Mohegan CEO Raymond Pineault said he is “optimistic” about the impact of emerging trends throughout the company’s omnichannel business, as Q1 revenue rose 17.3 per cent year-on-year.
The tribal gaming authority reported revenue of US$498.9m, up from $425.2m year-on-year.
Ari Glazer, chief financial officer, said a “strong quarter” from Mohegan Sun and continued growth from Mohegan Inspire and Mohegan Digital further boosted the company’s results.
Domestic resorts revenue rose 5.8 per cent year-on-year to $312m while international resorts revenue climbed 71.2 per cent to $135.7m.
Mohegan’s overall adjusted EBITDA rose 7.6 per cent to $85.1m, with domestic resorts and international resorts contributing $74.6m and $4.1m, respectively. The $4.1m figure is significant as international resorts adjusted EBITDA in Q1 of Mohegan’s last financial year translated to negative EBITDA of $5.9m, with the subsequent increase worth $10m.
Mohegan Digital revenues were up 46.7 per cent year-on-year to $53.1m and adjusted EBITDA climbed by 52.1 per cent to $25.1m.
“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,” said Pineault.
“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.”
