Mohegan Q1 conference call: ‘Actively monitoring’ prediction markets to ensure ‘level playing field’

Following the release of its financial results for the first quarter of fiscal year 2026, Mohegan Gaming held an earnings call for investors and financial analysts, hosted by COO Joseph Hasson, CFO Ari Glazer and Treasurer Thayne Hutchins. 

The operator reported mixed results for Q1 fiscal year 2026, as net revenue decreased 0.2% to $434.5m, despite Mohegan Digital reporting new highs in both revenue and adjusted EBITDA for the quarterly period. Income from operations fell 20.3% to $56.1m for Q1 fiscal year 2026, while the operator’s total adjusted EBITDA decreased 3.4% to $86.4m. 

Hasson brought attention to the record table hold generated during the prior year period as a reason for the declines in revenue, income from operations and adjusted EBITDA, while Glazer anticipates a “natural lift” in financial performance as 2026 moves forward. The Mohegan Gaming CFO also shared it “thinks about every lever that we have to expand our business and unlock capital.”

Mohegan’s Q1 fiscal year 2026 performance chilled by winter storms

During the Q1 period, markets where Mohegan is currently operating, such as Pennsylvania and Connecticut, were hit with severe snow storms which may have impacted the operator’s financial results. Hasson stated it's not Mohegan’s “natural cadence” to report on the weather within financial reports, but did share he “certainly wish(ed) it had been better.”

“Weather affects everyone in our industry. There’s no question there was weather drama, especially in a very important week for us which falls between Christmas and New Year’s,” Hasson said. 

Mohegan’s revenue from domestic resort operations decreased 3.9% to $300m, while adjusted EBITDA fell 13.2% to $64.8m. Hasson and Glazer stated Mohegan failed to “drive as much velocity” in its events and arena operations, which “helps to drive the rest of the business” according to Hasson. 

Hasson still displayed confidence in the operator’s financial outlook during the earnings call, having said, “We expect some of the dimensions of our business to outperform prior year results. Capital spend will continue to run at a rate you’re all familiar with.”

The search for a new Mohegan Gaming CEO continues

In October 2025, former Mohegan President and CEO Ray Pineault informed the operator’s Board of his intentions to step down from his position by December 28, capping off nearly 25 years of service with the Tribe. 

The Mohegan Management Board has yet to appoint a new President and CEO following Pineault’s retirement, while Glazer confirmed “we don’t have a timeline to share on the CEO transition.”

“The Mohegan Management Board has taken a very hands-on approach to leading the business, which has always been the case. We also carry great experience in each of our business sectors, which provides us with great stability to run the day-to-day business,” Glazer said. 

Hasson also brought attention to the unique access he and Glazer possess to the Mohegan Management Board, confirming both are situated “right down the hall” from the operator’s executive leadership team. 

“When someone in our industry thinks about access to a company’s Board of Directors, they picture it being limited or very time-governed,” Hasson said. 

“We are colleagues with the Mohegan Management Board with routine access to have the ability to clarify and to recommend how operations should be run.”

Pineault also held the COO title for Mohegan prior to being named President and CEO, and was formerly President and GM of the operator’s Mohegan Sun property in Connecticut. 

Mohegan believes there is ‘no debate’ with prediction markets

As prediction markets operating in the US capture the attention of various gaming entities, Mohegan’s COO and CFO appear to be no different in tracking the offering’s vast expansion over the past 12 months. Despite calling prediction markets a “complex topic” on the earnings call, Glazer showed little resistance in providing Mohegan’s stance on the matter. 

“Our position on prediction markets is clear. Sports-related event contract trading is gambling. There’s no debate,” Glazer said. 

“We are actively monitoring prediction market operators to ensure there is a level playing field, especially as this represents an unregulated form of gaming. It’s still very early, but we are aligned with the concerns shown by the state of Connecticut and follow prediction markets very closely.”

Glazer also believes Mohegan’s iGaming operations “participate with the consumer in a different way” as compared to prediction markets, but stated the operator continues to “actively work” with Connecticut regulators and the state’s government to ensure proper compliance. 

Mohegan Digital managed to report record-highs in revenue and adjusted EBITDA during Q1 fiscal year 2026, with revenue increasing 35.9% to $72.2m, while adjusted EBITDA grew 44.5% for a total of $36.2m. 

Hasson was also asked about the potential grey market developing in Pennsylvania due to skill-based games and sweepstakes casinos, but believes “there’s no easy way to predict the outcome” of such operations or its impact on Mohegan’s digital business. 

The COO also questioned whether it could still be viewed as a grey market, given the “amount of sunshine and light that’s clearly illuminating” the regulatory discrepancies of skill-based games and authorized iGaming platforms in Pennsylvania. 

Whether the growth of prediction markets and sweepstakes casinos eventually hinders the performance of Mohegan’s digital operations remains to be seen, as well as if the operator can improve upon its Q1 fiscal year 2026 performance in the months ahead.