Mohegan Gaming & Entertainment has reported a 7.5 percent year-on-year drop in its adjusted EBITDA for the second quarter of 2019 to June 30. The company posted an adjusted EBITDA of $81.6 million.
While Mohegan’s net revenues increased slightly by 0.8% to $347.6m from. $344.9m during the same period the previous year, its income from operations fell by 13.6% to $55.2m against $63.9m year-on-year.
The decline in the operational earnings was slightly mitigated by improved non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun.
Mario Kontomerkos, President & Chief Executive Officer, said: “The June quarter was an important one in the evolution of MGE, as we closed on the acquisition of the Niagara casino bundle on June 11, including the impressive Fallsview Casino Resort – representing MGE’s latest international expansion and further earnings diversification.”
“Domestically, volume trends across our portfolio remain in-line to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remains robust despite the increased competitive pressure in the Northeast.
“Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, slightly up from last year’s comparable period, and well ahead of recent fiscal year 1Q19 and 2Q19 performance.”
“Outside of Connecticut, EBITDA from Pocono grew, while Corporate EBITDA turned positive given continued growth from our managed portfolio, including the first contribution from the Niagara assets and continued strong financial performance from ilani.”