Online casino gaming, sports wagering provide major boost to Mohegan’s 3Q profits
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The Mohegan Tribal Gaming Authority announced that it had net revenue of $417 million during the third quarter, a 27% increase from the previous year, due largely to the addition of Mohegan Digital.
During the same period, Mohegan’s profits more than doubled to $59.3 million, a 134% increase from 2021, according to the casino operator’s quarterly financial statement.
Mohegan saw $293.9 million in revenue from gaming along with $35.6 million from food and beverage sales, $30.2 million from hotels and $57.2 million from retail and entertainment – up significantly from 2021, when COVID restrictions reduced patronage.
The casino operator’s total costs increased to $326.9 million during the quarter, up from $264.1 million.
Mohegan Digital's online casino gaming and sports wagering operations, along with strong performance at Mohegan's owned properties, drove the year-over-year growth, according to the announcement.
Also, this was the first full fiscal quarter of operations since the beginning of the COVID-19 pandemic that MGE Niagara Resorts operated without government mandated restrictions.
The resorts saw revenue of $79.6 million during the third quarter, up from $14.4 million during the same period in 2021.
Mohegan Sun’s net revenue increased 7.5% to $236.4 million during the third quarter compared to the same period in 2021.
The increase was due largely to the reintroduction of non-gaming amenities, Mohegan said.
Nearby Foxwoods Resort Casino reported slot revenue of $28.4 million for the month of May.
