Fourth Quarter 2025 and Recent Highlights:
Mohegan generated net revenues of $453.0 million.
Mohegan Sun produced net revenues of $260.1 million.
Mohegan Digital net revenues up 40.3% year over year.
Mohegan Digital Adjusted EBITDA increased 28.6% year over year.
"In fiscal year 2025, our core properties and digital operations grew net revenues 6.0% year over year on a consolidated same-store basis. Mohegan Digital was the primary catalyst, with net revenues growing 48.5% year over year," said Raymond Pineault, Chief Executive Officer of Mohegan.
Mohegan Operating Results
Three Months Ended
Fiscal Year Ended
($ in thousands, unaudited)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Net revenues
$ 453,037
$ 435,508
$ 1,744,167
$ 1,725,536
Income from operations
55,771
56,934
259,313
286,631
Net loss attributable to Mohegan
(2,538)
(58,937)
(46,795)
(231,974)
Adjusted EBITDA1
87,413
88,266
354,962
396,036
Adjusted EBITDAR1
100,935
98,870
400,519
439,742
Fourth Quarter 2025
"Net revenues of $453.0 million increased $17.5 million compared with the prior-year period, driven by 40.3% year over year growth from Mohegan Digital. Consolidated Adjusted EBITDA of $87.4 million decreased 1.0% compared with the prior-year period, as the prior year benefitted from ilani management fees and Las Vegas operations, but was negatively impacted by a higher non-cash adjustment to the value of a customer contract asset at Niagara Resorts," said Ari Glazer, Chief Financial Officer of Mohegan.
1 Refer to the Reconciliation of Non-US GAAP Financial Measures for a discussion and reconciliation of Adjusted EBITDA and Adjusted EBITDAR.
Full Fiscal Year 2025
"Net revenues of $1.7 billion increased $18.6 million compared with the prior-year period, driven by 48.5% year over year growth from Mohegan Digital. Consolidated Adjusted EBITDA of $355.0 million decreased $41.1 million compared with the prior-year period, as the prior year benefitted from non-cash digital license fee revenue at Mohegan Pennsylvania, ilani management fees, and Las Vegas operations, but was negatively impacted by a higher non-cash adjustment to the value of a customer contract asset at Niagara Resorts. After normalizing the prior-year period for the Mohegan Pennsylvania, ilani, Las Vegas, and Niagara Resorts adjustments, Adjusted EBITDA would have been up $6.2 million, or 1.8%," said Ari Glazer, Chief Financial Officer of Mohegan.
Prior period amounts have been restated to exclude results of operations of Inspire Integrated Resort Co., Ltd., its parent company MGE Korea Limited, and certain affected subsidiaries from continuing operations.
Domestic Resorts
Three Months Ended
Fiscal Year Ended
($ in thousands, unaudited)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Net revenues
$ 322,698
$ 327,065
$ 1,230,001
$ 1,233,137
Income from operations
50,124
66,422
206,511
228,780
Net income
50,384
66,731
206,691
225,465
Adjusted EBITDA
78,825
88,852
294,718
318,890
Adjusted EBITDAR
80,986
91,013
303,362
327,565
Fourth Quarter 2025
Net revenues of $322.7 million decreased $4.4 million compared with the prior-year period. Adjusted EBITDA of $78.8 million decreased $10.0 million. The decreases are primarily attributed to lower table hold at Mohegan Sun compared with prior-year period, and the inclusion of Las Vegas operations in the prior year comparable period.
Fiscal Year 2025
Net revenues of $1.2 billion decreased $3.1 million compared with the prior-year period. Adjusted EBITDA of $294.7 million decreased $24.2 million. The prior year comparable period includes Las Vegas operations and benefitted from non-cash digital license fee revenue at Mohegan Pennsylvania.
Mohegan Digital
Three Months Ended
Fiscal Year Ended
($ in thousands, unaudited)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Net revenues
$ 61,569
$ 43,884
$ 238,692
$ 160,710
Income from operations
24,857
19,336
110,845
78,658
Net income
24,854
19,339
110,880
79,166
Adjusted EBITDA
24,896
19,366
111,026
79,161
Fourth Quarter 2025
Net revenues of $61.6 million increased $17.7 million compared with the prior-year period. Adjusted EBITDA of $24.9 million was $5.5 million favorable compared with the prior-year period.
Full Fiscal Year 2025
Net revenues of $238.7 million increased $78.0 million compared with the prior-year period. Adjusted EBITDA of $111.0 million was $31.9 million favorable compared with the prior-year period.
International Resorts
Three Months Ended
Fiscal Year Ended
($ in thousands, unaudited)
September 30, 2025
September 30, 2024
