Mohegan has announced its results for Q3, the period ending on June 30, 2025. The company generated net revenue of $436.9 million in this Q3 compared to $444 million in the same period the year prior. That was a decline of 1.6%.
Key Takeaways
- The Mohegan Tribal Gaming Authority generated 1.6% less net revenue in Q3 2025 than in the same period the prior year.
- Income from operations also dropped by 20% while adjusted EBITDA fell by 16.3%.
- Mohegan Digital's net revenue increased 61.2% and adjusted EBITDA increased 48.2% year-on-year.
Other significant figures dropped, with income from operations falling from $91.7 million to $73.3 million, a 20% drop. Adjusted EBITDA declined by 16.3% from $112.3 million to $94.1 million.
Most of these declines were caused by its land-based operations, with net revenues for this segment falling 4.3% and net income declining 20.1%.
However, Mohegan Digital saw a strong year-on-year performance, with a 61.2% rise in net revenues to $67.5 million. Net income also increased by 48.1%, hitting $34.1 million, while adjusted EBITDA climbed by 48.2% year-on-year.
The Q3 press release highlighted Mohegan Digital's strong performance in Connecticut, Pennsylvania, and Ontario, which drove the growth. The company launched its Pennsylvania online casino operations in April 2024.
"The completion of our comprehensive refinancing has placed us in a great position to continue executing our strategy, to be one of the premier omnichannel enterprises," said Raymond Pineault, Chief Executive Officer of Mohegan. "This important milestone further supports our opportunities for long-term growth and the evolution of our Digital business provides greater strategic flexibility. Now that we've addressed our capital structure, we're singularly focused on executing our plan and increasing value for all our stakeholders."
Connecticut investigating Kalshi amid strong Mohegan Digital Q3 numbers
Mohegan has strong ties to Connecticut, where the company is headquartered and operates the WNBA’s Mohegan Sun, although the team is potentially up for sale. Mohegan partners with FanDuel to manage one of the three legal Connecticut online sports betting sites.
Like the rest of the US, the Connecticut sports betting market is facing a shakeup with the emergence of prediction platforms like Kalshi. These sites allow players to make predictions about sports, politics, and pop culture and don’t need state-by-state licensing like sportsbooks.
Mohegan Digital's Q3 numbers suggest this increased competition hasn't impacted it. Still, Connecticut regulators have launched an investigation into Kalshi to determine whether the platform is operating legally in the state.
It remains to be seen how prediction platforms impact sportsbook numbers long term, but in the meantime, Mohegan is relying on its digital segment while its land-based operations lag behind.
