Mohegan Tribal Gaming Authority reported mixed results for the first quarter of fiscal 2026, with stable group revenue supported by strong digital growth but weaker performance across land-based and international operations.
For the quarter ended December 31, 2025, total net revenue reached $434.5m, down 0.2% year-on-year. Income from operations declined 20.3% to $56.1m, while adjusted EBITDA fell 3.4% to $86.4m.
Net income totaled $108.5m, compared with a net loss in the prior-year period, largely due to a one-time non-cash gain tied to discontinued operations.
The company’s digital division delivered the strongest growth. Mohegan Digital generated $72.2m in revenue, up 35.9%, while adjusted EBITDA rose 44.5% to $36.2m.
The segment also reported record monthly active users and its highest quarterly profitability to date, with particularly strong performance in Connecticut, Pennsylvania and Ontario.
Domestic resort operations were weaker. Revenue declined 3.9% to $300.0m, while adjusted EBITDA dropped 13.2% to $64.8m. The decrease reflected fewer entertainment events and prior-year benefits that did not recur, including favorable table hold and Las Vegas contributions.
International resorts experienced the sharpest decline. Revenue fell 9.3% to $65.5m and adjusted EBITDA dropped 86.6% to $1.1m, primarily due to lower gaming volumes compared with the prior year.
Liquidity improved modestly during the quarter, with cash and cash equivalents rising to $154.0m, compared with $128.0m at the end of the previous fiscal quarter.
In fiscal 2025, Mohegan reported that digital expansion offset softer land-based performance, with Mohegan Digital revenue increasing 48.5% for the year and supporting overall group growth despite pressure on traditional resort operations.
Mohegan Digital operates online casino platforms in Connecticut, Pennsylvania, and Ontario and recently expanded its sports betting presence in Pennsylvania as part of its broader strategy to grow its digital gaming footprint
