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MOHEGAN GAMING & ENTERTAINMENT
ANNOUNCES FOURTH QUARTER FISCAL 2020 OPERATING RESULTS
Uncasville, Connecticut, December 22, 2020 Mohegan Gaming & Entertainment (MGE or the Company), a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, Mohegan Sun Pocono in Plains Township, Pennsylvania, the MGE Niagara Resorts in Niagara Falls, Canada and INSPIRE Entertainment Resort in Incheon, South Korea, announced today operating results for its fourth fiscal quarter ended September 30, 2020.
The MGE team and our property portfolio performed remarkably well during the fiscal fourth quarter. Despite re-opening the majority of our properties in the summer with COVID-related reductions in capacity and entertainment offerings, consolidated Adjusted EBITDA for the September quarter was only down modestly compared to last year, demonstrating the overall resilience of our business and the strength of our product and brand, said Mario Kontomerkos, President & Chief Executive Officer of MGE. Importantly, excluding the impact of the MGE Niagara Resorts, which were closed during the period, same-store adjusted EBITDA grew 15.9% over the prior year, while same-store Adjusted EBITDA margins improved over 800bps. Recent steep increases in infections in virtually all of our markets globally has resulted in temporary weakness in business volumes at our operations and has slowed progress in both the construction of Inspire Korea and in the re-opening of the MGE Niagara Resorts and the Mohegan Sun Casino in Las Vegas. Looking beyond the virus, however, we remain quite positive as our business has been optimized to benefit from what we foresee to be significant pent-up demand for leisure consumption in the months and years ahead.
Selected consolidated operating results for the fourth quarter ended September 30, 2020 and prior year period (unaudited):
Net revenues of $294.0 million vs. $414.0 million in the prior year period, a 29.0% decrease;
Income from operations of $50.2 million vs. $15.7 million in the prior year period, a 219.7% increase; and
Adjusted EBITDA of $82.8 million vs. $89.4 million in the prior year period, a 7.4% decrease.
Consolidated net revenues decreased 29% driven primarily by the continued closure of MGE Niagara Resorts along with declines in retail, F&B and entertainment revenues at Mohegan Sun and Mohegan Pocono. These declines can be largely attributed to COVID-related closures and reductions in capacity or similar protocols. Declines in revenue were partially offset by positive growth in gaming revenues at Mohegan Sun. Adjusted EBITDA decreased 7.4% during the quarter, reflecting the impact of the continued closure of MGE Niagara Resorts. Excluding the impact of Niagara Resorts, which were closed during the quarter, consolidated net revenues decreased by 12.8% and Adjusted EBITDA increased 15.9%, reflecting stronger EBITDA performance both from Mohegan Sun and in the Management, Development and Other segment. Margin performance was driven by lower overall payroll and marketing expenses, permanently reducing the overall cost structure at MGE.
The following information was filed by Mohegan Tribal Gaming Authority on Tuesday, December 22, 2020 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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