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Deutschland UNCASVILLE, Conn., Feb. 3, 2016 /PRNewswire/ -- The Mohegan Tribal Gaming Authority, or the Authority, the owner and operator of Mohegan Sun in Uncasville, Connecticut, and Mohegan Sun Pocono in Wilkes-Barre, Pennsylvania, announced today the operating results for its first fiscal quarter ended December 31, 2015.
"We were pleased with our first quarter of fiscal 2016, which was an important one for us on many fronts," said Robert J. Soper, President and Chief Executive Officer of the Authority. "Our operating performance was strong, as we generated our highest first quarter consolidated revenue growth in nearly 9 years and experienced a significant increase in consolidated EBITDA margin. We closed on the financing for the Cowlitz Project, which placed the Cowlitz Tribe in position to open what we believe will be one of the most successful resorts in the Pacific Northwest in less than 18 months. We continued to make great progress in the construction of our new 400-room hotel in Connecticut, and we also submitted our application for a $1.6 billion integrated resort casino at the Incheon Airport in South Korea. These and other initiatives will provide us with diversified and sustainable growth going forward."
Consolidated operating results for the first quarter ended December 31, 2015 (unaudited):
- Net revenues of $333.2 million, a 5.2% increase over the first quarter of fiscal 2015
- Gaming revenues of $292.4 million, a 5.3% increase over the first quarter of fiscal 2015
- Gross slot revenues of $197.5 million, relatively flat compared to the first quarter of fiscal 2015
- Table game revenues of $93.3 million, an 18.2% increase over the first quarter of fiscal 2015
- Non-gaming revenues of $64.8 million, a 2.6% increase over the first quarter of fiscal 2015
- Adjusted EBITDA, a non-GAAP measure described below, of $83.6 million, a 17.8% increase over the first quarter of fiscal 2015
- Adjusted EBITDA margin of 25.1%, a 270 basis point increase over the first quarter of fiscal 2015
- Income from operations of $70.1 million, a 40.8% increase over the first quarter of fiscal 2015
- Net income attributable to the Authority of $31.9 million, a 116.2% increase over the first quarter of fiscal 2015
The increases in Adjusted EBITDA, income from operations and net income attributable to the Authority primarily resulted from higher gaming revenues at Mohegan Sun and Mohegan Sun Pocono and increased revenues generated by Corporate, combined with lower Corporate expenses.
Mohegan Sun
Operating results (in thousands, unaudited):
|
For the Three Months Ended | ||||||||||
|
December 31, |
December 31, |
Percentage | ||||||||
|
2015 |
2014 |
Variance |
Variance | |||||||
|
Adjusted EBITDA |
$ |
75,096 |
$ |
65,076 |
$ |
10,020 |
15.4% | |||
|
Income from operations |
$ |
59,054 |
$ |
47,418 |
$ |
11,636 |
24.5% | |||
|
Operating costs and expenses |
$ |
196,029 |
$ |
198,360 |
$ |
(2,331) |
(1.2%) | |||
|
Net revenues |
$ |
255,083 |
$ |
245,778 |
$ |
9,305 |
3.8% | |||
|
Gaming revenues |
$ |
224,570 |
$ |
212,543 |
$ |
12,027 |
5.7% | |||
|
Non-gaming revenues |
$ |
49,147 |
$ |
52,437 |
$ |
(3,290) |
(6.3%) | |||
The growth in Adjusted EBITDA and income from operations primarily resulted from increased table game revenues, which benefited from both higher drop and hold percentage, driven in part by greater efforts directed at the high-end table game segment. These results were partially offset by increased promotional expenses related to the high-end table game segment and a slight decline in slot revenues. The decline in non-gaming revenues primarily reflected lower entertainment revenues resulting from a reduction in the number of headliner shows held at the Mohegan Sun Arena and lower gasoline revenues driven by a decline in the average price per gallon of gasoline. Adjusted EBITDA margin increased 290 basis points to 29.4% for the quarter ended December 31, 2015 from 26.5% in the first quarter of fiscal 2015.
Selected gaming data (in thousands, except where noted, unaudited):
|
For the Three Months Ended | ||||||||||
|
December 31, |
December 31, |
Percentage | ||||||||
|
2015 |
2014 |
Variance |
Variance | |||||||
|
Slots: |
||||||||||
|
Handle |
$ |
1,765,802 |
$ |
1,757,195 |
$ |
8,607 |
0.5% | |||
|
Gross revenues |
$ |
142,947 |
$ |
145,972 |
$ |
(3,025) |
(2.1%) | |||
|
Net revenues |
$ |
138,402 |
$ |
140,335 |
$ |
(1,933) |
(1.4%) | |||
|
Free promotional slot plays (1) |
$ |
14,760 |
$ |
13,771 |
$ |
989 |
7.2% | |||
|
Weighted average number of machines (in units) |
5,146 |
5,355 |
(209) |
(3.9%) | ||||||
|
Hold percentage (gross) |
8.1% |
8.3% |
(0.2%) |
(2.4%) | ||||||
|
Win per unit per day (gross) (in dollars) |
$ |
302 |
$ |
296 |
$ |
6 |
2.0% | |||
|
Table games: |
||||||||||
|
Drop |
$ |
464,860 |
$ |
454,132 |
$ |
10,728 |
2.4% | |||
|
Revenues |
$ |
82,820 |
$ |
68,599 |
$ |
14,221 |
20.7% | |||
|
Weighted average number of games (in units) |
267 |
284 |
(17) |
(6.0%) | ||||||
|
Hold percentage (2) |
17.8% |
15.1% |
2.7% |
17.9% | ||||||
|
Win per unit per day (in dollars) |
$ |
3,370 |
$ |
2,624 |
$ |
746 |
28.4% | |||
|
Poker: |
||||||||||
|
Revenues |
$ |
2,417 |
$ |
2,646 |
$ |
(229) |
(8.7%) | |||
|
Weighted average number of tables (in units) |
42 |
42 |
- |
- | ||||||
|
Revenue per unit per day (in dollars) |
$ |
625 |
$ |
685 |
$ |
(60) |
(8.8%) | |||
|
___________________________________________ |
||||||||||
|
(1) Free promotional slot plays are included in slot handle, but not reflected in slot revenues. |
||||||||||
|
(2) Table game hold percentage is relatively predictable over longer periods of time, but can significantly fluctuate over shorter periods. | ||||||||||
Non-gaming data (in thousands, except where noted, unaudited):
|
For the Three Months Ended | ||||||||||
|
December 31, |
December 31, |
Percentage | ||||||||
|
2015 |
2014 |
Variance |
Variance | |||||||
|
Food and beverage: |
||||||||||
|
Revenues |
$ |
14,994 |
$ |
15,890 |
$ |
(896) |
(5.6%) | |||
|
Meals served |
651 |
735 |
(84) |
(11.4%) | ||||||
|
Average price per meal served (in dollars) |
$ |
16.54 |
$ |
15.84 |
$ |
0.70 |
4.4% | |||
|
Hotel: |
||||||||||
|
Revenues |
$ |
10,981 |
$ |
10,989 |
$ |
(8) |
(0.1%) | |||
|
Rooms occupied |
106 |
106 |
- |
- | ||||||
|
Occupancy rate |
98.2% |
98.0% |
0.2% |
0.2% | ||||||
|
Average daily room rate (in dollars) |
$ |
96 |
$ |
97 |
$ |
(1) |
(1.0%) | |||
|
Revenue per available room (in dollars) |
$ |
94 |
$ |
96 |
$ |
(2) |
(2.1%) | |||
|
Retail, entertainment and other: |
||||||||||
|
Revenues |
$ |
23,172 |
$ |
25,558 |
$ |
(2,386) |
(9.3%) | |||
|
Arena events (in events) |
26 |
26 |
- |
- | ||||||
|
Arena tickets |
150 |
164 |
(14) |
(8.5%) | ||||||
|
Average price per Arena ticket (in dollars) |
$ |
49.95 |
$ |
56.84 |
$ |
(6.89) |
(12.1%) | |||
Mohegan Sun Pocono
Operating results (in thousands, unaudited):
|
For the Three Months Ended | |||||||
|
December 31, |
December 31, |
Percentage | |||||
|
2015 |
2014 |
Variance |
Variance | ||||
|
Adjusted EBITDA |
$ 12,046 |
$ 11,664 |
$ 382 |
3.3% | |||
|
Income from operations |
$ 9,006 |
$ 8,479 |
$ 527 |
6.2% | |||
|
Operating costs and expenses |
$ 64,018 |
$ 61,917 |
$ 2,101 |
3.4% | |||
|
Net revenues |
$ 73,024 |
$ 70,396 |
$ 2,628 |
3.7% | |||
|
Gaming revenues |
$ 67,827 |
$ 65,191 |
$ 2,636 |
4.0% | |||
|
Non-gaming revenues |
$ 10,574 |
$ 10,190 |
$ 384 |
3.8% | |||
The increases in Adjusted EBITDA and income from operations primarily resulted from higher slot revenues which benefited from increased volumes. Adjusted EBITDA margin decreased slightly to 16.5% for the quarter ended December 31, 2015 from 16.6% in the first quarter of fiscal 2015.
Selected gaming data (in thousands, except where noted, unaudited):
|
For the Three Months Ended | ||||||||||
|
December 31, |
December 31, |
Percentage | ||||||||
|
2015 |
2014 |
Variance |
Variance | |||||||
|
Slots: |
||||||||||
|
Handle |
$ |
666,840 |
$ |
624,062 |
$ |
42,778 |
6.9% | |||
|
Gross revenues |
$ |
54,554 |
$ |
51,946 |
$ |
2,608 |
5.0% | |||
|
Net revenues |
$ |
54,460 |
$ |
51,796 |
$ |
2,664 |
5.1% | |||
|
Free promotional slot plays (1) |
$ |
11,659 |
$ |
10,855 |
$ |
804 |
7.4% | |||
|
Weighted average number of machines (in units) |
2,329 |
2,331 |
(2) |
(0.1%) | ||||||
|
Hold percentage (gross) |
8.2% |
8.3% |
(0.1%) |
(1.2%) | ||||||
|
Win per unit per day (gross) (in dollars) |
$ |
254 |
$ |
241 |
$ |
13 |
5.4% | |||
|
Table games: |
||||||||||
|
Drop |
$ |
55,969 |
$ |
58,838 |
$ |
(2,869) |
(4.9%) | |||
|
Revenues |
$ |
10,509 |
$ |
| ||||||
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