The Mohegan Tribal Gaming Authority recently unveiled the fiscal first-quarter results for Mohegan, ending on March 31, 2024, showcasing impressive financial performance and notable achievements.
Notably, the tribal gaming company reported a record-breaking quarterly revenue, marking a significant milestone. Net income surged by 13.8% year-over-year, reaching $461.7 million, thereby establishing a new high-water mark. This substantial increase, amounting to over $55.8 million, was attributed to the sustained growth of Mohegan Digital and the revenue generated by Mohegan INSPIRE, a newly established gaming property located in South Korea.
However, adjusted EBITDA experienced a decline of 17.8%, reaching nearly $84 million. Chief Financial Officer Ari Glaser attributed this downturn to the expenses associated with the launch of new casino venues and the strategic adjustments in ownership interests within the Niagara Resorts business.
