Mohegan Posts $450.6 Million Q3 Revenue With 5.8 Percent Restricted Group Growth

Mohegan Tribal Gaming Authority reported net revenues of $450.6 million for the fiscal third quarter ended June 30, 2026. The figure rose $13.7 million from the prior-year period. Adjusted EBITDA reached $101.1 million, up $7.0 million.

The operator 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. Net income included a $279.7 million gain tied to the franchise sale. Prior-period results were restated to exclude Inspire Integrated Resort and related subsidiaries.

Segment Results and Drivers

The Restricted Group delivered 5.8 percent net revenue growth and 10.2 percent Adjusted EBITDA growth. Mohegan Sun captured a 59.7 percent share of Connecticut’s slot market, its highest quarterly figure since the fourth quarter of 2020. Domestic resorts generated net revenues of $310.1 million, up $12.8 million, with Adjusted EBITDA of $71.5 million, up $1.4 million.

Mohegan Digital produced record quarterly Adjusted EBITDA of $40.1 million, up $5.9 million, on net revenues of $78.5 million, up $11.0 million. Connecticut digital operations averaged $467 in revenue per monthly active user. Pennsylvania net revenues fell to $66.8 million, down $8.3 million, with Adjusted EBITDA of $2.2 million, down $3.0 million, after an adverse table-hold swing. On a normalized basis, Adjusted EBITDA declined $0.3 million. A corporate unit showed an Adjusted EBITDA loss of $12.7 million, improved by $2.7 million from labor savings after a workforce reduction in October 2025.

As of June 30, 2026, Mohegan held $138.0 million in cash and cash equivalents. It maintained $211.8 million in borrowing capacity under its senior secured credit facility, while Niagara Resorts held $35.1 million.

Liquidity Moves and Operational Focus

Joe Hasson, chief operating officer at Mohegan, said the results show “the continued strength of our business and our team’s ability to execute.” He pointed to Restricted Group revenue growth of 5.8 percent year-over-year as evidence of demand for destination resorts, digital momentum, and guest experience delivery.

Ari Glazer, chief financial officer, stated that the Connecticut Sun sale “unlocks significant value and enhances our financial flexibility” for investment in resorts and long-term stakeholder value. According to reporting by Indian Gaming, both executives emphasized disciplined capital allocation and operational efficiencies ahead.

These steps leave Mohegan with greater balance-sheet optionality as it directs capital toward core properties and digital expansion while managing volatility in table-hold performance.

Reporting: Indian Gaming

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