Mohegan Tribal Gaming Authority has released operating results for its fourth quarter and full fiscal year ended Sept. 30, 2024, with a big jump in net revenue as the headline grabber. According to the report, Mohegan saw its second highest quarterly net revenue in company history, up 12% year over year. Mohegan Digital net revenue was up $60.1 million year over year.
The Mohegan INSPIRE Entertainment Resort in South Korea, which opened in March 2024, generated net revenue of $62.2 million.
Mohegan INSPIRE, located at Incheon International Airport in Yeongjong Island, South Korea, features three hotel towers, totaling 1,275 rooms, a 15,000-seat multi-purpose arena, an indoor water park, an outdoor entertainment park, and a casino exclusive for foreigners, as well as shopping, dining and entertainment.
According to reporting, Mohegan is seeking to refinance debt incurred with the construction of INSPIRE, a $1.7 billion resort, to stave off a default.
As well as INSPIRE, Mohegan’s U.S. properties include resorts in Connecticut, Pennsylvania, Nevada, New Jersey, and Washington. Mohegan also operates Fallsview Casino Resort and Casino Niagara in Niagara Falls.
“It’s been 30 years since the Mohegan Tribe was granted federal recognition in 1994, and in that time since we opened the Mohegan Sun here in Connecticut, we have transformed Mohegan from a regional, single casino, into one of the premier global integrated omni-channel resort operators,” said Raymond Pineault, Chief Executive Officer of Mohegan. “This year marks the culmination of a number of important initiatives which enables us to build on these accomplishments and remain focused on executing our strategy.”
Net revenues in Q4 increased $54.3 million year over year to $497.7 million, primarily due to the continued growth of Mohegan Digital and revenue from INSPIRE. Consolidated Adjusted EBITDA of $81.3 million for Q4 decreased $6.8 million compared with the prior-year period.
For the full year, net revenues of $1.9 billion increased $216.7 million compared with the prior-year period, due again to digital, INSPIRE, and stronger non-gaming revenues at Mohegan’s other resorts, said Ari Glazer, Chief Financial Officer of Mohegan. Consolidated Adjusted EBITDA of $349.0 million for the full year decreased $50.9 million compared with the prior-year period, primarily due to operating costs related to the INSPIRE opening and low table hold at Mohegan INSPIRE.
