Mohegan Gaming and Entertainment is a powerful player in the entertainment resorts sector with a large number of locations all over the globe.
Chief Executive Officer of Mohegan, Raymond Pineault, started the Q3 announcement by stating that their performance for the quarter shows that they are starting to recover from the pandemic blow. Mohegan Niagra was finally able to restart operations on July 23rd after being shut down for nearly 16 months due to Covid regulations. Pineault also mentioned that they had introduced a new digital sports betting and online gaming platform called Mohegan Digital to diversify and stabilize their income.
The Chief Financial Officer of Mohegan, Carol Anderson, mentioned that their most important location the Mohegan Sun’s total revenue is slightly below the pre-pandemic levels during the third quarter of 2019. But the adjusted EBIDTA for this quarter is $82.4 million, which is 22.5% favorable compared to Q3 of 2019. Other Mohegan locations in Ilani, in Washington, in Las Vegas, and in Pocono are all doing well.
Mohegan announced that compared to the pandemic economy levels of last year, their revenue for Q3 of 2021 is up 206.1%. IN Q3 2020, their net revenue was just $107.2 million compared to the $328.2 million. In 2021, Q3, Mohegan’s income from operations was $64 million. This is a huge improvement compared to the loss on operation in 2020 of $20.5 million. The adjusted EBIDTA of 2021 Q3 is $107.1 million. This is almost a 1111.2% increase from last year’s $8.4 million.
The improvement in performances is led by Mohegan Sun. As Covid restrictions are gradually being removed, customers are returning to Mohegan Sun. Nongaming facilities are also expected to restart very soon. Adjusted EBITDA for Mohegan Sun is up 36.6% compared to 30.2% in Q3 of 2019. In Pennsylvania also Mohegan has registered some increasing trends. Mohegan Las Vegas has registered a decline in EBIDTA, but these have mostly been chalked up to the operational costs of starting a new location. The EBIDTA in Niagara Mohegan also remained in the negative due to the prolonged impact of covid lockdowns.
Not all locations have recovered as of yet, but Mohegan is trying to utilize the relaxation in Covid 19 restrictions to push forward the economic recovery of their establishments. They are also banking on their new digital platform to carry them through this difficult economic situation.