nspire Non-Gaming, Mohegan Fiscal Q1 Revenue Rise: CFO
Casino operator Mohegan Tribal Gaming Authority’s first-quarter net income rose 4.6% year-over-year to $425.2 million.
“This is primarily due to the continued growth of Mohegan Digital and non-gaming revenue from Mohegan Inspire,” CFO Carol Anderson said in a Thursday announcement. The group trades as Mohegan Gaming.
The parent company’s quarterly net loss was stable year-over-year at $97 million.
The group, which operates casinos in the U.S. and Canada, posted a 21.8% year-over-year decrease in consolidated adjusted earnings for the quarter before interest, taxation, depreciation and amortization to $79 million.
The earnings deck, issued with the results, said the changes were attributed to factors including “operational costs related to the opening of the Mohegan Inspire” and non-dominant interest adjustments at the Niagara resort, a Canadian venue where it operates, and the “cheap table holding” of the property.
Mohegan Gaming had a total debt of just over $3.34 billion as of Dec. 31. This figure showed that its credit facilities, loans, and convertible bonds for the Korea Project totaled just over $93.9 million each.
A recent credit rating update from Moody’s Investors Service Inc said Mohegan Tribune Gaming Authority’s non-investment grade credit rating of “Caa1” was rated “stable” and reflected “very high leverage, significant debt maturities over the next two years and large annual cash distributions” for Mohegan Tribune.
Mohegan Inspire opened its off-game facility, including the Inspire Arena (pictured), which can accommodate 15,000 people, on Nov. 30, followed by a foreigner-only casino on Feb. 3. The facility will officially open on Mar. 5.
Ray Pineault, chief executive of Mohegan Gaming, was quoted as saying in his fiscal first-quarter earnings call, “Mohegan Inspire received a five-star hotel rating in January and is pleased to open the casino on February 3.”
He added: “The five-star rating is a testament to our commitment to pursuing excellence and delivering a global experience. We look forward to having more amenities online over the next few months.”
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