Mohegan Gaming & Entertainment issued information on its financial result generated over Q4 of the 2019 fiscal year. The quarterly financial report sheds more light on its gambling operation in Connecticut, Niagara Falls, Ontario, as well as in South Korea. This was also the first complete fiscal quarter of Niagara Falls operation for the tribal casino operator, marking a strong performance.
At the end of every quarter, the financial information issued makes it clear whether or not the casino corporation or company has achieved goals set at the beginning of the period. This fourth quarter of the fiscal year came to an end on September 30, 2019, and brought with itself the end of the entire fiscal year. Net revenue managed to make a 19.2percent jump when compared to its amount in the previous fiscal year.
Casino Operation Reflected in Report
The most recent quarter witnessed a net income of US$414 million, nearly 20 percent more than the US$347.2 million generated over Q4 2018. As for the income amassed during this period, it saw a 77.4-percent slump, due to the impairment charge Mohegan Sun Pocono was hit with. This resulted in an income of US$15.7 million.
Q4 2018 witnessed income amounting to US$69.6 million. As for the adjusted earnings before interest, tax, depreciation, and amortization marked a 5.4-percent drop when compared to the amount reached around this time last year. September 30 brought US$89.4 million in EBITDA, whereas the previous year managed to amass some US$94.5 million. Niagara Falls had its impact on the financial situation reflected in the recent quarterly report.
The tribal casino powerhouse oversees operation of Fallsview Casino Resort and Casino Niagara, the two gaming hotspots in Niagara Falls, Ontario. This June was a special month as it saw the closing of the deal that would guarantee the future operation of the two gambling venues, as well as the Niagara Falls Entertainment Center over the span of the next 21 years. September 2018 saw the announcement that the US-based tribal casino operator has defeated all rivals on its way to the coveted license for Niagara Gaming Bundle.
Niagara Falls Casinos Project Success
It defeated not only Canadian companies such as Great Canadian Gaming and Gateway Casinos & Entertainment, but also international leaders to the likes of Caesars Entertainment and Hard Rock Entertainment. Niagara Falls casino operation witnesses increase in slot machines operation, as well as a decrease in table game action.
Niagara Falls casinos have been facing Toronto-based casino operation and its negative impact for quite some time. Meanwhile, Niagara Falls, New York is also a rival for casino patrons. Q4 2019 witnessed a combined net revenue of US$91,237 as a result of its Niagara Falls operation. Moreover, income reached US$4,784. This week was a special one for Niagara Casinos, as it marked ten years of being the Hamilton-Niagara Top Employer.
Some of the awards bagged this year was the recognition of Mental Health programs by the Workplace Benefits Awards, first place for Wellness by Canada’s Safest Employers, joined by silver for Psychological Safety, Services, as well as Best Culture. This year was also special as the casino resort bagged the Business That Gives Back award by the Greater Niagara Chamber of Commerce.