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.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.