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Finance round-up: Mohegan’s South Korean revenue boost, SJM profits from Macau revival

May 11, 2024
in Entertainment
Finance round-up: Mohegan’s South Korean revenue boost, SJM profits from Macau revival
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Analysing some of the latest Q1 financial results, iGB looks at how Mohegan, Century Casinos and SJM Holdings performed.

Mohegan Tribal Gaming Authority achieved record quarterly net revenue but saw earnings drop during the quarter in which its Mohegan Inspire resort opened in South Korea.

The group generated net revenue of $461.7m (€428.3m/£368.8m) during the three months to 31 March 2024. This was a 13.8% year-on-year increase.

Net revenue from its Domestic operations in the US was fairly flat at $300.4m, up by 1.0% year-on-year. While its Mohegan Digital operation grew by just over 70%, this accounted for just $38.8m of revenue.

Net revenues of $108.1m from International operations increased by 52.8% compared with the prior-year period. This was primarily driven by Mohegan Inspire, the $1.6bn resort which opened on Yeongjong Island on 5 March.

Mohegan saw growth across its operational segments, with gaming up 7.0% to $305.4m.

However, with operating costs up by 25.7% to $430.5m, Mohegan delivered a net loss of $44.5m.

Adjusted EBITDA dropped 17.8% from $102.1m in the same period in 2023 to $84.0m. While the Domestic figure was flat, the International segment saw a negative figure of $16.6m.

This was primarily due to operating costs related to the opening of Mohegan Inspire and a $5.0m non-controlling interest adjustment related to Niagara Resorts. Mohegan said the exclusion of the Niagara figure gives a more accurate comparison with prior periods.

Century’s “challenging” start to 2024

Century Casinos described a “challenging” start to 2024 as it wrestled with construction disruptions and the closure of three of its casinos in Poland.

Net operating revenue was $136.0m during the three months to 31 March, a year-on-year increase of 25%.

US revenue was up by 45% to $96.0m, with double-digit growth also in Canada. However, its Polish business dropped by 15% to $21.6m because of temporary closures due to licensing delays. Century said it expects the three venues to reopen in Q3 2024.

The quarter was further impacted by disruptions from severe weather at the majority of its US casinos. Cash payments of $12.2m for taxes related to the September 2023 sale and leaseback of its Canada properties and a $3.4m one-time principal paydown of debt as well as $18.4m in property and equipment purchases decreased its overall cash balance.

Earnings from operations were $8.3m, which was a year-on-year decrease of 55%. Century is constructing a new land-based casino with a 38-room hotel in Caruthersville, Missouri. The project continues to be on time and on budget with an estimated project cost of $51.9m.

Erwin Haitzmann and Peter Hoetzinger, co-chief executives, said: “Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer.

“By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far.”

SJM revenue surges thanks to Macau revival

Macau-focussed SJM Holdings saw business thrive at its flagship Grand Lisboa Palace and Grand Lisboa resorts as net revenue grew by 73.0% year-on-year.

Punters returned to the hotels in their droves, with occupancy of 98.3% at Grand Lisboa, compared to 85.3% in the same period last year. Macau has made a strong start to 2024, with gambling revenue reaching MOP19.50bn (£1.02bn/€2.25bn/$2.42bn) in March, the joint highest monthly total since before the pandemic.

Hong Kong-headquartered SJM generated HK$6.9bn ($882.9m/€819.1m/£705.2m) during the three months to 31 March. Net gaming revenue was up 74.5% to HK$6.5bn. Hotel, catering, retail, leasing and related services revenue was up 54.6% to HK$456m.

Total revenue from both the Grand Lisboa Palace and Grand Lisboa grew by almost HK$1bn to HK$1.4bn and HK$2.0bn respectively.

Adjusted EBITDA during Q1 2024 was HK$864m, as compared with just HK$31m in the prior period. Grand Lisboa’s figure was HK$535m, as compared with HK$156m in Q1 2023. Grand Lisboa Palace jumped from a negative HK$230m to a positive HK$88m.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : IGamingBusiness – https://igamingbusiness.com/finance/quarterly-results/q1-2024-mohegan-sjm/

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