Mohegan Achieves Record Quarterly Sales Led by Korean Resorts
Mohegan is a US-based gaming operator that recently opened the Incheon Mohegan INSPIRE integrated resort in Incheon, South Korea.
The resort includes a variety of entertainment facilities, a hotel, and a casino.
Mohegan recently achieved a historic milestone in quarterly net income.
The net profit recorded by 토토사이트 in the most recent quarter was $461.73 million, a 13.8% increase over the previous quarter.
This represents the highest net profit among Mohegan’s achievements and is an important indicator of the company’s growth and stability.
This historic milestone continues Mohegan’s steady growth.
Resort Operations Management at Incheon Mohegan INSPIRE
It is assessed as demonstrating their business strategy and effective management of resort operations.
This shows that the company is gaining a stronger position in the global market.
The company’s success can be partially attributed to the successful opening of its Korean resort on March 5, which emerged as a key contributor to Mohegan’s overall financial performance.
In an analysis of its financial results, Mohegan said it generated net revenue of approximately $108.07 million, despite its international segment posting a loss of $39.49 million.
The segment’s adjusted earnings before interest, taxes, depreciation and amortization were negative $16.58 million, primarily due to operating expenses related to the launch of Mohegan INSPIRE and non-controlling interest adjustments related to Niagara Resorts.
Mohegan’s digital division also made significant progress, with revenue increasing nearly 71% to $38.77 million, according to Asia Gaming Brief.
Net income for the segment increased 11.6% to $20.25 million, but EBITDA also increased by the same amount to $20.23 million.
Overall, the company’s gaming revenue exceeded $305.4 million, marking a notable increase of nearly 7% compared to the previous year.
Great success in Korea
The Mohegan Tribal Gaming Authority’s latest venture, the Mohegan INSPIRE integrated resort in South Korea, recorded net revenue of $35.9 million in the first quarter of 2024, according to Inside Asian Gaming.
Despite an adjusted EBITDA loss of $24.1 million in the quarter due to initial operating expenses, including labor and marketing costs, the company is optimistic it will achieve EBITDA breakeven in the near future.
On the earnings call, Mohegan Chief Operating Officer Joe Hasson expressed confidence in the resort’s performance, citing positive trends observed in April and May.
Hasson highlighted the promising trajectory of the resort’s growth phase, emphasizing that a break-even EBITDA approach for each month is imminent.
When asked about the areas where growth was most pronounced, Hasson highlighted positive consumer reception, citing positive momentum in both foreigner-only casinos and non-gaming segments.
Ray Pineault, Mohegan’s president and CEO, echoed this sentiment, noting that the resort has received a positive response not only from the local Korean market, but also from regions including China, Japan and Taiwan.
Pinault expressed optimism about the resort’s broad appeal and its potential for continued success throughout the region.
Mohegan Gaming and Entertainment began in 1996 with the opening of Mohegan Sun.
It has since become one of the best land-based casinos in the world.
The company also owns and operates Mohegan Casino Las Vegas, Mohegan Pennsylvania, and Mohegan Sun Foxwoods East Windsor, along with Pennsylvania’s new iGaming platform.