Mohegan Gaming & Entertainment, the company behind the Mohegan Sun in Connecticut and the forthcoming 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% to US$22 million, due to one-time accelerated depreciation as a result of the closure of Casino of the Wind, a now-shuttered facility in Uncasville, Connecticut.
Net revenues fell 7.3% to US$308 million, while adjusted EBITDA fell 15.9% to US$67 million, due to lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono.
Mohegan said that the declines were partially offset by improved non-gaming revenue growth, including entertainment and hotel revenues at Mohegan Sun.
As for the progress of the construction of Inspire Korea, Senior Vice-President and Chief Financial Officer Drew Kelley told an earnings conference call, “Essentially, we are shovel-ready with all permits, zoning and other in place.” (AGB)