Mohegan has released its second quarter report for fiscal 2025, revealing a mix of progress and pressure. While digital performance saw strong gains, other parts of the business recorded a drop. Yet, the company completed some important financial restructuring that it believes will help shape the next chapter. Despite lower overall EBITDA this quarter, the company appears focused on using its recent financial overhaul to keep growing its digital segment while maintaining attention on core hospitality and gaming assets.
Good to know
- Mohegan’s digital arm posted over 30% growth in adjusted EBITDA.
- A large-scale refinancing was completed during the quarter.
- Overall adjusted EBITDA declined compared to the same period in 2024.
Mohegan brought in $418.8 million in net revenue in the second quarter of 2025. That figure reflects a 4.1% bump compared to what it recorded during the same period last year. However, overall adjusted EBITDA dropped to $83.9 million, down 22.4% from the previous year. On the other hand, the company’s digital business helped offset some of that decline. It showed adjusted EBITDA of $26.8 million, rising 32.7% year-over-year.
One major move during Q2 involved a sweeping refinancing process. Mohegan restructured nearly all of the debt tied to its restricted group, aiming to ease financial strain and build long-term support. According to CEO Raymond Pineault, this step allowed the company to reposition itself more effectively.
He explained, “During the quarter we completed a holistic refinancing of our capital structure, which was among the most significant in our history. This important advancement was made possible through reconstituting our Digital business into a commercial legal entity, which enabled us to unlock value for the company and investors, along with direct support from the Tribe. All of which highlights the strategic importance of having the Tribe as a long-term owner and investor.”
Pineault further added that these efforts have created a stronger base. “The culmination of these strategic initiatives has enabled us to build substantial runway and financial stability for the business which will allow us to remain hyper focused on our core business.”
Mohegan’s entertainment operations extend across the United States and Canada. Its locations include resorts in Connecticut and Pennsylvania, while in Canada it operates properties in Ontario, specifically Niagara Falls. Outside of the casino and hospitality space, Mohegan also owns the Connecticut Sun, a WNBA basketball team.
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