Second Quarter 2026 and Recent Highlights:
Mohegan reached an agreement to sell the Connecticut Sun for $300 million.
Mohegan Digital achieved record quarterly net revenues and Adjusted EBITDA.
Mohegan Digital CT average revenue per monthly active user was $470 for the quarter, an all-time high.
Mohegan Sun exceeded 60% in Connecticut slot market share in March, which is the highest monthly market share in the past five years.
Mohegan Operating Results
Three Months Ended
Variance
($ in thousands, unaudited)
March 31, 2026
March 31, 2025
$
%
Net revenues
$ 428,967
$ 418,840
$ 10,127
2.4 %
Income from operations
60,486
59,729
757
1.3 %
Net income
14,116
46,886
(32,770)
(69.9) %
Adjusted EBITDA[1]
85,445
83,922
1,523
1.8 %
Adjusted EBITDAR1
94,506
90,863
3,643
4.0 %
Net revenues of $429.0 million increased $10.1 million. Results were largely driven by Mohegan Digital achieving record quarterly performance to date, which was partially offset by unfavorable table hold and lower table volumes at Mohegan Sun. Adjusted EBITDA of $85.4 million increased $1.5 million, however, after normalizing for Mohegan Sun's table hold, Adjusted EBITDA would have been up $8.3 million, or 10.0%.
Prior period amounts have been restated to exclude results of operations of Inspire Integrated Resort Co., Ltd., its parent company MGE Korea Limited, and certain affected subsidiaries, from continuing operations.
Domestic Resorts
Three Months Ended
Variance
($ in thousands, unaudited)
March 31, 2026
March 31, 2025
$
%
Net revenues
$ 288,628
$ 297,994
$ (9,366)
(3.1) %
Income from operations
39,483
50,684
(11,201)
(22.1) %
Net income
39,450
50,668
(11,218)
(22.1) %
Adjusted EBITDA
59,681
71,150
(11,469)
(16.1) %
Adjusted EBITDAR
61,842
73,311
(11,469)
(15.6) %
Net revenues of $288.6 million decreased $9.4 million compared with the prior-year period. Strong slot performance at Mohegan Sun was offset by unfavorable table hold and lower table volumes at the resort. In addition, the prior-year comparable results include $4.8 million from Las Vegas operations. Adjusted EBITDA of $59.7 million decreased $11.5 million compared with the prior-year period, primarily driven by lower revenues and slightly higher operating expenses, including increased energy costs.
Mohegan Digital
Three Months Ended
Variance
($ in thousands, unaudited)
March 31, 2026
March 31, 2025
$
%
Net revenues
$ 79,292
$ 56,560
$ 22,732
40.2 %
Income from operations
39,747
26,755
12,992
48.6 %
Net income
39,673
26,787
