Mohegan Gaming swings to profit in first quarter of FY18

Tribal gaming operator Mohegan Gaming and Entertainment reported net income of $29.2 million for the first quarter ended December 31, 2017, compared to a loss in the prior year period.

MGE said the swing to profit in the quarter reflected the impact of a $73.8 million loss on modification and early extinguishment of debt that was recorded in the first quarter of fiscal 2017, combined with the increase in income from operations.

MGE posted net revenue of $331.5 million, relatively flat compared to the first quarter of fiscal 2017, while gaming revenues also stayed flat, at around $287 million. EBITDA grew 9.9 percent to $76 million, driven by increased table game revenues at Mohegan Sun, combined with continued efforts to contain overall operating costs and expenses.

MGE is the operator of the Mohegan Sun in Connecticut, Mohegan Sun Pocono in Pennsylvania, and is the manager of Resorts Casino Hotel in New Jersey as well as the operator of project Inspire, a first-of-its-kind, multi-billion dollar integrated resort and casino project to be built at Incheon International Airport in South Korea.