Most recently, Mohegan Sun, which is the operator of Fallsview Casino Resort and Casino Niagara in Niagara Falls, has published its Q3 financial report. For the three months that ended on June 30, 2022, the company has aggregated net proceeds of US$236.5 million, which is a 7.5% increase over the same period of time but from last year.
The company which was formerly known as Mohegan Gaming & Entertainment made its official rebranding this May and operates both Fallsview Casino Resort and Casino Niagara in Niagara Falls, Ontario. The two resorts are a major tourist attraction for the city and welcome millions of eager gamblers every year, and are recovering well from their 2021 closures.
Official Q3 Report
For its third quarter, Mohegan Sun reported net revenue of US$236.5 million while consolidated net revenue hit US$417.1 million. The latter’s result was a 27% increase in comparison to the same quarter last year. Adjusted EBITDA for the period reached US$120 million, which is the highest total tally for the 25-year existence of the company.
In a recent conference call, President and CEO of the company, Ray Pineault, said that the quarter was the first full fiscal quarter without health and safety restrictions for the company’s two Niagara Falls properties since March 2020. And in his words, these latest results demonstrate the success of the corporations’ diversification strategies in the sector.
The enhanced financial performance of the company can be accredited to its land-based gaming properties as well as its newly launched Mohegan Digital. The new division launched in October 2021, and it offers online casino games and sports betting in Connecticut and now even in Ontario, where the firm introduced its online brand PlayFallsview.com earlier this month.
This year’s results have drastically improved in comparison to the ones from last year when its amenities had to operate under a limited patron capacity and health protocols. Last year, its two Niagara Falls casinos were both closed during the quarter, however, this year, the two managed to generate adjusted EBITDA of US$15 million and US$10.2 million in profit.
Event Centre Still Not Opened
In the meantime, one of the company’s properties, Fallsview Casino Resort is still waiting for the official opening of its new 5,000-seat event centre. The project for the new event centre was first announced back in 2017 and it was initially scheduled to open in early 2019, but, due to several obstacles its construction was delayed and it is yet to open for guests and artists.
Niagara Falls Mayor Jim Diodati said that he is hopeful that the new theatre would be a crucial part of the city’s summer tourism season but to no avail. He explained that there are a few issues with the specs of the building and that there is a little bit of finger-pointing happening right now. The OLG remains hopeful that it can launch by September or October this year.
Source: Hallenbeck, Brian “Mohegan reports strong 3rd-quarter results”, Yahoo, August 12, 2022