Virgin Hotels Las Vegas casino cash flow down, Mohegan tribe says
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Cash flow declined in the fourth quarter for casino operations of Virgin Hotels Las Vegas, but that didn’t prevent its parent company from having a favorable financial performance.
The Uncasville, Connecticut-based Mohegan Tribal Gaming Authority last week reported revenue of $444.3 million for the quarter that ended Sept. 30, a 7.6 percent increase from the previous year.
The tribal authority reported cash flow — the money going in and out of the casino — at its Las Vegas operation of $3.1 million, down 434.2 percent from last year. The tribe attributed the decline to decreased gaming revenue at Mohegan Casino Las Vegas, because table-game hold — the amount won by the casino — was less than the average normally won. Normalized for table hold, Mohegan Las Vegas’ adjusted cash flow would have been $1.8 million in the current period, the tribal authority said.
Mohegan doesn’t report revenue at its individual properties — just cash flow.
The tribe only operates the casino at Virgin Hotels, but not the rooms, food and beverage and entertainment.
“Our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for fiscal 2023 of $399.9 million was the second highest in our 27-year history, compared with adjusted EBITDA for fiscal 2022 of $403.9 million, which was the highest to date,” said Raymond Pineault, CEO of Mohegan, in a statement. “We continue to see growth in our digital gaming segment and with the recent soft opening of Mohegan Inspire (in Incheon, South Korea) on Nov. 30, our diversification efforts will further enable Mohegan to achieve strong results.”
In addition to its Las Vegas and Korean operations, Mohegan operates its flagship property in Connecticut and gaming operations at Niagara Falls, Ontario, and in Pennsylvania, Washington and New Jersey. The tribe also owns the Connecticut Sun, a WNBA franchise that competes with the Las Vegas Aces.
