UNCASVILLE, Conn., May 9, 2024 /PRNewswire/ -- Mohegan Tribal Gaming Authority ("Mohegan," "we" or "our") today announced operating results for its second fiscal quarter ended March 31, 2024. Second Quarter 2024 and Recent Highlights: Mohegan achieved its highest quarterly net revenue in our history, up 13.8% year over year. Mohegan INSPIRE celebrated its official grand opening on March 5 and earned a prestigious five-star hotel rating. Mohegan Digital launched in Pennsylvania on April 2, as we continue to expand our online gaming presence and grow brand recognition to complement our land-based operations. Mohegan successfully implemented a new global Enterprise Resource Planning system, on April 1, to unlock operating efficiencies which support Mohegan's growth and transformation into a premier global integrated resort operator. "These important milestones are vital to the foundation we're building to ensure our continued success as we build for 13 generations to come, and beyond. As we work towards our objectives, these recent achievements demonstrate the effectiveness of our strategy to support our transformation into a world renown global resort operator," said Raymond Pineault, Chief Executive Officer of Mohegan. Mohegan Operating Results Three Months Ended Variance ($ in thousands, unaudited) March 31, 2024 March 31, 2023 $ % Net revenues $                    461,734 $                    405,847 $               55,887 13.8 % Income from operations 31,210 63,817 (32,607) (51.1) % Net loss attributable to Mohegan (46,079) (9,634) (36,445) (378.3) % Adjusted EBITDA1 83,959 102,145 (18,186) (17.8) % "Net revenues of $461.7 million increased $55.9 million compared with the prior-year period, primarily due to continued growth in Mohegan Digital and revenue from Mohegan INSPIRE," said Ari Glazer, Chief Financial Officer of Mohegan. "Consolidated Adjusted EBITDA of $84.0 million decreased $18.2 million compared with the prior-year period, primarily due to operating costs related to the opening of Mohegan INSPIRE and non-controlling interest adjustments at Niagara Resorts." _____________________________ 1 Refer to the Reconciliation of Non-US GAAP Financial Measures for a discussion and reconciliation of Adjusted EBITDA.   Domestic Three Months Ended Variance ($ in thousands, unaudited) March 31, 2024 March 31, 2023 $ % Net revenues $                    300,434 297,339 $                 3,095 1.0 % Income from operations 51,946 55,070 (3,124) (5.7) % Net income 50,163 53,231 (3,068) (5.8) % Adjusted EBITDA 79,653 79,653 — — % Net revenues of $300.4 million increased $3.1 million compared with the prior-year period, primarily due to higher non-gaming revenues. The non-gaming growth was driven by strong entertainment, food and beverage revenues in the period. Adjusted EBITDA of $79.7 million and Adjusted EBITDA margin of 26.5% were flat compared with the prior-year period. International Three Months Ended Variance ($ in thousands, unaudited) March 31, 2024 March 31, 2023 $ % Net revenues $                    108,071 $                      70,750 $               37,321 52.8 % Loss from operations (39,491) (6,868) (32,623) (475.0) % Net income (loss) (63,592) 438 (64,030) N.M. Adjusted EBITDA (16,580) 4,268 (20,848) N.M. Net revenues of $108.1 million increased $37.3 million compared with the prior-year period, primarily driven by Mohegan INSPIRE. Adjusted EBITDA loss of $16.6 million was unfavorable, primarily due to operating costs related to the opening of Mohegan INSPIRE and a $5.0 million non-controlling interest adjustment related to Niagara Resorts. Excluding the adjustment for non-controlling interest, Adjusted EBITDA loss would have been $11.6 million, which we believe presents a more accurate comparison with prior periods. Mohegan Digital Three Months Ended Variance ($ in thousands, unaudited) March 31, 2024 March 31, 2023 $ % Net revenues $                      38,778 $                      22,710 $               16,068 70.8 % Income from operations 19,949 17,810 2,139 12.0 % Net income 20,258 18,150 2,108 11.6 % Adjusted EBITDA 20,239 18,133 2,106 11.6 % Net revenues of $38.8 million increased $16.1 million compared with the prior-year period, partially due to $8.8 million in iGaming tax reimbursements from our iGaming partners being included as an increase to both net revenues and expenses in the current year. Adjusted EBITDA of $20.2 million was $2.1 million favorable compared with the prior-year period, as Mohegan Digital continues to experience strong growth. In addition, Mohegan Digital's prior-year results include a favorable one-time adjustment related to the revenue share allocation from our digital gaming partner. Management, development and other Three Months Ended Variance ($ in thousands, unaudited) March 31, 2024 March 31, 2023 $ % Net revenues $                      18,369 $                      17,503 $                    866 4.9 % Income from operations 9,807 11,909 (2,102)