Mohegan Advances Expansion Plans Despite Mixed Q2 Financial Results

Mohegan Gaming & Entertainment’s Strategic Growth Amidst Financial Fluctuations

Mohegan Gaming & Entertainment is proceeding confidently with its expansion initiatives despite a slight downturn in year-over-year revenue according to recent financial disclosures. The company’s digital segment, however, has shown remarkable growth, reinforcing the value of its dual focus on retail and online gaming platforms as a combined driver of sustainable success.

Financial Overview: Stable Yet Challenged Metrics

For the quarter ending June 30, 2025, Mohegan reported a net revenue of $436.9 million, reflecting a minor decrease of 1.6% compared to the same period last year. Adjusted EBITDA was recorded at $94.1 million, marking a decline of $18.3 million or 16.3% from the previous year. These dips were largely attributed to several one-time factors affecting revenue and expenses.

Specifically, the company noted impacts from management fees tied to the Ilani property and a unique, accelerated non-cash digital license fee related to their Pennsylvania operations. When these items are excluded, Adjusted EBITDA actually saw a 4.9% increase. CEO Raymond Pineault highlighted that recent refinancing efforts have strengthened the company’s position to pursue long-term objectives.

“With our capital structure now optimized, our focus is firmly on executing our strategic plan and enhancing value for all stakeholders.”

Raymond Pineault, CEO of Mohegan Gaming & Entertainment

The digital division outperformed expectations notably, with digital net revenue reaching $67.5 million, an increase of $25.6 million year-over-year. Adjusted EBITDA for Mohegan Digital increased by 48.2%, supported by robust growth in Connecticut and steady results in Pennsylvania. Additionally, having the exclusive proprietary digital gaming product as a land-based operator in Ontario provides a distinct competitive edge in that market.

Expanding Physical and Digital Presence

Mohegan’s core operations continue to be anchored by its flagship resort in Connecticut, Mohegan Pennsylvania, and its facilities in Niagara Falls, Ontario. The company remains actively engaged in identifying and pursuing new growth opportunities, both within the online gaming sphere and through new resort developments.

Notably, Mohegan has submitted a proposal for a coveted casino license in New York, planning to develop a Freedom Plaza resort on a six-acre site on Manhattan’s East Side, between 38th and 41st Streets. This ambitious project promises a blend of lavish amenities, thoughtful public spaces, and a loyalty program integrated with local businesses.

Although some headline numbers showed softness this quarter, Mohegan executives are optimistic about underlying trends, especially within digital gaming, which continue to exhibit strength. Supported by a solid financial footing, growing digital revenues, and strategic market expansion plans, Mohegan is well-equipped to sustain its momentum despite increasing competition and economic pressures.