The ramp of South Korean integrated resort Mohegan INSPIRE continued through the three months to 31 December 2024, although both casino visitation and hotel occupancy appeared to stabilize.
Mohegan INSPIRE’s parent company, US tribal casino operator Mohegan, published its 4Q24 financial results overnight which included an update on the progress of its US$1.6 billion Korean venture.
In the December quarter, net revenues at Mohegan INSPIRE reached US$63.5 million, up from US$5.1 million a year earlier – before the casino opened – although just 2.1% higher than the September quarter.
An Adjusted EBITDA loss of US$4.2 million was narrowed from US$10.9 million a year earlier and from US$6.9 million in the September quarter.
Casino visitation grew from 88,650 in Q3 to 94,361 in Q4, peaking at 31,787 in November, although hotel occupancy fell dramatically. After reaching a high of 89.7% during peak season in August, occupancy fell to 71.4% in October, 71.9% in November and 66.7% in December.
Notably, however, mass and premium mass table drop soared to a record high in December of US$117.5 million – well above the previous high of US$88.9 million set in August – while the Player Rewards Database continued to grow each month and sat at 120,935 at the end of December.
Group-wide, Mohegan reported net revenues of US$498.9 million, up 17.3% year-on-year, while Adjusted EBITDA of US$85.1 million was up 7.6% with the company citing the continued ramp of Mohegan INSPIRE, strong results from Mohegan Sun in Connecticut and robust growth from digital operations.
“During 2024, Mohegan rolled out a number of important initiatives as part of our strategy to become one of the premier global omnichannel resort operators,” said Mohegan CEO Ray Pineault.
“Our success in accomplishing these transformational objectives is a credit to our incredible team, and as I look forward to 2025, I’m optimistic about the trends I see emerging within our omnichannel business and from the increased contributions by our non-gaming segments.”
