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Mohegan INSPIRE hits $163.3M in net revenue after debut

Mohegan INSPIRE has generated net revenues of $163.3 million since its opening in November 2023. In its fiscal fourth quarter, which ended on September 30th, 2024, the property generated $62.2 million in net revenue.

These figures were reported in the company’s financial results published on December 31st, 2024.

Mohegan INSPIRE Entertainment Resort held its soft opening on November 30th, 2023, and opened its foreigner-only casino in February 2024 after receiving a license from the South Korean regulator. The company held its official opening ceremony on March 5th, 2024.

Ari Glazer, Chief Financial Officer of Mohegan, notes that for the full fiscal year of 2024, which ended on September 30th, 2024, the company’s overall net revenues reached $1.9 billion, an increase of $216.7 million compared to the prior year.

This growth was driven by the addition of Mohegan INSPIRE, continued expansion in Mohegan Digital, and strong non-gaming revenues at the company’s other resorts. 

In the financial results highlights, Mohegan reported that FY24 marked its highest annual net revenue in history, up 13 percent year-over-year, while Mohegan Digital net revenue increased by $60.1 million year-over-year for FY24.

The company’s consolidated Adjusted EBITDA for the year was $349 million, a decrease of $50.9 million compared to the prior year. This decline was primarily due to operating costs associated with the opening of Mohegan INSPIRE, low table hold at the property, an $11.9 million non-cash adjustment to the value of a customer contract asset at Niagara Resorts, $12.1 million in non-controlling interest at Niagara Resorts, and a full year of ilani management fees earned in the prior year. This was partially offset by strong growth in Mohegan Digital operations.

Mohegan INSPIRE, Incheon, Korea
Mohegan INSPIRE celebrated its grand opening, themed “Invitation to INSPIRE: The Joining of Two Cultures,” at the Rotunda, with attendance of approximately 500 national and international key figures.

Fourth quarter

In the fourth quarter, which reflects the three-month period ending on September 30th, 2024, the company achieved robust performance, recording its second-highest quarterly net revenue in history, up 12 percent year-over-year.

The company’s net revenue for the quarter totaled $497.7 million, an increase of $53.4 million compared to the prior year. This growth was primarily due to continued expansion in Mohegan Digital and revenue generated by Mohegan INSPIRE.

Consolidated Adjusted EBITDA for the fourth quarter was $81.3 million, a decrease of $6.8 million compared to the prior year. This decline was mainly due to operating costs related to the opening of Mohegan INSPIRE and low table hold at the property.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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