Casino operator Mohegan saw strong results from its INSPIRE resort in South Korea in the final three months of 2024, bringing in $63.52 million in net revenue.
According to the group’s most recent financial results, the property, however, generated negative adjusted EBITDA of $4.19 million during the quarter – a significant reduction from the $10.89 million registered in the final three months of 2023.
During the quarter, hotel occupancy at Mohegan INSPIRE amounted to 71 percent.
Mohegan INSPIRE held a soft opening on November 30th, 2023, while holding its grand opening in March of 2024.
For the company overall, net revenues rose by 17.3 percent yearly, to $498.9 million in 4Q24. The group managed to slightly reduce its net loss by 11.4 percent during the quarter, to $85.94 million, while adjusted EBITDA rose by 7.6 percent, to $85.09 million.
Speaking of the results, Mohegan’s Chief Executive Officer Raymond Pineault indicated that “During 2024, Mohegan rolled out a number of important initiatives as part of our strategy to become one of the premier global omnichannel resort operators. Our success in accomplishing these transformational objectives is a credit to our incredible team, and as I look forward to 2025, I’m optimistic about the trends I see emerging within our omnichannel business and from the increased contributions by our non-gaming segments”.
