The Mohegan Tribal Gaming Authority reported mixed first-quarter fiscal 2026 results on Thursday, with largely flat revenue and a sharp decline in operating income offset by record performance at its digital gaming unit.
Net revenues for the quarter ended December 31, 2025, edged down 0.2% to $434.49 million, compared with $435.38 million a year earlier. Income from operations fell 20.3% to $56.1 million, reflecting weaker table hold and the absence of one-off benefits that boosted the prior-year period.
Adjusted EBITDA declined 3.4% to $86.4 million, while Adjusted EBITDAR rose 2.4% to $95.27 million, helped by strong growth in digital operations.
“Adjusted EBITDAR of $95.3 million increased 2.4% on flat net revenues. Results were largely driven by Mohegan Digital delivering its strongest quarterly performance to date,” Chief Financial Officer Ari Glazer said.
Mohegan Digital posted its highest-ever quarterly net revenues and Adjusted EBITDA, with monthly active users reaching an all-time high. Adjusted EBITDA at the digital unit jumped 44.5% year over year, supported by record performances in Connecticut, Pennsylvania, and Ontario.
By contrast, some land-based segments reported lower gaming volumes and fewer arena events during the quarter.
“Adjusted EBITDA of $86.4 million decreased $3.1 million, as the prior year comparable period benefitted from favorable table hold at Mohegan Sun and a one-time property tax adjustment at Niagara Resorts,” Glazer said. “After normalizing for these factors, Adjusted EBITDA would have been up $4.8 million, or 5.9%.”
Net income totaled $108.5 million, boosted by a $102 million non-cash gain related to derecognized guarantee liabilities tied to Mohegan INSPIRE, which was classified as discontinued operations.
According to the company, cash and cash equivalents rose to $154 million at quarter-end, compared with $128 million three months earlier. The company also reported $146.8 million in borrowing capacity under its senior secured credit facility, with an additional $36.5 million available at Niagara Resorts.
Prior-period figures were restated to exclude results from Inspire Integrated Resort Co., Ltd. and related Korean entities from continuing operations.
In its call with investors, the Mohegan Tribal Gaming Authority announced it is backing state efforts to crack down on prediction market operators. Executives claim that these platforms are illegally encroaching on the tribes’ exclusive gaming rights.
Mohegan Chief Financial Officer Ari Glazer announced they are working with Connecticut officials to halt what he called unlicensed gambling on platforms that offer wagers on sports outcomes.
“I think the two Connecticut-based Native American tribes have exclusivity on all forms of gaming in Connecticut, and we are actively working with all of the Connecticut constituents, regulators, and government to ensure that that is the case,” Glazer said.
Original article: https://www.yogonet.com/international/news/2026/02/18/117633-mohegan-posts-mixed-firstquarter-results-as-digital-unit-shines
