Mohegan reports $296m net income for Q3 following $300m Connecticut Sun sale

The Mohegan Tribal Gaming Authority has reported the operator’s financial results for the third quarter of fiscal year 2026, having generated a net income of $296m following the sale of its Connecticut Sun WNBA franchise to the Fertitta family for approximately $300m. 

Net revenue for the Tribal operator totaled just over $450.6m for Q3, representing an increase of 3.1%. Income from operations and adjusted EBITDA grew 8% and 7.5%, respectively, during Q3, reaching $79.1m and $101.1m. 

The operator’s Q3 FY2026 performance was also fueled by a quarterly record adjusted EBITDA from its Mohegan Digital vertical, totaling $40.1m and increasing 17.2%. Net revenue from Mohegan Digital rose 16.3% to $78.5m, as income from operations grew 17.4% to $40.2m. 

Mohegan Digital’s net income for Q3 increased 17.3% to $40m, while the operator’s domestic resorts achieved net income of $332.5m and grew 554.7%. Net revenue from domestic operations rose 4.3% to $310.1m, with adjusted EBITDA reaching $71.5m and increasing 2%.

Income from operations for Mohegan’s domestic resorts increased 4% to $52.9m during Q3, assisted by strong slot performance from Mohegan Sun which recorded 59.7% of Connecticut slot market share for the period. 

Mohegan Sun announced it will celebrate its 30th anniversary during October 2026 with a lineup of live musical entertainment, with “many more events and promotions” set to be announced according to President & GM Jeff Hamilton.

On the gaming side of operations, Mohegan Sun currently features two casino floors – Casino of the Earth and Casino of the Sky – which combine to offer nearly 4,000 slot machines and more than 300 table games.

Mohegan’s international resorts accounted for $66.8m of revenue and decreased 11% year-over-year, while adjusted EBITDA fell 56.8% to just $2.2m. Net loss totaled $0.1m and decreased from the $1.3m net income recorded during Q3 FY2025, while international resorts also generated a loss from operations of $1.4m. 

Revenue stemming from corporate, development and other activities decreased by 13.4% to $4.5m, having also witnessed an adjusted EBITDA loss of $12.7m, The sector’s net loss reached $75.5m and improved 17.4%, while loss from operations fell by 19.8% to $12.6m. 

Mohegan’s gaming operations drove $321.4m of revenue during the third quarter of fiscal year 2026 and increased 3.1%. Food & beverage and hotel revenues for Q3 were $46.2m and $30.9m, respectively, equating to increases of 1.9% and 5.7%. 

Retail, entertainment and other revenue grew 3% to $52.1m, while Mohegan was able to generate positive performances for Q3 despite witnessing a 2.2% increase in operating expenses to $371.5m.