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Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating Results
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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/).
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Mohegan Sun |
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|
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 |
|||||||
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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 |
|||||||
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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 |
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|
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
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Week 46/2025 slot games releases
Reading Time: 6 minutes
Here are this weeks latest slots releases compiled by European Gaming
Spinomenal has expanded its Demi Gods Series with the launch of its epic new title, Majestic Atlas. Set high above the clouds, Majestic Atlas is a 5×3 game that’s framed within a grand celestial temple inspired by the beauty of ancient Greece. A powerful, atmospheric musical score evokes the might of Atlas and lifts the entertainment to new heights.
GAMOMAT has continued the sweet life of the beloved La Dolce Vita with the highly-anticipated La Dolce Vita 2. This new title picks up the love affair of the original with fresh gameplay, engaging features, and a beautiful new Italian location. Charming Giovanni returns to take centre stage within the bustling Italian village marketplace, where a heartfelt soundtrack creates a joyful atmosphere.
Amusnet has released its latest video slot, Ancient Coins. This captivating release transports players deep into the heart of the jungle, where adventure and ancient treasures meet across 5 reels and 25 fixed paylines. Rich with colour, atmosphere and detail, Ancient Coins is designed for those who seek excitement in every moment of their gameplay.
Promatic has released Apollo’s Garden of Riches – a new 5×3 slot game that combines elegant design, rewarding gameplay and a heartfelt connection to the company’s roots in the Karkonosze Mountains. The Karkonosze region – where Promatic was founded and continues to draw inspiration – is a place of amazing landscapes, legends and rare species.
PG Soft has released its uplifting game, Skylight Wonders. This game welcomes players aboard a hot air balloon traversing across a dreamlike world high above the clouds. There are increasing multipliers and three reel frames that transform winning symbols into Wild symbols.
Amusnet has released its new video slot game, 40 Mystic Gem. This gem-inspired title is set to light up the reels with brilliance, blending vibrant fruit symbols and radiant jewels in a game that captures both style and excitement. Featuring 5 reels and 40 fixed paylines, 40 Mystic Gem brings together a sparkling mix of modern design and timeless gameplay.
Evoplay has released Piggy Bank 3 Pots Bonanza, a vibrant and joyful slot where players can crack the safe for generous wins. With the inclusion of the popular 3 Pots mechanic and several thrilling features, the 5×3, 20-line game offers a colourful world of gold bars, diamonds, and the three titular Piggy Banks for an action-packed adventure.
Tom Horn Gaming invites players to step into a world of emerald fields, leprechauns, and hidden treasures with its latest release, 3 Ribbon Pots. Launched on 11 November, this fast-paced slot delivers a new take on the popular Hold&Win mechanic, adding depth, variety, and smoother gameplay.
SlotMatrix is bringing the fire with the launch of Hula Moolah, an explosive new slot from Powderkeg Studios. Set in a tropical paradise where Tiki gods rule and volcanoes erupt, Hula Moolah turns every spin into a molten-hot chance to win. The game’s centrepiece is the Hold & Spin Feature, ignited when the vibrant Tiki Wilds leap into the volcano.
Reflex Gaming is turning up the heat once again with the launch of 8 Balls of Fire Blazing Bounty, a thrilling sequel to one of the company’s most popular titles. The original 8 Balls of Fire became a breakout hit across multiple channels, and this follow-up brings even more action, jackpots and explosive potential to the reels.
BGaming summons a mystical cat-genie to help players’ wishes come true in the brand-new Golden Paw Hold & Win slot. Golden Paw Hold & Win provides a fresh perspective on the classic Hold and Win gameplay mechanic. The game boasts 1,024 ways to win on every spin, with a variety of five exciting progressive bonus rounds, expanding reels, and a mesmerising leading character.
Inspired Entertainment, Inc. is pleased to announce the launch of Cops ‘n’ Robbers Bigger Big Money Christmas developed by Inspired’s Bell-Fruit game studio. Set on a 3×5 reel set with 10-win lines, Cops ‘n’ Robbers Bigger Big Money Christmas is packed with thrilling features.
Inspired Entertainment, Inc., has launched Gold Cash Free Spins Super Wheel, a supercharged evolution of Inspired’s classic hit slot, Gold Cash Free Spins. Available across the UK and Malta iGaming markets.
Thunderkick has launched Pink Elephants Trinity, the third instalment of its mystical franchise, where six bonus game levels unveil a journey towards deep synesthetic immersion. The Swedish supplier has traded the desert landscape and starry sky for an ethereal jungle backdrop, where a tribe of monkeys gather around the Pink Flame for a ritual honouring the Pink Elephants.
Belatra has proudly released Slattors Battle – Orcs vs Elves, a slots saga that puts the fate of the world in players’ hands. Inspired by an ancient rivalry between the radiant Elven kingdoms and the fearsome Orc hordes, Slattors Battle – Orcs vs Elves unfolds on a 5×5 reels battlefield.
Play’n GO presents Rings of Prosperity, a slot rooted in ancient mysticism and the power of celestial guidance. Play’n GO’s Rings of Prosperity draws on the influence of Eastern mythology, placing players under the protection of the Dragon God – a symbol of strength and abundance.
Just Slots, has announced the release of its latest slot title, Book of Abyss. In this dark fantasy adventure, players descend into the realm of Abyss, a fallen queen demoness bound to a cursed diary. Every spin of the reels echoes Abyss’s torment, and when the mystical Book feature opens, players peer into forbidden chapters of her soul.
Playson ups the ante in its electric new release, More Energy Coins: Hold and Win, with an enlarged 5×4 reelset, special Collect Feature and 10,000x Royal Jackpot supercharging the excitement on offer. Inspired by Playson’s data-proven mechanics, the game’s starring Energy Bonus symbol unlocks the Collect Feature if it combines with any Bonus Symbol.
Blueprint Gaming has turned up the heat in its latest release, Lava Lock Jackpot King, with the sweltering title leading with a new Volcano feature and a host of refreshed modifiers for an enriched gameplay experience. Pele, the goddess of volcanoes, takes centre stage in the 5×3, 30 payline slot.
Gallop into Big Wins with Mustang Hold and Win from Booming Games! Step into the wild and untamed world of Mustang Hold and Win, where the free-spirited mustangs rule the reels. With a 5×3 grid and 25 paylines, this slot delivers an exhilarating experience with stunning visuals of the American wilderness.
BGaming boldly goes where no slot studio has gone before with the release of Star Trek: The Next Generation. The slot honours the legacy of the show, beaming players into a new dimension with an entertainment-first approach that will please Star Trek fans and newcomers alike.
The post Week 46/2025 slot games releases appeared first on European Gaming Industry News.
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Best in Sports named as “Sports Betting Supplier of the Year” by 5 Star iGaming Media Starlet Awards
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FIRST – Best in Sports, the Tier-1 sportsbook technology provider redefining global performance standards, has been honoured as “Sports Betting Supplier of the Year” at the 5 Star iGaming Media Starlet Awards 2025, recognising the company’s innovation, expansion, and leadership across regulated markets.
The award marks another milestone in a transformative year for FIRST, as the company continues to lead the sportsbook vertical with measurable results, a performance-driven product vision, and a growing footprint across LATAM, Europe, and Africa.
Built from the ground up for speed, scale, and absolute reliability, FIRST’s sportsbook engine has become the driving force behind more than 35 of Brazil’s leading operators, expanding rapidly through Mexico, Peru, and Argentina – markets that reward real technological power, not promises.
In regions where regulation is tightening and competition intensifying, FIRST has set a new benchmark for what performance means: instant automation, real-time data orchestration, AI-driven personalisation, and a seamless architecture that adapts faster than the market itself.
2025 was the year FIRST stopped chasing momentum and started defining it. With new strategic partnerships alongside Light & Wonder, Pixbet, and others already in motion, the company is not just participating in the race for innovation – it’s setting the pace. These collaborations are not about validation but about leadership: where others adapt, FIRST dictates direction.
Beyond commercial growth, FIRST has also advanced its regulatory roadmap, securing approvals and pursuing licences in multiple regulated markets, ensuring full compliance and future-ready scalability for its operator base.
Tom Light, Founder & CEO of FIRST – Best in Sports, commented:
“This recognition reflects our commitment to building the most advanced sportsbook technology in the market – one that’s fast, scalable, and truly local. But more than that, it celebrates the mindset of our entire team: we don’t follow trends, we create them. We set the standard for what a sportsbook partner should be.”
As the industry continues to evolve, FIRST remains focused on innovation that drives measurable impact – delivering the performance, reliability, and intelligence that define the future of sports betting.
The post Best in Sports named as “Sports Betting Supplier of the Year” by 5 Star iGaming Media Starlet Awards appeared first on European Gaming Industry News.
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SA Gaming is delighted to announce our new partner, EGT Digital, one of the largest gaming platforms in Europe. This agreement will see our games available on EGT Digital’s platform.
This collaboration marks an important milestone for both of us as it enhances our brand visibility and allows us to reach a broader audience. This alliance is also bringing elevated gaming experience to players on the platform of EGT Digital.
As one of the fastest-growing brands in Europe, EGT Digital has an extensive network and a comprehensive product portfolio that attract a diverse player base from numerous markets around the world. As players of EGT Digital now have access to our wide range of Live Games, which are certain to attract players – this new partnership certainly fulfills the business objectives of both EGT Digital and SA Gaming.
EGT Digital’s spokesperson commented, “For us at EGT Digital, the priority number 1 is always to give our customers the best gaming experience. That is why we are very pleased to have the opportunity to offer them SA Gaming’s titles, standing out with great thematic diversity, highly engaging mechanics and captivating bonuses. We believe that this partnership will both enrich our platform and enhance the game developer’s reach, while providing players with access to the high-quality gaming content they are looking for.”
As we continue to provide top-notch entertainment, this agreement creates new room for both of us to grow and flourish. We are eager to embark on this journey together and look forward to the infinite possibilities that would deliver exceptional value to all players.
The post SA Gaming partners with EGT Digital to offer extraordinary gaming experiences appeared first on European Gaming Industry News.
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