Mohegan reports FY2025 results as digital growth offsets mixed property performance

Mohegan Tribal Gaming Authority has released its financial results for the fourth quarter and full fiscal year ending 30 September 2025, revealing a performance shaped by strong digital growth offset by challenges in its traditional resort operations.

The gaming operator reported consolidated net revenues of $453m for Q4, representing a $17.5m increase compared to the same period in 2024. For the full fiscal year, net revenues reached $1.74bn, up $18.6m year-over-year.

However, the company posted a net loss attributable to Mohegan of $46.8m for the fiscal year, though this represented a significant improvement from the $232m loss recorded in fiscal 2024.

The standout performer was Mohegan Digital, the company's iGaming division, which generated Q4 revenues of $61.6m - a substantial 40.3% increase compared to the prior year. Throughout the year, Mohegan Digital's net revenues climbed 48.5% to $238.7m, while its adjusted EBITDA rose 28.6% in Q4 to $24.9m. For the full year, the division's adjusted EBITDA reached $111m, up $31.9m from fiscal 2024.

CEO Raymond Pineault noted that Mohegan's core properties and digital operations collectively grew same-store net revenues by 6% annually, crediting digital gains as the "primary catalyst" behind that upward movement. Additionally, the company's recent expansion into sports betting in Pennsylvania, launched in November, positions the digital division for continued momentum heading into fiscal 2026.

Despite the digital success, Mohegan's domestic resort properties faced headwinds during the reporting period. The domestic resorts segment, which includes flagship property Mohegan Sun in Connecticut, generated Q4 revenue of $322.7m, down $4.4m from the prior year. Mohegan Sun itself produced net revenues of $260.1m during the quarter.

According to CFO Ari Glazer, prior-year results benefited from ilani management fees, Las Vegas operations and non-cash digital license fee revenue at Mohegan Pennsylvania - all of which did not recur in FY2025. Glazer noted that, after normalizing for these items, adjusted EBITDA would have increased by 1.8% year over year.

For the full fiscal year, domestic resort revenues totalled $1.23bn, essentially flat compared to FY2024, and adjusted EBITDA for the segment decreased $24.2m to $294.7m.

The international resorts segment showed improvement, with Q4 revenues of $73.8m, up $10.6m year-over-year. Full-year international revenues reached $288.1m, an increase of $3.3m. The segment's adjusted EBITDA also turned positive at $20.7m for the fiscal year, compared to $13.4m in fiscal 2024, reflecting steady performance across Mohegan's Canadian operations.

From a liquidity perspective, Mohegan held $128m in cash and cash equivalents as of 30 September 2025, down from $145.7m a year earlier. The company maintains $198.6m in borrowing capacity under its senior secured credit facility.

Overall, the results reflect Mohegan's pivot toward digital gaming as a growth driver while managing traditional brick-and-mortar operations. This lean towards digital gaming is reflected in Mohegan's recent strategic initiatives. In early November, for example, Mohegan Digital launched its sportsbook operations in Pennsylvania through the Mohegan PA Online Casino app, featuring live betting, props and same game parlay options - with support from Boyd Gaming and odds technology from Kambi.

Later that month, the operator announced a sponsorship deal with the Philadelphia Flyers, expanding its marketing presence across the state through in-game activations and promotional campaigns.

According to Todd Stender, VP of Product and Operations, the Pennsylvania launch represents an opportunity to capture what he described as "money left on the table" in a mature market.