Mohegan's fiscal third quarter ended June 30, 2026 delivered $450.6 million in net revenues — a 3.1% year-over-year increase — as the tribal gaming and hospitality operator leaned on stronger food and beverage sales, hotel demand, and a record quarter from its digital division to offset softness at its international properties. Mohegan reported Adjusted EBITDA of $101.1 million, up 7.5% from $94.1 million a year ago, with income from operations rising 8.0% to $79.1 million.
Non-Gaming Revenue Gains
For hospitality operators watching integrated resort economics, the non-gaming performance stands out. Across Mohegan's domestic portfolio — anchored by Mohegan Sun in Connecticut and Mohegan Pennsylvania — food and beverage revenue reached $46.2 million for the quarter, up from $45.4 million in the prior-year period, while hotel revenue grew to $30.9 million from $29.3 million. Domestic net revenues of $310.1 million rose 4.3% year over year, with Chief Operating Officer Joe Hasson crediting "healthy demand for our destination resorts" and "robust demand supporting growth in non-gaming revenues, including food and beverage and hotel operations." Mohegan Sun also captured 59.7% of the Connecticut slot market in Q3, its highest quarterly share since Q4 2020. For food and beverage directors and hotel operators at destination gaming properties, the results underscore how a diversified amenity mix continues to protect revenue when gaming volumes fluctuate — a dynamic well-documented in broader hospitality industry analysis.
Digital Unit Sets Record
Mohegan Digital posted record quarterly Adjusted EBITDA of $40.1 million, up 17.2% from $34.2 million a year ago, on net revenues of $78.5 million — a 16.3% jump. Average revenue per monthly active user in Connecticut reached $467, a metric the company described as reflecting continued player engagement. The digital segment's operating leverage signals that iGaming is increasingly subsidizing capital investment across Mohegan's physical resort infrastructure, freeing resources for property reinvestment. That trend parallels patterns seen in restaurant and hospitality technology investment across the broader industry, where operators are deploying digital revenue to fund on-property experience upgrades.
Balance Sheet Moves
The headline financial event of the quarter was the completed $300 million sale of the Connecticut Sun WNBA franchise, which produced a $279.7 million recognized gain and pushed net income to $296.0 million — compared with a net loss of $5.2 million in the same quarter a year ago. Management used a portion of the proceeds to redeem $140.0 million in 2029 Senior Unsecured Notes, reducing interest expense to $48.7 million from $55.3 million year over year. As of June 30, 2026, Mohegan held $138.0 million in cash and equivalents, with $211.8 million of remaining borrowing capacity under its senior secured credit facility. CFO Ari Glazer framed the franchise sale as unlocking "significant value" to support continued investment in the company's resort portfolio. International resorts posted a 11.0% revenue decline to $66.8 million, attributed primarily to an adverse swing in table hold — an inherently volatile metric — rather than structural demand weakness.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
