Mohegan’s Q4 2023 Report Shows Net Loss, But Strong Year Overall

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Mohegan, one of the leading Tribal casino operators in the U.S. and one of just two Tribal operators with a gambling facility outside the country, has reported strong yearly figures in its recent Q4 2023 report.

The company’s net revenue reached $1.67 billion in 2023, ranking as its second-best operating year in its 27-year history.

However, those year-on-year figures do not reflect a net operating loss for Q4.

A major highlight of the quarter and a big expense was the opening of Inspire in South Korea. The $1.6 billion integrated resort, located in Incheon near Seoul, opened for a soft launch on November 30. The resort and casino venue showcases Mohegan’s ambitious international expansion plans.

Mohegan is the gambling arm of the Mohegan Tribe of Connecticut. It operates casinos in Pennsylvania, Connecticut, and New Jersey, as well as counting itself among the ranks of Nevada casinos in Las Vegas.

“Our EBITDA [earnings before interest, taxes, depreciation, and amortization] for fiscal 2023 of $399.9 million was the second-highest in our 27-year history, compared with Adjusted EBITDA for fiscal 2022 of $403.9 million, which was the highest to date,” said Raymond Pineault, CEO of Mohegan, in a press release.

“We continue to see growth in our digital gaming segment, and with the recent soft opening of Mohegan Inspire on November 30th, our diversification efforts will further enable Mohegan to achieve strong results.”

Strong Year but Q4 Down

Mohegan’s financial success in the 2023 fiscal year overall was marred somewhat by a fall in revenue in Q4. The company actually lost $18.8 million for the quarter, as total operating expenses increased by 13%, potentially due to the opening of Inspire.

However, that is compared to an overall net income of $29.6 million for the year, which shows just how well the company did earlier in 2023.

The company’s domestic properties, including Mohegan Sun in Connecticut, and its resorts in Pennsylvania and Niagara, were key drivers of the strong performance over the year.

The flagship Mohegan Sun actually made around 10% more in revenue than in Q4 2023, but held onto way less of that as net income.

Still, the adjusted yearly EBITDA for these properties reflected their significant contribution to the company’s overall financial health.

Additionally, Mohegan’s digital operations had a strong year. That included its Connecticut online sports betting and casino platform. That division of Mohegan showed impressive growth, with a 65% increase in net gaming win in the fourth quarter compared to the previous year.

Strategic Expansion and Future Prospects

The opening of Inspire in South Korea was also a key highlight of the quarter. It makes Mohegan only the second U.S. Tribe to operate an international gambling facility, after the Seminole Tribe of Florida opened a small-scale Hard Rock casino in the Dominican Republic in 2011.

The $1.6 billion Inspire project is near Incheon International Airport, between two of South Korea’s biggest cities. It is expected to be a significant revenue generator and a cornerstone of Mohegan’s global presence.

The resort features 1,275 guest rooms, multiple dining options, a large arena, and an immersive entertainment street offering a diverse range of experiences to visitors. Looking ahead, Mohegan is poised for continued growth, with plans to further invest in Inspire and explore new opportunities in international markets.

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