Mohegan Pushes Forward with Growth Plans Amidst Mixed Q2 Results

The company’s digital segment recorded impressive performance, underlining the operator’s successful efforts to adapt to shifting industry dynamicsImage Source: Shutterstock.com

Mohegan Gaming & Entertainmentremains on track with its expansion plans despite recent financial results revealing a slight year-over-year dip in revenue. However, the company’s digital operations recordedoutstanding growth, justifying ongoing investments and demonstrating how retail and online offerings can complement each other to deliver lasting success.

Most Metrics Remained Robust

For the quarter ending June 30, 2025, Mohegan posted net revenue of$436.9 million, a decline of 1.6%from the same quarter last year. Adjusted EBITDA stood at$94.1 million, a reduction of $18.3 million, or16.3% compared to the previous year’s results. The company attributed the revenue drops to several one-off factors. 

Some of the quoted irregularities includemanagement feesrelating to the Ilani property and a one-time acceleratednon-cash digital license feeat Mohegan Pennsylvania. Without these, Adjusted EBITDA would have risen by 4.9%. CEO Raymond Pineault noted that the company’s recent refinancing put it in a better position to meet its long-term goals.

“Now that we’ve addressed our capital structure, we’re singularly focused on executing our plan and increasing value for all our sngakeholders.”

Raymond Pineault, Mohegan CEO

Digital operations performed better than expected. Digital net revenue increased to $67.5 million, a $25.6 million riseyear-over-year. Mohegan Digital’s Adjusted EBITDAgrew 48.2%. The company pointed to ongoing growth in Connecticut and consistent performance in Pennsylvania. Mohegan’s status as the lone land-based operator with its proprietary digital product in Ontario gave it a significant competitive advantage.

The Company Remains Focused on Growing Its Footprint

Mohegan’s physical footprint remains anchored byMohegan Pennsylvania, its flagship resort in Connecticut, and its Canadian operations inNiagara Falls, Ontario. The operator continues topursue growth opportunitiesin both online gaming and new resort destinations. One of its most notable expansion efforts includes its bid for one of the limited New Yorkcasino licenses.

In partnership with the Soloviev Group, Mohegan is submitting a proposal for aFreedom Plaza resorton a six-acre property located onManhattan’s East Sidebetween 38th and 41st Streets, east of First Avenue. The project envisions a combination of luxurious amenities, meticulously designed public spaces, and a rewards program linked to local enterprises.

While quarterly results revealed some softness in headline numbers, Mohegan executives were keen to point out thatunderlying trends, especially in the digital sector,remain robust. With a solid balance sheet, growing digital revenues, and an eye on new markets, Mohegan remains well-positioned to maintain its momentumdespite intensifying competition and broader economic challenges.