UNCASVILLE, Conn., Feb. 1, 2018 /PRNewswire/ — Mohegan Gaming & Entertainment, or MGE, the owner and operator of Mohegan Sun in Uncasville, Connecticut, and Mohegan Sun Pocono in Wilkes-Barre, Pennsylvania, announced today the operating results for its first fiscal quarter ended December 31, 2017.
“The MGE team delivered another strong December quarter with nearly 10% year-over-year growth in Adjusted EBITDA,” said Mario Kontomerkos, Chief Executive Officer of MGE. “Results were led by another strong quarter at our flagship operation, Mohegan Sun in Connecticut, while Mohegan Sun Pocono, ilani and Resorts Atlantic City all showed encouraging metrics. We are looking forward to the addition of the Mohegan Sun Exposition and Convention Center, slated to open in the summer of 2018, which will continue to position Mohegan Sun as the premier gaming and entertainment destination in the Northeast for years to come, while we simultaneously prepare for significant international expansion in South Korea.”
Consolidated operating results for the first quarter ended December 31, 2017 (unaudited):
Net revenues of $331.5 million, relatively flat compared to the first quarter of fiscal 2017 Gaming revenues of $287.0 million, relatively flat compared to the first quarter of fiscal 2017 Gross slot revenues of $193.7 million, a 2.1% decrease from the first quarter of fiscal 2017 Table game revenues of $93.2 million, a 6.2% increase over the first quarter of fiscal 2017 Non-gaming revenues of $69.6 million, a 3.6% decrease from the first quarter of fiscal 2017 Income from operations of $55.0 million, an 11.3% increase over the first quarter of fiscal 2017 Net income attributable to MGE of $29.2 million compared to net loss attributable to MGE of $51.6 million in the first quarter of fiscal 2017 Adjusted EBITDA, a non-GAAP measure described below, of $76.0 million, a 9.9% increase over the first quarter of fiscal 2017
The growth in Adjusted EBITDA and income from operations was primarily driven by increased table game revenues at Mohegan Sun, combined with our continued efforts to contain overall operating costs and expenses. The increase in net income attributable to MGE 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.
Operating results (in thousands, unaudited):
For the Three Months Ended