MGE sees revenue, income fall in first quarter of 2019

Mohegan Gaming & Entertainment, the company behind the Mohegan Sun in Connecticut and Inspire Korea in Incheon, recorded a fall in net income and revenues for the quarter ended March 31, 2019.

Income from operations fell 60.4 percent to $22.2 million, due to one time accelerated depreciation as a result of the closure of Casino of Wind, a now-shuttered casino in Uncasville.

Net revenues fell 7.3 percent to $307.7 million, while adjusted EBITDA fell 15.9 percent to $67.2 million, due to lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono.

MGE said that the declines were partially offset by improved non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun, as well as tighter expense management and improved financial performance at ilani Casino Resort.