Korea’s Mohegan INSPIRE generated net revenues of US$62.2 million in the three months to 30 September 2024, slightly higher than the US$60.1 million reported in the June quarter as the property continues its slow but steady ramp. Adjusted EBITDA loss of US$6.93 million was also narrowed from US$7.55 million.
According to information from operator Mohegan Gaming, the improvement in revenues was reflected in better metrics across the board in the September 2024 quarter, with casino visitation hitting new highs of 30,729 in August and 32,043 in September. Hotel occupancy also hit an all-time high of 89.7% in August although fell away to 77.2% in September.
Likewise, mass and premium mass table drop reached US$88.9 million in August before dropping back to US$81.3 million – still Mohegan INSPIRE’s second best month – while the Player Rewards Database climbed to 101,534 in September.
As previously reported by IAG, Mohegan INSPIRE held a soft opening in November 2023 while the casino itself launched on 3 February 2024. The company said total net revenues generated across the property between opening and 30 September 2024 were US$163.3 million.
Group-wide, Mohegan generated net revenues of US$497.7 million in the September quarter, up US$53.4 million year-on-year primarily due to Mohegan INSPIRE and continued growth in Mohegan Digital. However, opening costs combined with low table hold in Korea saw consolidated Adjusted EBITDA fall by US$6.8 million to US$81.3 million.
Nevertheless, the contribution of Mohegan INSPIRE helped the company record the highest annual net revenues in its history in the year to 30 September 2024, up 13.0% year-on-year to US$1.9 billion.
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