Late spring and early summer brought something of a return to normalcy for Mohegan Sun, where quarter-to-quarter earnings rebounded after a locked-down 2020.
Mohegan Gaming and Entertainment said its flagship location generated $65.1 million in its third quarter, up from $1.6 million in the year-ago period.
MGE’s fiscal year ends on Sept. 30, making April, May and June the company’s third quarter.
Mohegan Sun’s total revenues grew from $78.2 million in the third quarter of 2020 to $220 million in the third quarter of 2021.
In a statement, MGE CEO Raymond Pineault attributed the Uncasville casino and hotel’s relatively strong earnings to Connecticut’s economic reopening, which was still underway at the time. While it had no immediate impact on profits, Pineault also highlighted the recent launch of Mohegan Digital, which will oversee the rollout of the company’s new online gaming and e-sports products.
Connecticut effectively threw open the door to online gaming and sports betting ventures in May, when the General Assembly signed off on a three-way revenue-sharing pact agreed upon by Gov. Ned Lamont, the Mashantucket Pequot Tribal Nation and the Mohegan Tribe. The deal allows the state’s two casinos, Mohegan Sun and Foxwoods, to offer virtual versions of slot machines and table games.
As a whole, MGE reported income of $64 million, up from a loss of $20.5 million in the third quarter of 2020. Mohegan Sun was the major contributor to that total, with Mohegan Sun Pocono in Pennsylvania adding $12.3 million and MGE Niagara Resorts losing $11.7 million. Other expenses, including the cost of running MGE’s corporate office, pushed the company’s total profits below Mohegan Sun’s standalone earnings.
