Financial report from Mohegan reveals plans for debt refinancing regarding their INSPIRE resort

In a significant milestone for the company, Mohegan, a leading operator in the global entertainment and gaming industry, has announced a substantial increase in its net revenues for the full year. The total net revenues for the year ended September 30, 2024, stood at $1.9 billion, marking a $216.7 million rise compared to the previous year.

The growth can be attributed to several key factors. Mohegan Digital, the digital gaming division, experienced a year-over-year increase of $60.1 million in net revenue. The Mohegan INSPIRE Entertainment Resort in South Korea, which opened its doors in March 2024, also contributed significantly to the total revenue, generating $62.2 million.

The success of Mohegan's other resorts, located in Connecticut, Pennsylvania, Nevada, New Jersey, and Washington, also played a role in the overall increase. Stronger non-gaming revenues at these properties further boosted the company's financial performance.

Raymond Pineault, Chief Executive Officer of Mohegan, expressed that this year marks the culmination of important initiatives for the company. The fourth quarter of 2024 saw net revenues reach the second-highest level in company history, showing a 12% year-over-year increase.

However, the Consolidated Adjusted EBITDA for Q4 decreased by $6.8 million compared with the prior-year period, primarily due to operating costs related to the INSPIRE opening and low table hold at Mohegan INSPIRE. For the full year, the Consolidated Adjusted EBITDA decreased by $50.9 million compared to the prior year, totaling $349.0 million.

Ari Glazer, Chief Financial Officer of Mohegan, stated that these key accomplishments, including the increase in full-year net revenues and the decrease in Q4 Consolidated Adjusted EBITDA, are a testament to the company's strategic initiatives.

Mohegan is currently seeking to refinance debt incurred with the construction of the INSPIRE Resort, a $1.7 billion project, to avoid default. Unfortunately, specific information about who will be applying for the refinancing of the debts for the INSPIRE Resort in South Korea is not currently available.

In addition to its global properties, Mohegan also operates Fallsview Casino Resort and Casino Niagara in Niagara Falls. The company is currently focusing on executing its strategy to build on these accomplishments and continue its growth trajectory.