Mohegan Gaming & Entertainment, a developer and operator of global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, Niagara Fallsview Casino Resort in Niagara Falls, Ontario, and Inspire Korea in Incheon, South Korea, has published its Q4 operating results for the period ended September 30, 2019.
Net revenues for the period were $414m compared with $347.2m year-on-year, equal to a 19.2% increase. But income from operations was down significantly by 77.4% from $69.6m to $15.7m year-on-year. The fall was primarily driven by an impairment charge at Mohegan Sun Pocono said the firm. Adjusted EBITDA of $89.4m was also down from $94.5m year-on-year, a fall of 5.4%.
Consolidated net revenues were up 19.2%, driven by positive contribution from the Niagara resorts and continued outperformance from non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun. These were partially offset by lower gaming volumes at both Mohegan Sun and Mohegan Sun Pocono.
“MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well,” said Mario Kontomerkos, President and CEO.
“These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. Outside of North America, project Inspire in South Korea continues under construction and remains on track for a 2022 opening.
“In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement. These domestic and international efforts, which also include the September announcement of our venture with Virgin Hotels in Las Vegas, have placed MGE on solid ground for success for generations to come.”