Mohegan Gaming Balances Revenue Dip With Digital Growth and Expansion Plans

Mohegan Gaming & Entertainment is pressing ahead with new projects even as its latest earnings showed a small revenue decline. The company’s digital division has become a strong growth engine, helping balance challenges in retail operations and reinforcing its dual focus on land-based resorts and online platforms.

Good to know

• Mohegan reported $436.9 million in revenue for Q2 2025, down 1.6% year-over-year.
• Digital revenue jumped to $67.5 million, a gain of $25.6 million compared to last year.
• The company has proposed a casino resort in Manhattan called Freedom Plaza.

Financial Results With a Twist

For the quarter ending June 30, 2025, Mohegan posted $436.9 million in net revenue, a slight dip of 1.6% from the same period in 2024. Adjusted EBITDA came in at $94.1 million, reflecting a 16.3% decline. However, management emphasized that the decrease was tied to unusual one-off items, including Ilani property fees and an accelerated non-cash digital license cost in Pennsylvania.

Without those factors, Adjusted EBITDA would have shown a 4.9% increase. CEO Raymond Pineault pointed to refinancing measures that have strengthened the company’s balance sheet:

“With our capital structure now optimized, our focus is firmly on executing our strategic plan and enhancing value for all stakeholders.”

Digital Outshines Retail

The highlight of the quarter came from Mohegan Digital, which delivered $67.5 million in revenue, up more than $25 million year-over-year. Adjusted EBITDA for digital operations rose by 48.2%, with Connecticut leading growth and Pennsylvania showing steady performance.

Mohegan also enjoys a competitive advantage in Ontario, where it remains the only land-based operator offering its own exclusive digital product. That position is helping the company capture more share in a market that continues to expand.

Expanding Resorts and Entering New Markets

While digital results are impressive, Mohegan’s foundation remains in its physical properties. Core venues include the flagship Mohegan Sun in Connecticut, Mohegan Pennsylvania, and facilities in Niagara Falls, Ontario.

The company is also looking beyond its current footprint. One of its most ambitious proposals is Freedom Plaza, a planned resort project on Manhattan’s East Side between 38th and 41st Streets. If awarded a New York casino license, Mohegan plans to combine gaming with luxury amenities, public gathering spaces, and partnerships with local businesses through its loyalty program.

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