MGE reported net revenue of $358.5m for its second fiscal quarter ended 31 March 2022; a 29% increase from the prior-year period.
A 7% increase in Adjusted EBITDA and a 28% increase in income from operations shows the company’s success over the past year.
MGE’s revenue and EBITDA rose by a year-over-year increase due to Mohegan Sun and MGE Digital, compared to the former period where Covid restrictions hurt volumes.
MGE Niagara Resorts was closed for the entire time, Mohegan Sun Pocono was closed for three days, some casinos had self-imposed limitations on capacity, and health studies mandated by the state.
MGE’s high performance is indicative of its focus on profitability, as seen in their strong consolidated adjusted EBITDA.
Although visitation was somewhat impacted by disease outbreaks, poor weather conditions at the start of the year, and Southern restrictions in March, we were still able to achieve a higher margin.
Mohegan Sun’s total revenue amounted to $215.4 m, while Mohegan Sun Pocono contributed $62.1 m. MGE Niagara Resorts posted a revenue of $52.2m and had Management, Development, and Other contributing $15.6m. Revenue for All Other amounted to $13 m.
Over the past few months, MGE has been collaborating with doctors and nurses to ensure that we provide the best service for patients. These results demonstrate how well MGE has adapted to Covid-19, reflecting a stabilizing operating environment.
Statements from the chairman’s letter included increased investments over time and strategies to increase users to return to their “regular gaming patterns.”