Online gaming, sports betting boost Mohegan’s 2Q revenues
Cloe Poisson | CT Mirror
Slots at Mohegan Sun.
The parent company of Mohegan Sun casino posted net revenues of $405.8 million in the second quarter of 2023, which marked a 13.2% increase from the year-ago period, fueled by growth in its online gaming and sports betting segments.
In addition, the Mohegan Tribal Gaming Authority said it saw higher revenues from the recent launch of digital gaming at casinos it manages in Niagara Falls, New York and Ontario, Canada.
Still, the company reported a $9.6 million loss in the quarter, which was attributed to an increase in labor costs related to management and development operations, among other issues.
Meanwhile, Mohegan Sun casino in Uncasville posted net revenues of $225.9 million in the quarter, up 4.8% year-over-year.The $10.4 million increase was mainly due to higher slot and sportsbook revenues, Mohegan said, along with other non-gaming growth at the hotel and food and beverage outlets.
Like its peers at Foxwoods, Mohegan has opened online casino gaming and sports betting operations in Connecticut since they were legalized in late 2021.
Mohegan Digital, the company’s online gambling segment, posted net revenues of $22.7 million, a 283.9% jump from the $5.9 million reported in the second quarter of 2022.
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