Mohegan Tribal Gaming Authority reported a sharp earnings rebound in its fiscal first quarter ended December 31, 2025, as the group’s exit from its South Korea integrated resort investment removed a major drag on results.
Net revenues were essentially flat at $434.5 million, but net income attributable to Mohegan turned positive at $108.5 million versus a $85.9 million loss a year earlier. The quarter included a $102.0 million non-cash gain in discontinued operations tied to derecognizing guarantee liabilities related to Mohegan INSPIRE, after lenders assumed ownership and the project was treated as discontinued. Mohegan ceased to be an equity holder on February 13, 2025. Mohegan said it still carried $41 million of remaining subsidiary guarantee liabilities linked to INSPIRE as of December 31.
Operationally, the picture was mixed. Domestic Resorts net revenues fell 3.9% to $300.0 million, with Adjusted EBITDA down to $64.8 million amid fewer arena events and tougher comparisons. International Resorts net revenues declined 9.3% to $65.5 million and Adjusted EBITDA dropped to $1.1 million.
The standout was Mohegan Digital: net revenues jumped 35.9% to $72.2 million and Adjusted EBITDA rose 44.5% to $36.2 million, both record highs.
Management noted that higher interest costs following 2025 refinancing transactions weighed on continuing-operations profitability, but said liquidity and operating cash flows should cover obligations over the next 12 months, per CFO Ari Glazer.
