For the fourth quarter, the Mohegan Tribal Gaming Authority saw a year-over-year increase of $17.5 million in net revenues, bringing the total to $453.0 million. Meanwhile, operational income showed minimal change, sitting at $55.8 million.
During the three-month period ending September 30, 2025, Mohegan’s operational income was reported at $55.8 million, down from $56.9 million during the same time frame last year. The net loss attributable to Mohegan significantly narrowed to $2.5 million from $58.9 million compared to the previous year’s quarter. Adjusted EBITDA reached $87.4 million, slightly down from $88.3 million the prior year, while Adjusted EBITDAR increased to $100.9 million from $98.9 million.
“Net revenues of $453.0 million saw a $17.5 million increase compared to last year, primarily driven by a remarkable 40.3% growth from Mohegan Digital. The consolidated Adjusted EBITDA of $87.4 million was down by 1.0% year-over-year, partly due to the prior year’s positive impact from ilani management fees and operations in Las Vegas, along with a negative effect from a heightened non-cash adjustment regarding a customer contract asset at Niagara Resorts,” stated Ari Glazer, Mohegan’s Chief Financial Officer.
Segment Analysis
Domestic resorts generated net revenues of $322.7 million in the fourth quarter, a decrease from $327.1 million in the previous year. Adjusted EBITDA fell to $78.8 million from $88.9 million, with the year-over-year evaluation including Las Vegas operations from the prior year and experiencing a lower table hold at Mohegan Sun.
Mohegan Digital reported fourth-quarter net revenues of $61.6 million, increasing from $43.9 million last year. Adjusted EBITDA surged to $24.9 million, up from $19.4 million.
International resorts reported net revenues of $73.8 million for this quarter, rising from $63.2 million the previous year. Adjusted EBITDA reached $4.5 million, compared to a loss of $4.5 million in the prior year, which had included an unfavorable non-cash adjustment related to a customer contract asset at Niagara Resorts.
Corporate, development, and other operations saw fourth-quarter net revenues decline to $6.2 million from $11.6 million a year ago. Adjusted EBITDA loss expanded to $20.8 million from $15.4 million, mainly due to the lack of ilani management fees and increased professional fees.
Annual Financial Overview
For fiscal year 2025, Mohegan reported net revenues of $1.7 billion, compared to $1.73 billion for fiscal 2024. The income from operations decreased to $259.3 million from $286.6 million. The net loss attributable to Mohegan was $46.8 million, down from $232.0 million in the previous year.
Adjusted EBITDA for the year stood at $355.0 million, down from $396.0 million. Adjusted EBITDAR amounted to $400.5 million, compared to $439.7 million the previous year.
“In fiscal year 2025, our core properties and digital operations witnessed a 6.0% growth in net revenues year-over-year on a consolidated same-store basis. The standout performer was Mohegan Digital, which saw a 48.5% year-over-year revenue increase,” said Raymond Pineault, Mohegan’s Chief Executive Officer.
Amounts from the previous year were restated to exclude results from Inspire Integrated Resort Co., Ltd., MGE Korea Limited, and certain related subsidiaries from continuing operations.
As of September 30, 2025, Mohegan had $128.0 million in cash and cash equivalents, down from $145.7 million a year earlier. Including letters of credit, the company maintained $198.6 million in borrowing capacity under its senior secured credit facility and line of credit, with Niagara Resorts holding $35.9 million available under its revolving credit and swingline facility.