#United States #Mohegan Sun #Uncasville #Mohegan Gaming #Mohegan Digital

Overview of Mohegan's Third Quarter Fiscal 2025 Results

On August 7, 2025, the Mohegan Tribal Gaming Authority, commonly known as Mohegan, shared its operating results for the third fiscal quarter that ended on June 30, 2025. The report indicated a net revenue generation of approximately $436.9 million, marking a slight decrease of 1.6% compared to the previous year's figure of $444.1 million. Additionally, adjusted EBITDA reflected a decline of 16.3%, amounting to $94.1 million. Here are the key highlights from the quarter:

Financial Performance Breakdown

Key Metrics

• - Net Revenues: $436.9 million
• - Income from Operations: $73.3 million
• - Net Loss Attributable to Mohegan: $5.2 million
• - Adjusted EBITDA: $94.1 million

Notable Outcomes

Despite the revenue dip, CEO Raymond Pineault expressed optimism regarding the company's position following a successful refinancing effort. He noted that Mohegan is now better equipped to execute its strategy of becoming a leading omnichannel enterprise. The adjustment in strategy aims to enhance long-term growth prospects and expand the digital business, which increases strategic flexibility for future opportunities.

Individual Segment Performance

Mohegan Sun contributed approximately $234.7 million to net revenues while Mohegan Digital saw an impressive year-over-year increase of 48.2% in Adjusted EBITDA, reflecting robust digital engagement and a growing online customer base.

Domestic Resorts: Experienced a revenue decline of 4.3% to $297.3 million, which can be attributed to less gaming revenue from its casinos compared to the preceding year. Non-gaming revenues also saw a slight dip, resulting in a major contributor to reduced operating income.

Mohegan Digital: Recorded a significant revenue boost, up by 61.2% to $67.5 million. This surge was mainly spurred by strong performance in Connecticut operations, alongside growth in Pennsylvania and Ontario, showcasing robust demand for their digital offerings.

Analysis of Financial Challenges

A critical point highlighted by CFO Ari Glazer was the declining earnings compared to last year. Factors contributing to this included the prior year's elevated revenues due to one-time management fees and digital license fees that are not expected to recur. This situation resulted in a $18.3 million decline in Adjusted EBITDA.

Additionally, increased operational costs, labor adjustments related to new food and beverage outlets, and the impacts of the pandemic-residual adjustments in gaming taxes hampered results. The Adjusted EBITDA margin decreased, emphasizing challenges faced by the domestic resorts gig economy.

Forward-Looking Statements

Mohegan plans to host a conference call to further discuss these results, emphasizing their commitment to transparency with stakeholders. This call is an essential part of keeping shareholders updated on overall strategy and operational performance.

As a reminder, Mohegan is positioned as a leading owner and operator of premier entertainment resorts across the United States and Canada. Their digital gaming branch, Mohegan Digital, continues to expand its offerings, catering to the evolving digital landscape in gaming.

For further insights and detailed operational structures, stakeholders and interested parties can access the full report at www.mohegangaming.com.

Conclusion

Although challenges surfaced during the third quarter of fiscal 2025, Mohegan's proactive strategies toward refinancing and expanding their digital suite offer promising avenues for growth. As the landscape evolves, Mohegan demonstrates resilience and adaptability in navigating financial fluctuations, paving the way for future advancements in the growing market of integrated resorts and online gaming.