Mohegan’s INSPIRE integrated resort in South Korea has helped boost the company to achieve its highest quarterly net revenues in its history, reaching $504.16 million.
The figure is a 21.4 percent yearly increase and reflects the net revenues generated by INSPIRE of $101.1 million since opening.
In its most recent results, the company noted that despite the uptick it saw a 3.6 percent slowdown in adjusted EBITDA company-wide, amounting to $104.74 million during the three-month period.
The group’s International gaming revenues, including those from INSPIRE, totaled some $82.74 million, up 53 percent yearly.
Mohegan INSPIRE opened in November of 2023, with a progressive ramp-up.
During the quarter ending June 30th, 2024, the group saw international revenues rise overall by 67 percent yearly.
Hotel revenue for the international segment more than tripled, at $12.98 million, while F&B revenue was up nearly 90 percent yearly, to $18.2 million.
Retail, entertainment and other revenue from the international segment was up by some 60.6 percent yearly, at $21.5 million.
One of the major pushes for INSPIRE’s South Korean resort, located near one of the country’s main airport, in Incheon, has been utilizing its successful United States background in entertainment to leverage the K-pop scene and maximize its 15,000-seat arena, indoor water park, MICE facilities and 30,000-capacity entertainment park.
Despite the positive revenue results, the group still accumulated some $29.94 million in loss during the quarter, compared to a profit of $50.55 million in 2Q23.
This was offset by strong domestic performance in the US market, but also by the expansion of Mohegan Digital.
The segment saw growth of 151.3 percent in net revenues yearly during the quarter, topping $41.86 million, boasting net income of $23.06 million (up 99.1 percent yearly) and adjusted EBITDA of $23.06 million (a rise of 99.5 percent). The group notes that the segment ‘continues to experience strong growth’.
Domestic US operations saw single-digit growth, of 2.6 percent in revenue – totaling $310.74 million – still the group’s strongest segment.
Net income from the group’s primary market rose by 5.8 percent yearly. To $63.53 million, while adjusted EBITDA fell by less than 1 percent, to $82.24 million.
Speaking of the results, Mohegan’s Chief Executive Officer Ray Pineault noted that: “As I look across our enterprise, I feel confident about how our strategy is taking shape and I’m excited about our near and long-term prospects. The combination of profitable growth in Digital, the ramp at INSPIRE since the grand opening in March, combined with the stability and resilience of our flagship, Mohegan Sun in Connecticut, highlights some of the important drivers for our growth in the present and future”.
Mohegan operates the INSPIRE integrated resort in South Korea, with US operations in the states of Connecticut, Washington, Pennsylvania, New Jersey and Nevada. It also operates in Niagara Falls, Ontario, Canada, as well as its iGaming division Mohegan Digital.
