Mohegan Announces First Quarter Fiscal 2026 Operating Results

Mohegan Tribal Gaming Authority announced operating results for its first fiscal quarter ended December 31, 2025.

First Quarter 2026 and Recent Highlights:

Mohegan Sun generated its highest Q1 net slot win since FY’18.

Mohegan Digital achieved its highest ever quarterly net revenues and Adjusted EBITDA.

Mohegan Digital monthly active users at an all-time high.

Mohegan Digital Adjusted EBITDA increased 44.5% year over year.

“Adjusted EBITDAR of $95.3 million increased 2.4% on flat net revenues. Results were largely driven by Mohegan Digital delivering its strongest quarterly performance to date. Adjusted EBITDA of $86.4 million decreased $3.1 million, as the prior year comparable period benefitted from favorable table hold at Mohegan Sun and a one-time property tax adjustment at Niagara Resorts. After normalizing for these factors, Adjusted EBITDA would have been up $4.8 million, or 5.9%,” 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.

Net revenues of $300.0 million decreased $12.0 million compared with the prior-year period. Entertainment revenues declined as a result of fewer arena events in the current period, while the prior-year comparable period benefitted from favorable table hold at Mohegan Sun and $6.6 million of net revenues from Las Vegas operations. Adjusted EBITDA of $64.8 million decreased $9.8 million compared with the prior-year period, factoring in the previously described items.

As of December 31, 2025 and September 30, 2025, Mohegan held cash and cash equivalents of $154.0 million and $128.0 million, respectively. Inclusive of letters of credit which reduce borrowing availability, Mohegan had $146.8 million of borrowing capacity under its senior secured credit facility and line of credit as of December 31, 2025. In addition, inclusive of letters of credit which reduce borrowing availability, Niagara Resorts had $36.5 million of borrowing capacity under its revolving credit and swingline facility as of December 31, 2025.