Press Releases
Mohegan Gaming & Entertainment Announces Third Quarter Fiscal 2018 Operating Results
UNCASVILLE, Conn., Aug. 8, 2018 – Mohegan Gaming & Entertainment (“MGE”), a developer and operator of premier global gaming and entertainment properties, including Mohegan Sun in Uncasville, Connecticut, announced today operating results for its third fiscal quarter ended June 30, 2018.
“Overall fiscal third quarter results were generally in line with prior year performance, driven by effective operational cost containment initiatives leading to an impressive margin performance at Mohegan Sun in Connecticut. These initiatives, along with revenue enhancement measures, reflec the initial phases of a prolonged strategy to combat anticipated incremental competition in the New England gaming market. The quarter also marked considerable progress in our non-gaming development strategy. On May 31, we opened our $80 million, 155,200 square-foot Mohegan Sun Exposition and Convention Center by hosting a world-renowned auto auction with great success. Combined with our preexisting facilities, Mohegan Sun now offers over 275,000 square-feet of meeting, incentive, convention, and exhibition (MICE) facilities, the largest in the region. We believe the Expo Center, along with several other planned enhancements, will continue to position Mohegan Sun as the premier gaming and entertainment destination in the Northeast for years to come,” said Mario Kontomerkos, Chief Executive Officer of MGE. “Finally, we continue to make progress on several development efforts in North America, South Korea, and broader Asia, in order to diversify and strengthen our revenue sources and credit profile, and to ensure the continued long-term success of MGE.”
Selected consolidated operating results for the third quarter ended June 30, 2018 and prior year period (unaudited):
- Net revenues of $344.9 million vs. $350.2 million in the prior year period, a 1.5% decrease;
- Gaming revenues of $295.4 million vs. $294.0 million in the prior year period, a 0.5% increase;
- Gross slot revenues of $203.6 million vs. $205.5 million in the prior year period, a 0.9% decrease;
- Table game revenues of $91.6 million vs. $88.2 million in the prior year period, a 3.8% increase;
- Non-gaming revenues of $74.1 million vs. $82.6 million in the prior year period, a 10.2% decrease;
- Total operating expenses of $281.0 million vs. $280.2 million in the prior year period, a 0.3% increase; and
- Adjusted EBITDA, a non-GAAP measure described below, of $88.2 million vs. $89.3 million in the prior year period, a 1.2% decrease.
Consolidated net revenues declined modestly during the quarter, primarily driven by a reduction in non-gaming revenues and continued increases in promotional activity in the Mohegan Sun Pocono gaming market. In particular, consolidated retail, entertainment, and other revenues declined by $6.6 million, or 15.6%, the product of a weaker entertainment calendar at Mohegan Sun, including fewer headliner shows during the period. Consolidated gaming revenues were generally in-line with prior year results as a return to higher table hold rates at Mohegan Sun partially offset lower gaming revenues at Mohegan Sun Pocono. Total operating expenses were similar to prior year results, as cost reduction programs were partially offset by increased costs associated with development and revenue diversification initiatives. Overall, collective revenue declines and increases in slot taxes assessed by the Commonwealth of Pennsylvania were the primary drivers of year-over-year declines in Adjusted EBITDA.
Mohegan Sun |
|||||||
Operating results (in thousands, unaudited): |
|||||||
For the Three Months Ended |
|||||||
June 30, |
June 30, |
Percentage |
|||||
2018 |
2017 |
Variance |
Variance |
||||
Net revenues |
$ 270,434 |
$ 271,578 |
$ (1,144) |
(0.4%) |
|||
Income from operations |
$ 61,778 |
$ 62,630 |
$ (852) |
(1.4%) |
|||
Adjusted EBITDA |
$ 81,782 |
$ 78,809 |
$ 2,973 |
3.8% |
|||
Slots: |
|||||||
Handle |
$ 1,854,613 |
$ 1,868,130 |
$ (13,517) |
(0.7%) |
|||
Gross revenues |
$ 152,478 |
$ 152,813 |
$ (335) |
(0.2%) |
|||
Net revenues |
$ 146,185 |
$ 146,135 |
$ 50 |
0.0% |
|||
Free promotional slot plays |
$ 14,730 |
$ 15,710 |
$ (980) |
(6.2%) |
|||
Weighted average number of machines (in units) |
4,739 |
4,946 |
(207) |
(4.2%) |
|||
Hold percentage (gross) |
8.2% |
8.2% |
0.0% |
0.0% |
|||
Win per unit per day (gross) (in dollars) |
$ 354 |
$ 340 |
$ 14 |
4.1% |
|||
Table games: |
|||||||
Drop |
$ 471,939 |
$ 485,434 |
$ (13,495) |
(2.8%) |
|||
Revenues |
$ 83,078 |
$ 78,967 |
$ 4,111 |
5.2% |
|||
Weighted average number of games (in units) |
274 |
275 |
(1) |
(0.4%) |
|||
Hold percentage |
17.6% |
16.3% |
1.3% |
8.0% |
|||
Win per unit per day (in dollars) |
$ 3,331 |
$ 3,155 |
$ 176 |
5.6% |
|||
Hotel: |
|||||||
Revenues |
$ 14,396 |
$ 15,601 |
$ (1,205) |
(7.7%) |
|||
Rooms occupied |
137 |
137 |
– |
0.0% |
|||
Occupancy rate |
96.0% |
96.5% |
(0.5%) |
(0.5%) |
|||
Average daily room rate (in dollars) |
$ 102 |
$ 111 |
$ (9) |
(8.1%) |
|||
Revenue per available room (in dollars) |
$ 98 |
$ 107 |
$ (9) |
(8.4%) |
Net revenues declined modestly during the quarter, primarily driven by a reduction in non-gaming revenues. These results primarily reflected lower entertainment revenues driven, in part, by a weaker overall entertainment calendar featuring fewer headliner shows. Non-gaming revenue declines were partially offset by increased table game revenues, which benefited from higher year-over-year hold percentages despite some softness in gaming volumes. Gaming volumes were impacted by a handful of items including a softer entertainment calendar and pockets of softness in table volumes, not overly attributable to any specific competitive pressure or event. Overall, Mohegan Sun experienced an increase in Adjusted EBITDA primarily due to higher gaming revenues, and lower direct entertainment costs commensurate with the reductions in entertainment revenues. Adjusted EBITDA margin increased considerably to 30.2% for the quarter ended June 30, 2018, from 29.0% in the third quarter of fiscal 2017.
Mohegan Sun Pocono |
|||||||
Operating results (in thousands, unaudited): |
|||||||
For the Three Months Ended |
|||||||
June 30, |
June 30, |
Percentage |
|||||
2018 |
2017 |
Variance |
Variance |
||||
Net revenues |
$ 68,290 |
$ 71,031 |
$ (2,741) |
(3.9%) |
|||
Income from operations |
$ 10,216 |
$ 12,276 |
$ (2,060) |
(16.8%) |
|||
Adjusted EBITDA |
$ 13,983 |
$ 15,411 |
$ (1,428) |
(9.3%) |
|||
Slots: |
|||||||
Handle |
$ 620,810 |
$ 667,264 |
$ (46,454) |
(7.0%) |
|||
Gross revenues |
$ 51,154 |
$ 52,669 |
$ (1,515) |
(2.9%) |
|||
Net revenues |
$ 51,154 |
$ 52,762 |
$ (1,608) |
(3.0%) |
|||
Free promotional slot plays |
$ 11,452 |
$ 13,140 |
$ (1,688) |
(12.8%) |
|||
Weighted average number of machines (in units) |
2,324 |
2,326 |
(2) |
(0.1%) |
|||
Hold percentage (gross) |
8.2% |
7.9% |
0.3% |
3.8% |
|||
Win per unit per day (gross) (in dollars) |
$ 242 |
$ 249 |
$ (7) |
(2.8%) |
|||
Table games: |
|||||||
Drop |
$ 46,488 |
$ 53,026 |
$ (6,538) |
(12.3%) |
|||
Revenues |
$ 8,496 |
$ 9,274 |
$ (778) |
(8.4%) |
|||
Weighted average number of games (in units) |
73 |
73 |
– |
– |
|||
Hold percentage |
18.3% |
17.5% |
0.8% |
4.6% |
|||
Win per unit per day (in dollars) |
$ 1,275 |
$ 1,396 |
$ (121) |
(8.7%) |
|||
Hotel: |
|||||||
Revenues |
$ 1,315 |
$ 1,295 |
$ 20 |
1.5% |
|||
Rooms occupied |
18 |
20 |
(2) |
(10.0%) |
|||
Occupancy rate |
83.0% |
92.9% |
(9.9%) |
(10.7%) |
|||
Average daily room rate (in dollars) |
$ 65 |
$ 62 |
$ 3 |
4.8% |
|||
Revenue per available room (in dollars) |
$ 55 |
$ 57 |
$ (2) |
(3.5%) |
Net revenues declined by $2.7 million, or 3.9%. Overall revenues were impacted by lower gaming revenues, which reflect our efforts to manage profitable guest trips and continued aggressive promotional activity from a regional competitor. Overall, the decline in Adjusted EBITDA primarily resulted from lower revenues as explained above and from higher slot taxes driven, in part, by a 1% increase in slot taxes assessed by the Commonwealth of Pennsylvania which went into effect on January 1, 2018. These results were partially offset by a reduction in gaming costs and expenses, including lower payroll costs and certain casino marketing and promotional expenses, as well as lower costs related to Momentum Dollar redemptions at Mohegan Sun Pocono-owned outlets. Importantly, adjusting for the incremental 1% slot tax as discussed above and a one-time $1.3 million tax credit in the prior year period, overall MSP Adjusted EBITDA would have been approximately flat. Adjusted EBITDA margin declined to 20.5% for the quarter ended June 30, 2018, from 21.7% in the third quarter of fiscal 2017.
Corporate |
|||||||
Operating results (in thousands, unaudited): |
|||||||
For the Three Months Ended |
|||||||
June 30, |
June 30, |
Percentage |
|||||
2018 |
2017 |
Variance |
Variance |
||||
Net revenues |
$ 6,239 |
$ 7,606 |
$ (1,367) |
(18.0%) |
|||
Loss from operations |
$ (8,090) |
$ (4,942) |
$ (3,148) |
63.7% |
|||
Adjusted EBITDA |
$ (7,525) |
$ (4,902) |
$ (2,623) |
(53.5%) |
Adjusted EBITDA for the quarter ended June 30, 2018, reflects increased development costs associated with our various diversification initiatives, largely driven by Project Inspire and overall development efforts in Asia and North America. The decrease in net revenues was primarily driven by results at ilani Casino Resort, where lower development fee revenues were partially offset by higher management fees earned.
MGE Property Information |
|||||||||||||
Net Revenues |
Income (Loss) from Operations |
Adjusted EBITDA |
|||||||||||
(in thousands) |
For the Three Months Ended |
For the Three Months Ended |
For the Three Months Ended |
||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||||||||
2018 |
2017 |
2018 |
2017 |
2018 |
2017 |
||||||||
Mohegan Sun |
$ 270,434 |
$ 271,578 |
$ 61,778 |
$ 62,630 |
$ 81,782 |
$ 78,809 |
|||||||
Mohegan Sun Pocono |
68,290 |
71,031 |
10,216 |
12,276 |
13,983 |
15,411 |
|||||||
Corporate |
6,239 |
7,606 |
(8,090) |
(4,942) |
(7,525) |
(4,902) |
|||||||
Inter-segment revenues |
(60) |
(60) |
– |
– |
– |
– |
|||||||
Total |
$ 344,903 |
$ 350,155 |
$ 63,904 |
$ 69,964 |
$ 88,240 |
$ 89,318 |
|||||||
Net Revenues |
Income (Loss) from Operations |
Adjusted EBITDA |
|||||||||||
For the Nine Months Ended |
For the Nine Months Ended |
For the Nine Months Ended |
|||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||||||||
2018 |
2017 |
2018 |
2017 |
2018 |
2017 |
||||||||
Mohegan Sun |
$ 793,725 |
$ 795,775 |
$ 175,950 |
$ 178,464 |
$ 233,062 |
$ 225,971 |
|||||||
Mohegan Sun Pocono |
200,224 |
207,752 |
26,763 |
29,877 |
37,230 |
39,027 |
|||||||
Corporate |
14,635 |
14,624 |
(27,737) |
(29,533) |
(26,213) |
(21,331) |
|||||||
Inter-segment revenues |
(180) |
(180) |
– |
– |
– |
– |
|||||||
Total |
$ 1,008,404 |
$ 1,017,971 |
$ 174,976 |
$ 178,808 |
$ 244,079 |
$ 243,667 |
Other Information
Liquidity
As of June 30, 2018, MGE held cash and cash equivalents of $201.1 million, compared to $89.0 millionas of September 30, 2017. As of June 30, 2018, $84.0 million was drawn on MGE’s $250.0 millionrevolving credit facility, while no amounts were drawn on MGE’s $25.0 million line of credit. As of June 30, 2018, 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 $163.7 million of borrowing capacity under its revolving credit facility and line of credit as of June 30, 2018.
Interest Expense
Interest expense increased by $5.4 million, or 19.6%, to $33.1 million for the quarter ended June 30, 2018 compared to $27.7 million in the third quarter of fiscal 2017 as a result of an increase in our weighted average interest rate and weighted average outstanding debt. Weighted average interest rate was 7.1% for the quarter ended June 30, 2018 compared to 6.4% in the third quarter of fiscal 2017, mainly due to a rise in market variable interest rates. During the quarter, MGE incurred additional indebtedness to fund future investments in Project Inspire of $110 million, resulting in an increase to our outstanding debt. As a result, weighted average outstanding debt was $1.88 billion for the quarter ended June 30, 2018, compared to $1.74 billion in the third quarter of fiscal 2017.
Capital Expenditures
The following table presents data related to capital expenditures (in millions):
Capital Expenditures |
|||||
Nine Months Ended |
Remaining Forecasted |
Forecasted |
|||
June 30, 2018 |
Fiscal Year 2018 |
Fiscal Year 2018 |
|||
(in millions) |
|||||
Mohegan Sun: |
|||||
Maintenance |
$ 22.4 |
$ 10.9 |
$ 33.3 |
||
Development |
8.3 |
0.2 |
8.5 |
||
Expansion – Earth Expo & Convention Center |
52.0 |
0.8 |
52.8 |
||
Subtotal |
82.7 |
11.9 |
94.6 |
||
Mohegan Sun Pocono: |
|||||
Maintenance |
6.2 |
1.7 |
7.9 |
||
Subtotal |
6.2 |
1.7 |
7.9 |
||
Corporate: |
|||||
Maintenance |
– |
0.5 |
0.5 |
||
Other – Project Inspire |
15.7 |
16.0 |
31.7 |
||
Subtotal |
15.7 |
16.5 |
32.2 |
||
Total |
$ 104.6 |
$ 30.1 |
$ 134.7 |
Distributions to the Mohegan Tribe
Distributions by MGE to the Mohegan Tribe totaled $15.0 million for each of the quarters ended June 30, 2018 and 2017. Distributions by MGE to the Mohegan Tribe are anticipated to total $60.0 millionfor fiscal 2018.
Conference Call
MGE will host a conference call and simultaneous webcast regarding its third quarter of fiscal 2018 operating results on Wednesday, August 8, 2018 at 11:00 a.m. (Eastern Daylight Time).
Those interested in participating in the call should dial as follows:
(877) 756-4274
(508) 637-5458 (International)
Conference ID: 8281109
Please call five minutes in advance to ensure that you are connected prior to the initiation of the call. Questions and answers will be reserved for call-in analysts and investors.
Parties who want to listen to the live conference call on the Internet may do so through a web link on MGE’s website at www.mohegangaming.com, under the “Financial Information/Financial Updates” section. Interested parties also may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on Wednesday, August 8, 2018. This replay will run through August 21, 2018.
The access number for a taped replay of the conference call is as follows:
(855) 859-2056
(404) 537-3406 (International)
Conference ID: 8281109
A transcript will be available on MGE’s website for a period of 90 days following the conference call.
About MGE
MGE owns and operates Mohegan Sun, a gaming and entertainment complex located on an approximately 196-acre site on the Mohegan Tribe’s reservation. Through its subsidiary, Downs Racing, L.P., MGE also owns and operates Mohegan Sun Pocono, a gaming and entertainment facility located on an approximately 400-acre site in Plains Township, Pennsylvania, and several off-track wagering facilities located elsewhere in Pennsylvania.
MGE has expanded its business to several new markets across the country and internationally, including the management of Resorts Casino Hotel in Atlantic City, New Jersey, the development and management of ilani Casino Resort in Clark County, Washington, and the development and management of Project Inspire, a first-of-its-kind, multi-billion dollar integrated resort and casino project to be built at Incheon International Airport in South Korea.
More information about MGE and its properties can be obtained by visiting www.mohegansun.com,www.mohegansunpocono.com or www.mohegangaming.com.
Special Note Regarding Forward-Looking Statements
Some information included in this press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect” or “intend” and similar expressions. Such forward-looking information may involve important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of MGE. Information concerning potential factors that could affect MGE’s financial results is included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as well as in MGE’s other reports and filings with the Securities and Exchange Commission. Any forward-looking statements included in this press release are made only as of the date of this release. MGE does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. MGE cannot assure that projected results or events will be achieved or will occur.
MOHEGAN GAMING & ENTERTAINMENT |
||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||
(in thousands) |
||||||||||
(unaudited) |
||||||||||
For the |
For the |
For the |
For the |
|||||||
Three Months Ended |
Three Months Ended |
Nine Months Ended |
Nine Months Ended |
|||||||
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 |
|||||||
Revenues: |
||||||||||
Gaming |
$ 295,417 |
$ 293,955 |
$ 871,158 |
$ 872,766 |
||||||
Food and beverage |
22,386 |
23,009 |
65,376 |
67,796 |
||||||
Hotel |
15,711 |
16,896 |
45,575 |
46,518 |
||||||
Retail, entertainment and other |
36,038 |
42,675 |
98,775 |
106,648 |
||||||
Gross revenues |
369,552 |
376,535 |
1,080,884 |
1,093,728 |
||||||
Less – Promotional allowances |
(24,649) |
(26,380) |
(72,480) |
(75,757) |
||||||
Net revenues |
344,903 |
350,155 |
1,008,404 |
1,017,971 |
||||||
Operating costs and expenses: |
||||||||||
Gaming |
164,108 |
165,072 |
490,224 |
494,654 |
||||||
Food and beverage |
10,552 |
10,654 |
30,921 |
31,224 |
||||||
Hotel |
6,945 |
7,686 |
20,597 |
20,860 |
||||||
Retail, entertainment and other |
12,530 |
15,457 |
33,736 |
42,426 |
||||||
Advertising, general and administrative |
49,093 |
49,760 |
149,065 |
150,349 |
||||||
Corporate |
13,008 |
12,455 |
39,251 |
43,903 |
||||||
Depreciation and amortization |
20,664 |
19,055 |
60,699 |
55,357 |
||||||
Other, net |
4,099 |
52 |
8,935 |
390 |
||||||
Total operating costs and expenses |
280,999 |
280,191 |
833,428 |
839,163 |
||||||
Income from operations |
63,904 |
69,964 |
174,976 |
178,808 |
||||||
Other income (expense): |
||||||||||
Interest expense, net of capitalized interest |
(33,106) |
(27,690) |
(92,248) |
(86,319) |
||||||
Loss on modification and early extinguishment of debt |
– |
(1,094) |
– |
(74,890) |
||||||
Other income, net |
4,017 |
2,496 |
9,196 |
5,232 |
||||||
Total other expense |
(29,089) |
(26,288) |
(83,052) |
(155,977) |
||||||
Net income |
34,815 |
43,676 |
91,924 |
22,831 |
||||||
Loss attributable to non-controlling interests |
193 |
104 |
901 |
797 |
||||||
Net income attributable to Mohegan Gaming & Entertainment |
$ 35,008 |
$ 43,780 |
$ 92,825 |
$ 23,628 |
MOHEGAN GAMING & ENTERTAINMENT |
||||||||||||
ADJUSTED EBITDA RECONCILIATIONS |
||||||||||||
Reconciliations of Net Income to Adjusted EBITDA: |
||||||||||||
Reconciliations of net income, a financial measure determined in accordance with accounting principles generally |
||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
|||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||
Net income |
$ 34,815 |
$ 43,676 |
$ 91,924 |
$ 22,831 |
||||||||
Other income, net |
(4,017) |
(2,496) |
(9,196) |
(5,232) |
||||||||
Loss on modification and early extinguishment of debt |
– |
1,094 |
– |
74,890 |
||||||||
Interest expense, net of capitalized interest |
33,106 |
27,690 |
92,248 |
86,319 |
||||||||
Income from operations |
63,904 |
69,964 |
174,976 |
178,808 |
||||||||
Adjusted EBITDA attributable to non-controlling interests |
(427) |
247 |
(531) |
1,543 |
||||||||
Other, net |
4,099 |
52 |
8,935 |
7,959 |
||||||||
Depreciation and amortization |
20,664 |
19,055 |
60,699 |
55,357 |
||||||||
Adjusted EBITDA |
$ 88,240 |
$ 89,318 |
$ 244,079 |
$ 243,667 |
Reconciliations of Income from Operations to Adjusted EBITDA: |
|||||||||||
Reconciliations of income from operations, a financial measure determined in accordance with US GAAP, to Adjusted EBITDA, are shown below (in thousands): |
|||||||||||
For the Three Months Ended June 30, 2018 |
|||||||||||
Adjusted EBITDA |
|||||||||||
Income (Loss) |
Depreciation |
Attributable to |
|||||||||
from |
and |
Non-Controlling |
Adjusted |
||||||||
Operations |
Amortization |
Other, net |
Interests |
EBITDA |
|||||||
Mohegan Sun |
$ 61,778 |
$ 17,163 |
$ 2,572 |
$ 269 |
$ 81,782 |
||||||
Mohegan Sun Pocono |
10,216 |
3,463 |
304 |
– |
13,983 |
||||||
Corporate |
(8,090) |
38 |
1,223 |
(696) |
(7,525) |
||||||
Total |
$ 63,904 |
$ 20,664 |
$ 4,099 |
$ (427) |
$ 88,240 |
||||||
For the Three Months Ended June 30, 2017 |
|||||||||||
Adjusted EBITDA |
|||||||||||
Income (Loss) |
Depreciation |
Attributable to |
|||||||||
from |
and |
Non-Controlling |
Adjusted |
||||||||
Operations |
Amortization |
Other, net |
Interests |
EBITDA |
|||||||
Mohegan Sun |
$ 62,630 |
$ 15,883 |
$ 56 |
$ 240 |
$ 78,809 |
||||||
Mohegan Sun Pocono |
12,276 |
3,139 |
(4) |
– |
15,411 |
||||||
Corporate |
(4,942) |
33 |
– |
7 |
(4,902) |
||||||
Total |
$ 69,964 |
$ 19,055 |
$ 52 |
$ 247 |
$ 89,318 |
||||||
For the Nine Months Ended June 30, 2018 |
|||||||||||
Adjusted EBITDA |
|||||||||||
Income (Loss) |
Depreciation |
Attributable to |
|||||||||
from |
and |
Non-Controlling |
Adjusted |
||||||||
Operations |
Amortization |
Other, net |
Interests |
EBITDA |
|||||||
Mohegan Sun |
$ 175,950 |
$ 50,431 |
$ 5,795 |
$ 886 |
$ 233,062 |
||||||
Mohegan Sun Pocono |
26,763 |
10,154 |
313 |
– |
37,230 |
||||||
Corporate |
(27,737) |
114 |
2,827 |
(1,417) |
(26,213) |
||||||
Total |
$ 174,976 |
$ 60,699 |
$ 8,935 |
$ (531) |
$ 244,079 |
||||||
For the Nine Months Ended June 30, 2017 |
|||||||||||
Adjusted EBITDA |
|||||||||||
Income (Loss) |
Depreciation |
Attributable to |
|||||||||
from |
and |
Non-Controlling |
Adjusted |
||||||||
Operations |
Amortization |
Other, net |
Interests |
EBITDA |
|||||||
Mohegan Sun |
$ 178,464 |
$ 46,129 |
$ 394 |
$ 984 |
$ 225,971 |
||||||
Mohegan Sun Pocono |
29,877 |
9,154 |
(4) |
– |
39,027 |
||||||
Corporate |
(29,533) |
74 |
7,569 |
559 |
(21,331) |
||||||
Total |
$ 178,808 |
$ 55,357 |
$ 7,959 |
$ 1,543 |
$ 243,667 |
||||||
Adjusted EBITDA Explanation:
Net income before interest, income taxes, depreciation and amortization, or EBITDA, is a commonly used measure of performance in the casino and hospitality industry. EBITDA is not a measure of performance calculated in accordance with GAAP. MGE historically has evaluated its operating performance with the non-GAAP measure, Adjusted EBITDA, which as used in this press release, represents net income before interest, depreciation and amortization, share-based compensation, gain or loss on disposition of assets, workforce reduction severance, pre-opening costs and expenses, impairment charges, accretion of discounts, loss on modification and early extinguishment of debt, gain or loss from unconsolidated affiliates, other non-operating income and expense and Adjusted EBITDA attributable to non-controlling interests.
Adjusted EBITDA provides an additional way to evaluate MGE’s operations and, when viewed with both MGE’s GAAP results and the reconciliations provided, MGE believes that it provides a more complete understanding of its business than could be otherwise obtained absent this disclosure. Adjusted EBITDA is presented solely as a supplemental disclosure because: (1) MGE believes it enhances an overall understanding of MGE’s past and current financial performance; (2) MGE believes it is a useful tool for investors to assess the operating performance of the business in comparison to other operators within the casino and hospitality industry since Adjusted EBITDA excludes certain items that may not be indicative of MGE’s operating results; (3) measures that are comparable to Adjusted EBITDA are often used as an important basis for the valuation of casino and hospitality companies; and (4) MGE uses Adjusted EBITDA internally to evaluate the performance of its operating personnel and management and as a benchmark to evaluate its operating performance in comparison to its competitors.
The use of Adjusted EBITDA has certain limitations. Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, any GAAP financial measure including net income (as an indicator of MGE’s performance) or cash flows provided by operating activities (as an indicator of MGE’s liquidity), nor should it be considered as an indicator of MGE’s overall financial performance. MGE’s calculation of Adjusted EBITDA is likely to be different from the calculation of Adjusted EBITDA or other similarly titled measurements used by other casino and hospitality companies, and therefore, comparability may be limited. Adjusted EBITDA eliminates certain items from net income, such as interest and depreciation and amortization. Each of these items has been incurred in the past, will continue to be incurred in the future and should be considered in the overall evaluation of MGE’s results. MGE compensates for these limitations by providing relevant disclosures of items excluded in the calculation of Adjusted EBITDA, both in its reconciliations to the GAAP financial measure of net income and in its consolidated financial statements, all of which should be considered when evaluating its results. MGE strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.
Contact:
Christopher Jones
VP Corporate Finance
Mohegan Gaming & Entertainment
(860) 862-8000
Source: Press Releases Published on European Gaming Media Network
Latest News
Are slots losing popularity?
What are the most popular games? What iGaming providers have achieved the greatest success? SOFTSWISS, an innovative company providing a complete ecosystem of comprehensive software solutions, shares valuable insights across regional markets.
The analysis presented is based on the Game Aggregator data spanning the second half of 2022 and the first half of 2023.
Europe
Slot games remain popular in Europe, even though they lost around five p.p. during H2 2022 and H1 2023. Despite this decline, their market share still exceeds 80% among the other gaming categories. In contrast, card games improved their position by almost four p.p.
The top five most popular game categories underwent minor changes in Q2 2023. The Total Bets Sum in Craps games saw a substantial increase, growing 2.7 times in comparison to the previous quarter. This boost in performance secured the fifth position for this type of games in the top rankings, displacing casual games.
Gates of Olympys, Big Bamboo and Midas Golden Touch emerged as some of the most popular games during the past year. Notably, the landscape of top games exhibited significant variations from quarter to quarter.
In the European gaming sector of 2022-2023, top-performing game providers include Amatic, Amusnet (EGT), BGaming, Evolution, Pragmatic Play, Push Gaming, and Relax Gaming. Their positions in the rankings experienced subtle shifts from quarter to quarter.
Asia
The top five most popular game categories in Asia have exhibited a consistent trend since the final quarter of 2022. Slot games hold a prominent position in the asian gaming landscape, with their market share exceeding 80% compared to other categories.
Gates of Olympys claimed the title of the most popular game in Asia in Q4 2022, and has maintained its leading position since. Meanwhile, another popular game, Bonanza Billion, has experienced fluctuations in its rankings within the top five since the end of the previous year. The Total Bets Sums of Aviator increased twofold during the first half of this year, propelling the game into a leadership position. In contrast, the once-popular game, Hot Fruits, lost its foothold in the top rankings during the second quarter of 2023.
As for the most successful game providers in Asia, it should be noted that Evolution, Pragmatic Play and BGaming have continually jostled for positions within the top five over the past four quarters under review. Play’n Go and Amatic ceded their places in the rankings to 1spin4win and Amusnet (EGT), with the latter heading the list in Q2 2023.
Tatyana Kaminskaya, Head of SOFTSWISS Game Aggregator, comments: “The popularity of the Aviator game can be explained by simple interface and fast payouts. What sets it apart even further is its distinctive gameplay mechanics, which significantly differ from other crush games in the market. Notably, Aviator provides players with the illusion of “control” over the game, adding an extra level of excitement and intrigue.”
Latin America
The top five of the most popular game categories in LatAm have remained consistent over the last year, with almost 60% of these categories dominated by slots.
The current top five most popular games are as follows:
Roleta Brasileiri – 8.27%
Aviator – 5.97%
Gates of Olympus – 5.24%
Sweet Bonanza – 3.44%
Crazy Time – 3.14%
Notably, Aviator surged to the top in Q4 2022, experiencing a significant increase in the Total Bets Sum, nearly 170 mln euro more in comparison with the previous quarter. This success propelled its provider, Spribe, from the tenth place in Q3 2022 to the fourth in Q2 2023, displacing Play’n GO from the top five. Other providers, specifically Pragmatic Play, Evolution, Playtech, and BGaming, remained in the top with minor shifts in their rankings over the past year.
The top five most popular games account for approximately 25% of the Total Bets Sum across all games in Latin America, while in Europe and Asia the same covers around 10%. Another noteworthy market trend is the displacement of slots with roulette, and the growing preference for live games.
Carla Dualid, Regional Business Development Manager at SOFTSWISS in LatAm, comments: “Players in Latin America in the context of online gambling may differ from players in Europe in several ways. Most Latin American players bet through mobile devices and prefer online play. Local casino slot players tend to place small but regular bets, which distinguishes them from European online casino players, who, in turn, bet less frequently, but wager larger sums on slots. Speaking about the LatAm market, we should keep in mind that Brazil is the most active player in it. Such factors as economic potential, increasing Internet penetration, mobile accessibility, and regulatory changes are making the Brazilian market more attractive for operators.”
About SOFTSWISS
SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,400 employees, is based in Malta, Poland, Georgia, and Belarus. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
iGaming
Hop into Fun and Prizes with Easter Plinko Slot: Unleash the Easter Magic!
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As you embark on this magical Easter adventure, you’ll be greeted with a visually stunning and engaging slot game. The captivating graphics and vibrant colors bring the Easter theme to life, immersing you in a world of bunnies, eggs, and all things festive. Each spin of the reels is like opening a surprise Easter egg, filled with excitement and anticipation.
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Latest News
Slotegrator unveils an interactive world map of gambling regulations
Slotegrator’s new interactive map is already available on the company’s website. Map users are only a click away from a comprehensive drilldown of land-based and online casino gaming and sports betting regulations in every country around the world, making Slotegrator the first iGaming company to offer such a valuable interactive resource.
Covering the legal status of different forms of gambling in 197 countries and other territories, the interactive map offers a quick, top-down view of global gambling regulations (though it is not intended as legal advice).
“It’s a veritable encyclopedia of gambling market regulations. Whether you want to look up the legal status of iGaming in Peru or online sports betting in Nigeria, everything you need to know is collected in one place and instantly accessible for users from all over the world,” notes Yana Khaidukova, managing director at Slotegrator. “Our team is constantly on the pulse of any changes in gambling legislation, and we understand how difficult is to search for information in different sources. That’s why we created a tool that can help not only ourselves, but also anyone who is interested in the gambling industry and has plans to open a casino online or offline”.
The key advantages of the interactive map:
- Up-to-date and verified information regarding gambling regulation and legislation.
- Accurate data on all countries and other territories.
- Review articles with recommendations for opening both land-based and online casinos.
- Analytical articles on betting.
- Intuitive interface.
- Regular information updates.
In addition, on the same page as the interactive map, you can request a free consultation from Slotegrator’s specialists about the details of gambling regulation in each particular country. The map is available here.
ABOUT THE COMPANY
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
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