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The Mohegan Tribal Gaming Authority reported higher second-quarter revenue on Monday, driven by record performance at its digital gaming business, although net income fell sharply from a year earlier.
Total net revenues for the quarter ended March 31 rose 2.4% to $429 million from $418.8 million a year earlier, while income from operations increased 1.3% to $60.5 million.
Adjusted EBITDA rose 1.8% to $85.4 million, and Adjusted EBITDAR increased 4.0%. Net income, however, dropped 69.9% to $14.1 million from $46.9 million in the prior-year period.
According to a tribal statement, results were largely driven by Mohegan Digital achieving record quarterly performance to date. However, gains were partly offset by unfavorable table hold and lower table volumes at Mohegan Sun in Connecticut.
Mohegan Digital posted record quarterly net revenues, Adjusted EBITDA, and average revenue per monthly active user. Net revenues at the digital segment jumped 40.2% to $79.3 million from $56.56 million a year earlier, while Adjusted EBITDA climbed 47.9% to $39.7 million. Average revenue per monthly active user for Mohegan Digital Connecticut reached an all-time high of $470 during the quarter.
For its part, Mohegan Sun exceeded a 60% share of Connecticut’s slot market in March, marking its highest monthly market share in the past five years, although the aforementioned unfavorable table hold and lower table volumes at the resort offset this growth.
International Resorts revenue edged down 0.9% to $66.5 million, while Adjusted EBITDA fell 33.1% to $1.8 million due to lower revenue and increased contractual lease obligations. Prior-period figures were restated to exclude operations related to Inspire Integrated Resort Co., Ltd., MGE Korea Limited, and certain subsidiaries from continuing operations.
Besides gaming activity, during the period, the company reached an agreement to sell the Connecticut Sun WNBA team for $300 million.
Mohegan ended the quarter with $126.9 million in cash and borrowing capacity of $228.5 million.