Mohegan Tribal Gaming Authority announces quarterly results

"We are pleased to report another very strong quarter of operating performance, evidenced by our 3rd consecutive quarter of top line growth coupled with very strong flow-through to the bottom line," said Robert J. Soper, President and Chief Executive Officer of the Authority.

"In addition, the March quarter was a very exciting one with respect to our strategic goal of diversification with the sole conditional gaming license in South Korea being awarded to our Inspire joint venture, substantial progress on both the development of the Cowlitz casino in the State of Washington and the Earth Hotelin Connecticut and more recently, our agreement to assist the Tunica-Biloxi Tribe of Louisiana manage its flagship property, Paragon Casino Resort. With these endeavors in place, our high quality portfolio of assets will grow from three properties to six properties under management over the next several years," he remarked.

Consolidated operating results for the second quarter ended March 31, 2016 (unaudited):

• Net revenues of $331.8 million, a 6.9% increase over the second quarter of fiscal 2015
• Gaming revenues of $296.7 million, a 7.9% increase over the second quarter of fiscal 2015
• Gross slot revenues of $203.0 million, an 8.2% increase over the second quarter of fiscal 2015
• Table game revenues of $93.4 million, a 7.4% increase over the second quarter of fiscal 2015
• Non-gaming revenues of $57.5 million, relatively flat compared to the second quarter of fiscal 2015
• Adjusted EBITDA, a non-GAAP measure described below, of $88.3 million, an 18.2% increase over the second quarter of fiscal 2015
• Adjusted EBITDA margin of 26.6%, a 250 basis point increase over the second quarter of fiscal 2015
• Income from operations of $60.3 million, a 23.0% increase over the second quarter of fiscal 2015
• Net income attributable to the Authority of $30.5 million, a 102.8% increase over the second quarter of fiscal 2015
• The growth in Adjusted EBITDA, income from operations and net income attributable to the Authority primarily resulted from higher gaming revenues driven by strong volumes at Mohegan Sun and Mohegan Sun Pocono, combined with increased revenues generated by Corporate.