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MOHEGAN GAMING & ENTERTAINMENT
ANNOUNCES FOURTH QUARTER FISCAL 2019 OPERATING RESULTS
Uncasville, Connecticut, December 5, 2019 Mohegan Gaming & Entertainment (MGE or the Company), a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, Niagara Fallsview Casino Resort in Niagara Falls, Ontario, and Inspire Korea in Incheon, South Korea, announced today operating results for its fourth fiscal quarter ended September 30, 2019.
MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well, said Mario Kontomerkos, President & Chief Executive Officer. These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. Outside of North America, project Inspire in South Korea continues under construction and remains on track for a 2022 opening. In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the countrys largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement. These domestic and international efforts, which also include the September announcement of our venture with Virgin Hotels in Las Vegas, have placed MGE on solid ground for success for generations to come.
Selected consolidated operating results for the fourth quarter ended September 30, 2019, and prior year period (unaudited):
Net revenues of $414.0 million vs. $347.2 million in the prior year period, a 19.2% increase;
Income from operations of $15.7 million vs. $69.6 million in the prior year period, a 77.4% decrease; primarily driven by an impairment charge at Mohegan Sun Pocono;
Adjusted EBITDA of $89.4 million vs. $94.5 million in the prior year period, a 5.4% decrease.
Consolidated net revenues were up 19.2%, driven by positive contribution of the Niagara resorts and continued outperformance from non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun. These were partially offset by lower gaming volumes at both Mohegan Sun and Mohegan Sun Pocono. Consolidated Adjusted EBITDA decreased 5.4% during the quarter, reflecting the contributions noted above as well as stronger Corporate Adjusted EBITDA.
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 fiscal year ended September 30, 2019 in this release are presented under this new guidance, while results for the three months and fiscal year ended September 30, 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/).
The following information was filed by Mohegan Tribal Gaming Authority on Thursday, December 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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