Connect with us

728x90 banner available here

Latest News

Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating Results

Published

on

Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating ResultsReading Time: 5 minutes

 

Mohegan Gaming & Entertainment , a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut and Inspire Korea in Incheon, South Korea, announced today operating results for its second fiscal quarter ended March 31, 2019.

“Volume trends across our portfolio remain inline to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remain robust despite completing our second full quarter of increased competitive pressure in the Northeast,” said Mario Kontomerkos, President & Chief Executive Officer.  “Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, flat with last year’s comparable period, and well ahead of recent fiscal year 1Q19 performance.  At the same time, non-gaming results continue to be healthy and remain a driving factor for our growth at Mohegan Sun.  These revenue enhancements have been driven, in part, by the recent adoption of our $100 million revenue and cost improvement program – a plan we remain committed to delivering over the next several years.  Outside of the Northeast, cash flows from our managed portfolio grew strongly, up 86% year over year.  Looking ahead, in June we expect to assume operational control of two major Niagara Falls, Canada assets which will mark the first international operations for MGE and will provide increased earnings and cash flow diversity for our stakeholders.  Similarly, we have begun to mobilize construction at our development site in Incheon, South Korea, having completed our negotiations with our general contractor and following the receipt of all necessary construction permits and approvals.”

Selected consolidated operating results for the second quarter ended March 31, 2019, and prior year period (unaudited):

  • Net revenues of $307.7 million vs. $332.0 million in the prior year period, a 7.3% decrease; and
  • Income from operations of $22.2 million vs. $56.1 million in the prior year period, a 60.4% decrease primary driven by one time accelerated depreciation due to the closure of Casino of Wind; and
  • Adjusted EBITDA of $67.2 million vs. $79.9 million in the prior year period, a 15.9% decrease.

Consolidated net revenues and Adjusted EBITDA declined during the quarter, driven by lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono largely driven by unfavorable hold in the quarter at both properties.  These declines were partially offset by improved non-gaming revenue growth, including entertainment and hotel revenues, at Mohegan Sun, as well as stronger Corporate Adjusted EBITDA, driven by tighter expense management and improved financial performance at ilani Casino Resort.

On October 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), on a modified retrospective basis.  As such, results for the three months and six months ended March 31, 2019 in this release are presented under this new guidance, while results for the three months and six months ended March 31, 2018 remain presented under prior guidance.  For comparative results for all periods as reported under the new guidance, please see our supplemental earnings deck, available on our website (https://mohegangaming.com/financial-information/).

Mohegan Sun

Operating results (in thousands, unaudited):





For the Three Months Ended  



March 31,



March 31,







Percentage



2019



2018



Variance



 Variance

Net revenues

$               238,391



$           260,354



$        (21,963)



(8.4%)

Income from operations (1)

$                 19,913



$             57,779



$        (37,866)



(65.5%)

Adjusted EBITDA

$                 59,341



$             77,746



$        (18,405)



(23.7%)

















(1) Includes $21.6 million in accelerated depreciation related to Casino of the Wind.

Net revenues and Adjusted EBITDA declined during the quarter, driven by lower overall gaming revenues and unfavorable table hold during the period, which was partially offset by stronger non-gaming results.  Slot and table volumes declined 8.7% and 3.2%, respectively, in line with internal expectations.  Had table hold percentage fallen into the historically normal range, net Revenues and Adjusted EBITDA would have declined less than 3.1% and 7.4%, respectively, on a 606 to 606 basis.  Non-gaming revenues increased during the quarter, driven by improvement in nearly all segments of the business.  The higher than normal decline in income from operations relates to the one-time accelerated depreciation expense of $21.6 million, caused by the closure of the Casino of the Wind in March, as that space will be designed and repurposed for higher and better use.

Mohegan Sun Pocono

Operating results (in thousands, unaudited):





For the Three Months Ended  



March 31,



March 31,







Percentage



2019



2018



Variance



 Variance

Net revenues

$                 61,241



$             67,130



$          (5,889)



(8.8%)

Income from operations 

$                   8,214



$               8,872



$             (658)



(7.4%)

Adjusted EBITDA 

$                 11,592



$             12,230



$             (638)



(5.2%)

Net revenues declined during the quarter driven by lower gaming revenues, largely reflecting the adverse impact from lower table hold.  However, the year-over-year decline in Adjusted EBITDA was more muted due to a strong focus expense management, including lower payroll costs and certain casino marketing and promotional expenses. Notably, local marketing activity has started to return to more normalized levels following aggressive promotional activity from a regional competitor over the last several quarters.

Corporate

Operating results (in thousands, unaudited):





For the Three Months Ended  



March 31,



March 31,







Percentage



2019



2018



Variance



 Variance

Net revenues

$                   8,125



$               4,593



$            3,532



76.9%

Loss from operations

$                 (5,901)



$            (10,579)



$            4,678



44.2%

Adjusted EBITDA

$                 (3,716)



$            (10,122)



$            6,406



63.3%

The increase in net revenues and Adjusted EBITDA was primarily due to higher management fees from ilani Casino Resort driven by continued improvement in performance at the property.

MGE Property Information









Net Revenues



Income (Loss) from Operations



Adjusted EBITDA

(in thousands, unaudited)



      For the Three Months Ended



For the Three Months Ended



For the Three Months Ended







March 31,



March 31,



March 31,



March 31,



March 31,



March 31,







2019



2018



2019



2018



2019



2018

Mohegan Sun





$         238,391



$        260,354



$           19,913



$           57,779



$           59,341



$           77,746

Mohegan Sun Pocono



61,241



67,130



8,214



8,872



11,592



12,230

Corporate





8,125



4,593



(5,901)



(10,579)



(3,716)



(10,122)

Inter-segment revenues



(60)



(60)









Total





$         307,697



$        332,017



$           22,226



$           56,072



$           67,217



$           79,854

Other Information

Liquidity

As of March 31, 2019, MGE held cash and cash equivalents of $91.4 million, compared to $103.9 million as of September 30, 2018.  As of March 31, 2019, $55.0 million was drawn on MGE’s $250.0 million revolving credit facility, while no amounts were drawn on MGE’s $25.0 million line of credit.  As of March 31, 2019, letters of credit issued under the revolving credit facility totaled $2.3 million, of which no amounts were drawn.  Inclusive of letters of credit, which reduce borrowing availability under the revolving credit facility, MGE had approximately $192.7 million of borrowing capacity under its revolving credit facility and line of credit as of March 31, 2019.

 

About Mohegan Gaming & Entertainment:

Mohegan Gaming & Entertainment is a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, and Inspire in Incheon, South Korea.  The Company is owner, developer, and/or manager of integrated entertainment resorts throughout the United States, including Connecticut, New Jersey, Washington, Pennsylvania, Louisiana, Northern Asia, and, beginning in mid-2019, Niagara Falls, Canada.  MGE owns and operates Connecticut Sun, a professional basketball team in the Women’s National Basketball Association, and the New England Black Wolves, a professional lacrosse team in the National Lacrosse League.  For more information on MGE and our properties, visit www.mohegangaming.com.

 

SOURCE Mohegan Gaming & Entertainment


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating Results

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Latest News

TrueLayer to Acquire Zimpler, Creating a European Pay by Bank Powerhouse

Published

on

Reading Time: 2 minutes

TrueLayer, Europe’s leading Pay by Bank network, today announced that it has signed an agreement to acquire Zimpler, the fastest growing Pay by Bank network in the Nordics. The acquisition will bring together two of Europe’s most innovative Pay by Bank providers, further strengthening TrueLayer as a formidable force in the European payments industry.

This acquisition marks a pivotal moment in the evolution of Pay by Bank across Europe. By expanding TrueLayer’s pan-European network and deep expertise in payment technology with Zimpler’s strong position in the Nordic market, TrueLayer will be uniquely positioned to further accelerate the shift from legacy card payments to smarter, faster, and more secure payments via Pay by Bank.

The acquisition is another clear step forward for TrueLayer in its mission to build a powerful alternative to legacy payments in Europe, fostering greater competition, innovation and value for businesses and their consumers.

With some of the highest adoption rates of account-to-account (A2A) payments anywhere in the world, the Nordic region has been a proving ground for Pay by Bank. By acquiring Zimpler, TrueLayer will have more than 20 million users and will add coverage across key markets such as Sweden, Finland, and will add additional A2A capabilities through the Swish payment rail integration. This significantly strengthens TrueLayer’s pan-European network, accelerating the shift to smarter, safer, and more cost-effective payments.

Founded in 2012 by Johan Friis and Kristofer Ekman Sinclair, Zimpler has grown rapidly to become a Pay by Bank leader in the Nordics. TrueLayer is proud to welcome Zimpler’s founders and shareholders on this journey – joining the likes of Stripe, Northzone, and Tiger Global in backing its mission to transform the way the world pays.

“I am excited to welcome the Zimpler team to TrueLayer,” said Francesco Simoneschi, Co-founder and CEO of TrueLayer. We’ve long admired their progress, and we’re excited to add such an incredible group of builders and payment experts to the TrueLayer team We’re not just expanding our footprint in the Nordics – we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent, and further strengthening Pay by Bank as a force of disruption that is changing how the world pays.

Joining forces with TrueLayer is a fantastic opportunity to build the leading Pay by Bank provider in Europe” said Johan Strand, CEO of Zimpler. “TrueLayer has a proven track record of innovation and a powerful network. Our combined strengths will allow us to offer an even more compelling proposition to the market. Joining TrueLayer will enable us to reach new heights and drive the next wave of growth in the industry. At the same time, we remain firmly anchored in Sweden, with our local licence and expertise ensuring continuity for our customers.”

The post TrueLayer to Acquire Zimpler, Creating a European Pay by Bank Powerhouse appeared first on European Gaming Industry News.

Continue Reading

Latest News

SPORTRADAR AWARDED UNITED ARAB EMIRATES LICENSE

Published

on

Reading Time: < 1 minute

Sportradar Group AG (NASDAQ: SRAD) has been granted a gaming-related vendor license from the United Arab Emirates’s General Commercial Gaming Regulatory Authority (GCGRA), an independent entity of the UAE Federal Government with exclusive jurisdiction to regulate, license, and supervise all commercial gaming activities.

The license, operational with immediate effect, affords Sportradar the opportunity to provide its products and services to licensed operators.

Sportradar looks forward to bringing its 20+ year expertise and proprietary sports technology to operators and clients in the region. 

The post SPORTRADAR AWARDED UNITED ARAB EMIRATES LICENSE appeared first on European Gaming Industry News.

Continue Reading

Latest News

Earn Daily Profit Sharing and Tokenized Rewards with Qzino Affiliate Program

Published

on

Why Today’s Affiliate Ecosystem Demands an Upgrade

The global iGaming landscape, and especially the crypto-casino sector, is undergoing explosive growth. Data from Yield Sec shows that the total gross profit of crypto casinos in 2024 reached approximately $81.4 billion — a three- to fourfold increase compared to two years before.

In parallel, the affiliate marketing market is also seeing significant expansion. According to SOFTSWISS, revenue generated via crypto affiliate services doubled in the first half of 2024 versus the same period in 2023. The upward trend continues in 2025: transaction activity is growing, and the number of engaged users in the crypto iGaming space keeps rising month after month.

Yet, most traditional crypto casino affiliate programs still rely on outdated models — CPA and RevShare — that come with notable drawbacks: limited flexibility, insufficient analytical transparency, delayed reward distribution, and negative carryover issues.

All these factors highlight the need for a new kind of affiliate ecosystem — transparent, mutually beneficial, and focused on long-term value. It is in this context that the Qzino affiliate program launches, redefining the role of affiliates in the crypto-iGaming industry.

Next-Generation Crypto iGaming Experience with Qzino

Qzino is a crypto-iGaming platform set to launch in fall 2025 (Explore the Qzino launch). The platform will feature over 10,000 games — from global hits to in-house titles — along with sports and esports betting powered by AI analytics, its own token,Qzino profit sharing model, provably fair crypto casino mechanisms, and tokenized affiliate rewards.

The Qzino profit sharing model is a core innovation — distributing 50% of the revenue daily among token holders. They receive daily passive income, ensuring long-term motivation to stay connected to the platform and benefit from its growth.

Behind the project stands a team of over 100 professionals with proven experience in building platforms ranked among the top-10 global crypto casinos. The platform operates under an official Anjouan Gambling License and utilizes provably fair crypto casino technology.

Qzino Crypto Affiliate Program — Launch Roadmap with Rewards

The Qzino affiliate program is structured in multiple phases, ensuring sub-affiliate earnings, community expansion, and transparent analytics at every stage:

  • Stage 1: Mini App — current phase. An initial opportunity to invite users through free-to-play mechanics with real value, no deposit, and no complex registration. All referred users are permanently linked to the affiliate and automatically transferred to the full Web3 platform after launch — continuing to generate revenue.
  • Stage 2: Platform launch & farming season — Fall 2025. The full platform goes live with gamified farming where users earn points for every bet. Affiliates receive dual rewards — a share of the platform’s profit and points for an upcoming airdrop, later converted into tokens.
  • Stage 3: TGE, Airdrop & Scaling — at this stage, tokenized affiliate rewards and daily profit sharing are launched. Affiliates benefit from the growth of lifetime revenue share, additional sub-affiliate earnings, and the advantages of participating in the highest-paying affiliate program in gambling, with up to 50% revenue share.

How Qzino Offers Daily Profit Sharing and Lifetime Revenue Share for Affiliates

The Qzino affiliate program offers affiliates not just commissions, but a multi-tiered earning system across all stages:

  • Revenue from each user — affiliates earn up to 50% revenue of the income generated by their referrals;
  • Airdrop points — every user activity brings affiliates points later converted into tokens;
  • Qzino tokens — provide access to the Qzino profit sharing model with daily profit sharing and asset growth potential;
  • Sub-affiliate networks — affiliates can build their own network by inviting other partners and earning from their activity — creating long-term passive income in crypto affiliate partnerships.

Qzino crypto casino provides personal support at all collaboration stages, regular contests, challenges, exclusive drops and bonuses for active partners. The program is a crypto affiliate worldwide — open globally with no geographic restrictions.

All of this is managed in a dedicated affiliate dashboard, providing real-time commission tracking, so affiliates can monitor their earnings and activity. The affiliate dashboard ensures data transparency, accessibility, and automatic updates.

Exclusive Early Affiliate Rewards with Qzino Crypto Casino

Currently, the Qzino platform and affiliate program are in the Pre-Launch phase via MiniApp on Telegram — a unique moment for early affiliates.

The potential audience has not yet been distributed among partners, and most users are still available for acquisition. This gives affiliates the opportunity to build their own referral base using the free MiniApp mechanics. Most importantly, all referred users are automatically transferred to the full Web3 platform after launch and remain permanently linked to the affiliate.

The Next Step for the Crypto iGaming Industry

The Qzino affiliate program offers up to 50% revenue share, tokenized affiliate rewards, a long-term profit-sharing model, and scalable income through sub-affiliate earnings. Unlike traditional systems, Qzino doesn’t rely on outdated models — it establishes a new industry standard where partnership means real involvement in the project’s growth and profits, from early MiniApp participation to becoming a true co-owner of the ecosystem.

Qzino: join as a partner — emerge as a co-owner.

Visit the official website, apply now, and join the Qzino Affiliate Program — be part of the next generation of transparent, profit-sharing partnerships.

Contacts

Website: https://qzino.com

Email: [email protected]

X (Twitter): https://x.com/qzino_official

Continue Reading

Trending

EEGaming.org is part of HIPTHER, parent brand of various prominent news outlets and international conferences. These platforms and events span a wide range of industries, including Entertainment, Technology, Gaming and Gambling, Blockchain, Artificial Intelligence, Fintech, Quantum Technology, Legal Cannabis, Health and Lifestyle, VR/AR, eSports, and several others. This indicates that EEGaming.org is part of a larger network that focuses on a diverse array of sectors, particularly those related to cutting-edge technology and modern lifestyle trends.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2025 HIPTHER. All Rights Reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.