Mohegan Gaming has $100 million plan to weather impact of competition
Mohegan — Facing the impact of imminent competition, Mohegan Gaming & Entertainment executives told investors Wednesday that they expect to implement more than 1 billion resort casino set to open Aug. 24 in western Massachusetts, some 70 miles from Mohegan Sun, MGE’s flagship property.
Encore Boston Harbor, Wynn Resorts’ 40 million related to the gaming mix at the company’s casinos and the anticipated introduction of sports betting; about 20 million derived from new promotional efforts; and 344.9 million, a 1.5 percent decline over the same period the previous year. Mohegan Sun’s net revenue for the quarter was essentially flat, totaling 68.3 million, a 3.9 percent decrease.
Adjusted EBITDA, defined as net income, or profit, before interest, depreciation, amortization and other costs, was up 3.8 percent at Mohegan Sun and down 9.3 percent at Mohegan Sun Pocono.
MGE reported positive results at properties it manages, including the Cowlitz Indian Tribe-owned ilani Casino Resort in Washington state, and Resorts Casino Hotel in Atlantic City. MGE earned 900,000 in fees from Resorts.
During the quarter, Mohegan Sun’s $80 million Earth Expo & Convention Center opened.