Mohegan quarterly revenues rise 25 percent on Niagara acquisition

Mohegan Sun

Mohegan Gaming & Entertainment reported a nearly 25 percent year-on-year advance in net revenues in the last quarter of the 2019 calendar year, mainly on the back of its acquisition of Niagara Resorts.

Net revenues of US$399.1 million compared to US$319.5 million in the prior year period. Income from operations remained flat at US$43.4 million.

The Niagara acquisition somewhat disguised the 3.7 percent decline in net revenues at the flagship Mohegan Sun property in Connecticut, which is facing significantly increased competition in the region from MGM Springfield and Encore Boston Harbor.

Mohegan President and CEO Mario Kontomerkos also noted that “construction is progressing on-time and on-budget in Inspire Korea” and that “our partner Virgin Hotels began the renovation of the future Virgin Hotels Las Vegas set to open in late 2020.”

Aside from Inspire Korea, Mohegan is also seeking an IR license in Japan.