Mohegan Gaming and Entertainment, announces its second fiscal quarter report, which ended March 31, 2019. The record covers several verticals of the business, including its online casino in New Jersey, MoheganSun Casino. Unfortunately, the numbers don’t look all that impressive. But then when you factor in all the investments currently taking place, then it doesn’t look so bad. In fact, it actually puts the company more in line with where they expected to be at this point.
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Understand the Report from the NJ Perspective
In terms of online casino revenue, since January, the magic number to hit is $30 Million. That’s because it was the first time in state history that the numbers reached those heights. From that point on, the online casino market in NJ has never looked back. In April, the Division of Gaming Enforcement released the numbers, and the seven online license holders reported revenue of $36,582,934. Of those seven, Resorts Digital, the online arm of the land-based casino, made a lot of noise.
And by all means, the figures wouldn’t look so impressive if Mohegan Sun wasn’t under the Resorts umbrella. However, that’s simply not the case here. Overall, Resorts Digital reported $7,137,480 in revenue. Which, is a huge 97.6% increase YoY. Like Golden Nugget, Resorts is one of the smaller properties in Atlantic City, but also one of the loudest.
Outside of Statelines
As for Mohegan Sun, the grass isn’t greener on the other side. The truth is, beyond the Garden State, the casino has a lot of work to do. Not that they’re sluggish, although they do have a lot of investments going on. As a result, the company’s net revenue was down 7.3% to $307.7 Million compared to $332.0 Million in April 2018. Also, income from operations slid 60.4% to $22.2 Million from an impressive $56.1 Million a year before. However, with its growth in NJ and once all its global projects are complete, we should be here telling you another story in May 2020. Until then, sit back, relax, and log into Mohegan Sun for a whole lot of fun.