UNCASVILLE, CT – Mohegan Tribal Gaming Authority announced operating results for its third fiscal quarter ended June 30, 2026. During the quarter, the company completed the $300 million sale of the Connecticut Sun WNBA franchise and redeemed $140 million in aggregate principal amount of its 2029 Senior Unsecured Notes. The Restricted Group reported year-over-year growth of 5.8 percent in net revenue and 10.2 percent in Adjusted EBITDA. Mohegan Sun recorded a 59.7 percent share of Connecticut’s slot market, its highest quarterly market share since the fourth quarter of 2020. Mohegan Digital also reported record quarterly Adjusted EBITDA of $40.1 million, while its Connecticut operations averaged $467 in revenue per monthly active user.
“Our quarterly financial results demonstrate the continued strength of our business and our team’s ability to execute,” said Joe Hasson, COO at Mohegan. “Restricted Group revenue growth of 5.8%Â year-over-year underscores the healthy demand for our destination resorts, continued momentum in our digital business, and our unwavering focus on delivering exceptional guest experiences.”
“The successful closing of the sale of the Connecticut Sun WNBA franchise was a remarkable step toward executing our long-term strategic priorities,” said Ari Glazer, CFO. “While we are incredibly proud of the franchise’s legacy and the part it played in Mohegan’s history, the sale unlocks significant value and enhances our financial flexibility as we continue investing in our world-class resorts and pursuing opportunities that drive long-term stakeholder value. As we look ahead, we remain committed to improving operational efficiencies, maintaining disciplined capital allocation, and strengthening our balance sheet.”
Net revenues of $450.6 million increased $13.7 million. Adjusted EBITDA of $101.1 million increased $7.0 million. Results were primarily driven by record quarterly performance to date by Mohegan Digital, strong slot results at Mohegan Sun, and robust demand supporting growth in non-gaming revenues, including food and beverage and hotel operations, across both Mohegan Sun and Mohegan Pennsylvania. Net income in the current quarter reflects a $279.7 million gain attributed to the sale of the Connecticut Sun.
Prior period amounts have been restated to exclude results of operations of Inspire Integrated Resort Co., Ltd., its parent company MGE Korea Limited, and certain affected subsidiaries, from continuing operations.
Net revenues of $310.1 million increased $12.8 million compared with the prior-year period mainly due to the strong slot performance at Mohegan Sun and business increases across non-gaming revenue streams at our domestic resorts. Adjusted EBITDA of $71.5 million increased $1.4 million compared with the prior-year period, primarily driven by higher gaming and non-gaming revenues. Net income in the current quarter reflects a $279.7 million gain attributed to the sale of the Connecticut Sun.
Net revenues of $78.5 million increased $11.0 million, and Adjusted EBITDA of $40.1 million increased $5.9 million compared with the prior-year period. Mohegan Digital achieved record quarterly Adjusted EBITDA and Mohegan Digital CT average revenue per monthly active user remained at historically strong levels.
Net revenues of $66.8 million decreased $8.3 million, and Adjusted EBITDA of $2.2 million decreased $3.0 million compared with the prior-year period. The decreases are primarily attributable to lower gaming revenue resulting from an adverse swing in table hold in the current versus prior year’s quarter. On a table hold normalized basis, Adjusted EBITDA decreased $0.3M. Adjusted EBITDAR of $9.0 million, which excludes real estate rent expense, decreased $3.1 million compared with the prior-year.
Net revenues of $4.5 million decreased $0.7 million compared with the prior-year period. Adjusted EBITDA loss of $12.7 million was $2.7 million favorable compared with the prior-year period. The increase in Adjusted EBITDA is primarily attributed to labor savings in the current period related to a workforce reduction in October 2025.
Liquidity
As of June 30, 2026, Mohegan held cash and cash equivalents of $138.0 million. Inclusive of letters of credit which reduce borrowing availability, Mohegan had $211.8 million of borrowing capacity under its senior secured credit facility and line of credit as of June 30, 2026. In addition, inclusive of letters of credit which reduce borrowing availability, Niagara Resorts had $35.1 million of borrowing capacity under its revolving credit and swingline facility as of June 30, 2026.
