The Mohegan Tribal Gaming Authority (MTGA) reported a challenging third quarter for its 2025 fiscal year, with declines across revenue, income, and earnings. Despite the downturn, company leadership remains confident in its long-term strategy, citing digital growth, asset divestitures, and a strengthened capital structure as key drivers of future performance.
Q3 Financial Highlights
For the quarter ending June 30, 2025, Mohegan posted:
- Net revenue: $436.9 million (↓ 1.6% YoY)
- Operating income: $73.3 million (↓ 20% YoY)
- Net loss: $5.2 million
- Adjusted EBITDA: $94.1 million (↓ 16% YoY)
The decline was attributed to two key factors: - The cessation of management at the ilani Casino Hotel in Washington
- A one-time digital licensing fee at Mohegan Pennsylvania in the prior year
Digital Segment Shines Amid Broader Declines
While most verticals saw year-over-year declines, Mohegan Digital delivered standout performance:
- Net revenue: $67.5 million (↑ 61%)
- Adjusted EBITDA: $34.2 million (↑ 48%)
Mohegan Digital includes platforms such as MoheganSunCasino.com, MoheganPACasino.com, and PlayFallsview, reflecting strong engagement and growth in online gaming.
Property Performance Snapshot
Mohegan Corporate includes the WNBA’s Connecticut Sun and a 10% stake in Resorts Casino Hotel in Atlantic City.
Strategic Moves and Positive Outlook
Mohegan’s Q3 results were further impacted by the exclusion of Inspire Entertainment Resort in South Korea, following a loan default earlier this year. The $1.6 billion property is now under the control of Bain Capital, Mohegan’s lender.
However, the company is poised for a financial rebound:
- Sale of Connecticut Sun to billionaire Steve Pagliuca for $325 million, a record for a women’s sports franchise
- Comprehensive refinancing completed, improving liquidity and reducing debt risk
- Renewed focus on North American expansion, including pursuit of a New York City gaming license
