohegan partner Oshidori international announced that it had withdrawn its application to operate in integrated resort in Nagasaki in Japan.