Exhibit 99.1
MOHEGAN GAMING & ENTERTAINMENT
ANNOUNCES SECOND QUARTER FISCAL 2019 OPERATING RESULTS
Uncasville, Connecticut, May 9, 2019 – Mohegan Gaming & Entertainment (“MGE” or the “Company”), a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut and Inspire Korea in Incheon, South Korea, announced today operating results for its second fiscal quarter ended March 31, 2019.
“Volume trends across our portfolio remain inline to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remain robust despite completing our second full quarter of increased competitive pressure in the Northeast,” said Mario Kontomerkos, President & Chief Executive Officer. “Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, flat with last year’s comparable period, and well ahead of recent fiscal year 1Q19 performance. At the same time,non-gaming results continue to be healthy and remain a driving factor for our growth at Mohegan Sun. These revenue enhancements have been driven, in part, by the recent adoption of our $100 million revenue and cost improvement program – a plan we remain committed to delivering over the next several years. Outside of the Northeast, cash flows from our managed portfolio grew strongly, up 86% year over year. Looking ahead, in June we expect to assume operational control of two major Niagara Falls, Canada assets which will mark the first international operations for MGE and will provide increased earnings and cash flow diversity for our stakeholders. Similarly, we have begun to mobilize construction at our development site in Incheon, South Korea, having completed our negotiations with our general contractor and following the receipt of all necessary construction permits and approvals.”
Selected consolidated operating results for the second quarter ended March 31, 2019, and prior year period (unaudited):
| • | Net revenues of $307.7 million vs. $332.0 million in the prior year period, a 7.3% decrease; and |
| • | Income from operations of $22.2 million vs. $56.1 million in the prior year period, a 60.4% decrease primary driven by one time accelerated depreciation due to the closure of Casino of Wind; and |
| • | Adjusted EBITDA of $67.2 million vs. $79.9 million in the prior year period, a 15.9% decrease. |
Consolidated net revenues and Adjusted EBITDA declined during the quarter, driven by lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono largely driven by unfavorable hold in the quarter at both properties. These declines were partially offset by improvednon-gaming revenue growth, including entertainment and hotel revenues, at Mohegan Sun, as well as stronger Corporate Adjusted EBITDA, driven by tighter expense management and improved financial performance at ilani Casino Resort.
On October 1, 2018, the Company adopted Accounting Standards UpdateNo. 2014-09, Revenue from Contracts with Customers (Topic 606), on a modified retrospective basis. As such, results for the three months and six months ended March 31, 2019 in this release are presented under this new guidance, while results for the three months and six months ended March 31, 2018 remain presented under prior guidance. For comparative results for all periods as reported under the new guidance, please see our supplemental earnings deck, available on our website (https://mohegangaming.com/financial-information/).
1
Mohegan Sun
Operating results (in thousands, unaudited):
| For the Three Months Ended | ||||||||||||||||
| March 31, | March 31, | Percentage | ||||||||||||||
| 2019 | 2018 | Variance | Variance | |||||||||||||
Net revenues | $ | 238,391 | $ | 260,354 | $ | (21,963 | ) | (8.4 | %) | |||||||
Income from operations (1) | $ | 19,913 | $ | 57,779 | $ | (37,866 | ) | (65.5 | %) | |||||||
Adjusted EBITDA | $ | 59,341 | $ | 77,746 | $ | (18,405 | ) | (23.7 | %) | |||||||
| (1) | Includes $21.6 million in accelerated depreciation related to Casino of the Wind. |
Net revenues and Adjusted EBITDA declined during the quarter, driven by lower overall gaming revenues and unfavorable table hold during the period, which was partially offset by strongernon-gaming results. Slot and table volumes declined 8.7% and 3.2%, respectively, in line with internal expectations. Had table hold percentage fallen into the historically normal range, net Revenues and Adjusted EBITDA would have declined less than 3.1% and 7.4%, respectively, on a 606 to 606 basis.Non-gaming revenues increased during the quarter, driven by improvement in nearly all segments of the business. The higher than normal decline in income from operations relates to theone-time accelerated depreciation expense of $21.6 million, caused by the closure of the Casino of the Wind in March, as that space will be designed and repurposed for higher and better use.
Mohegan Sun Pocono
Operating results (in thousands, unaudited):
| For the Three Months Ended | ||||||||||||||||
| March 31, | March 31, | Percentage | ||||||||||||||
| 2019 | 2018 | Variance | Variance | |||||||||||||
Net revenues | $ | 61,241 | $ | 67,130 | $ | (5,889 | ) | (8.8 | %) | |||||||
Income from operations | $ | 8,214 | $ | 8,872 | $ | (658 | ) | (7.4 | %) | |||||||
Adjusted EBITDA | $ | 11,592 | $ | 12,230 | $ | (638 | ) | (5.2 | %) | |||||||
Net revenues declined during the quarter driven by lower gaming revenues, largely reflecting the adverse impact from lower table hold. However, the year-over-year decline in Adjusted EBITDA was more muted due to a strong focus expense management, including lower payroll costs and certain casino marketing and promotional expenses. Notably, local marketing activity has started to return to more normalized levels following aggressive promotional activity from a regional competitor over the last several quarters.
Corporate
Operating results (in thousands, unaudited):
| For the Three Months Ended | ||||||||||||||||
| March 31, | March 31, | Percentage | ||||||||||||||
| 2019 | 2018 | Variance | Variance | |||||||||||||
Net revenues | $ | 8,125 | $ | 4,593 | $ | 3,532 | 76.9 | % | ||||||||
Loss from operations | $ | (5,901 | ) | $ | (10,579 | ) | $ | 4,678 | 44.2 | % | ||||||
Adjusted EBITDA | $ | (3,716 | ) | $ | (10,122 | ) | $ | 6,406 | 63.3 | % | ||||||
The increase in net revenues and Adjusted EBITDA was primarily due to higher management fees from ilani Casino Resort driven by continued improvement in performance at the property.
2
MGE Property Information
| Net Revenues | Income (Loss) from Operations | Adjusted EBITDA | ||||||||||||||||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||
| March 31, | March 31, | March 31, | March 31, | March 31, | March 31, | |||||||||||||||||||||||
| (in thousands, unaudited) |
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
Mohegan Sun | $ | 238,391 | $ | 260,354 | $ | 19,913 | $ | 57,779 | $ | 59,341 | $ | 77,746 | ||||||||||||||||
Mohegan Sun Pocono |
| 61,241 | 67,130 | 8,214 | 8,872 | 11,592 | 12,230 | |||||||||||||||||||||
Corporate | 8,125 | 4,593 | (5,901 | ) | (10,579 | ) | (3,716 | ) | (10,122 | ) | ||||||||||||||||||
Inter-segment revenues |
| (60 | ) | (60 | ) | — | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 307,697 | $ | 332,017 | $ | 22,226 | $ | 56,072 | $ | 67,217 | $ | 79,854 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Other Information
Liquidity
As of March 31, 2019, MGE held cash and cash equivalents of $91.4 million, compared to $103.9 million as of September 30, 2018. As of March 31, 2019, $55.0 million was drawn on MGE’s $250.0 million revolving credit facility, while no amounts were drawn on MGE’s $25.0 million line of credit. As of March 31, 2019, letters of credit issued under the revolving credit facility totaled $2.3 million, of which no amounts were drawn. Inclusive of letters of credit, which reduce borrowing availability under the revolving credit facility, MGE had approximately $192.7 million of borrowing capacity under its revolving credit facility and line of credit as of March 31, 2019.
3
Conference Call
MGE will host a conference call and simultaneous webcast regarding its second quarter of fiscal 2019 operating results on May 9, 2019 at 11:00 a.m. (Eastern Daylight Time).
Those interested in participating in the call should dial as follows:
(877)756-4274
(508)637-5458 (International)
Conference ID: 1087099
Please call five minutes in advance to ensure that you are connected prior to the initiation of the call. Questions and answers will be reserved forcall-in analysts and investors.
Parties who want to listen to the live conference call on the Internet may do so through a web link on MGE’s website atwww.mohegangaming.com, under the “Financial Information/Financial Updates” section. Interested parties also may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on May 9, 2019. This replay will run through May 23, 2019.
The access number for a taped replay of the conference call is as follows:
(855)859-2056
(404)537-3406 (International)
Conference ID: 1087099
About Mohegan Gaming & Entertainment
Mohegan Gaming & Entertainment is a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, and Inspire in Incheon, South Korea. The Company is owner, developer, and/or manager of integrated entertainment resorts throughout the United States, including Connecticut, New Jersey, Washington, Pennsylvania, Louisiana, Northern Asia, and, beginning inmid-2019, Niagara Falls, Canada. MGE owns and operates Connecticut Sun, a professional basketball team in the Women’s National Basketball Association, and the New England Black Wolves, a professional lacrosse team in the National Lacrosse League. For more information on MGE and our properties, visitwww.mohegangaming.com.
Special Note Regarding Forward-Looking Statements
Some information included in this press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect” or “intend” and similar expressions. Such forward-looking information may involve important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of MGE. Information concerning potential factors that could affect MGE’s financial results is included in its Annual Report on Form10-K for the fiscal year ended September 30, 2018, as well as in MGE’s other reports and filings with the Securities and Exchange Commission. Any forward-looking statements included in this press release are made only as of the date of this release. MGE does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. MGE cannot assure that projected results or events will be achieved or will occur.
4
MOHEGAN GAMING & ENTERTAINMENT
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands)
(unaudited)
| For the | For the | For the | For the | |||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
| March 31, 2019 | March 31, 2018 | March 31, 2019 | March 31, 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Gaming | $ | 211,819 | $ | 288,735 | $ | 433,754 | $ | 575,741 | ||||||||
Food and beverage | 33,508 | 21,170 | 68,314 | 42,990 | ||||||||||||
Hotel | 22,005 | 14,957 | 44,982 | 29,864 | ||||||||||||
Retail, entertainment and other | 40,365 | 29,849 | 80,147 | 62,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Gross revenues | 307,697 | 354,711 | 627,197 | 711,332 | ||||||||||||
Less - Promotional allowances | — | (22,694 | ) | — | (47,831 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net revenues | 307,697 | 332,017 | 627,197 | 663,501 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Operating costs and expenses: | ||||||||||||||||
Gaming | 125,970 | 161,801 | 254,634 | 326,116 | ||||||||||||
Food and beverage | 26,084 | 10,180 | 52,531 | 20,369 | ||||||||||||
Hotel | 10,026 | 6,647 | 19,829 | 13,652 | ||||||||||||
Retail, entertainment and other | 19,507 | 9,589 | 40,269 | 21,206 | ||||||||||||
Advertising, general and administrative | 47,112 | 49,595 | 96,130 | 99,972 | ||||||||||||
Corporate | 12,464 | 14,090 | 24,889 | 26,243 | ||||||||||||
Depreciation and amortization | 42,782 | 19,828 | 69,872 | 40,035 | ||||||||||||
Other, net | 1,526 | 4,215 | 3,447 | 4,836 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total operating costs and expenses | 285,471 | 275,945 | 561,601 | 552,429 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Income from operations | 22,226 | 56,072 | 65,596 | 111,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other income (expense): | ||||||||||||||||
Interest income | 1,051 | 3,877 | 4,490 | 7,746 | ||||||||||||
Interest expense | (35,132 | ) | (30,806 | ) | (71,142 | ) | (59,142 | ) | ||||||||
Other, net | (429 | ) | (724 | ) | (520 | ) | (2,567 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total other expense | (34,510 | ) | (27,653 | ) | (67,172 | ) | (53,963 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net income (loss) | (12,284 | ) | 28,419 | (1,576 | ) | 57,109 | ||||||||||
(Income) loss attributable tonon-controlling interests | (74 | ) | 189 | (160 | ) | 708 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net income (loss) attributable to Mohegan Gaming & Entertainment | $ | (12,358 | ) | $ | 28,608 | $ | (1,736 | ) | $ | 57,817 | ||||||
|
|
|
|
|
|
|
| |||||||||
5
MOHEGAN GAMING & ENTERTAINMENT
SUPPLEMENTAL INFORMATION
IMPACT OF ADOPTING ASC 606
(in thousands)
(unaudited)
| For the Three Months Ended March 31, 2019 | Balance without ASC 606 | Impact of Change Higher/ (Lower) | ||||||||||
Revenues: | ||||||||||||
Gaming (1), (2), (3) | $ | 211,819 | $ | 261,855 | $ | (50,036 | ) | |||||
Food and beverage (2), (3) | 33,508 | 21,786 | 11,722 | |||||||||
Hotel (2), (3) | 22,005 | 15,761 | 6,244 | |||||||||
Retail, entertainment and other (2), (3) | 40,365 | 33,880 | 6,485 | |||||||||
|
|
|
|
|
| |||||||
Gross revenues | 307,697 | 333,282 | (25,585 | ) | ||||||||
Less: Promotional allowances (2), (3) | — | (23,347 | ) | 23,347 | ||||||||
|
|
|
|
|
| |||||||
Net revenues | 307,697 | 309,935 | (2,238 | ) | ||||||||
Operating costs and expenses: | ||||||||||||
Gaming (1), (2), (3) | 125,970 | 150,601 | (24,631 | ) | ||||||||
Food and beverage (2), (3) | 26,084 | 14,767 | 11,317 | |||||||||
Hotel (2), (3) | 10,026 | 7,467 | 2,559 | |||||||||
Retail, entertainment and other (2), (3) | 19,507 | 11,943 | 7,564 | |||||||||
Advertising, general and administrative (3) | 47,112 | 46,971 | 141 | |||||||||
Corporate | 12,464 | 12,464 | — | |||||||||
Depreciation and amortization | 42,782 | 42,782 | — | |||||||||
Other, net | 1,526 | 1,526 | — | |||||||||
|
|
|
|
|
| |||||||
Total operating costs and expenses | 285,471 | 288,521 | (3,050 | ) | ||||||||
|
|
|
|
|
| |||||||
Income from operations | $ | 22,226 | $ | 21,414 | $ | 812 | ||||||
|
|
|
|
|
| |||||||
For the Six Months Ended | Balance without ASC 606 | Impact of Change Higher/ (Lower) | ||||||||||
Revenues: | ||||||||||||
Gaming (1), (2), (3) | $ | 433,754 | $ | 528,183 | $ | (94,429 | ) | |||||
Food and beverage (2), (3) | 68,314 | 45,342 | 22,972 | |||||||||
Hotel (2), (3) | 44,982 | 32,576 | 12,406 | |||||||||
Retail, entertainment and other (2), (3) | 80,147 | 73,867 | 6,280 | |||||||||
|
|
|
|
|
| |||||||
Gross revenues | 627,197 | 679,968 | (52,771 | ) | ||||||||
Less: Promotional allowances (2), (3) | — | (46,084 | ) | 46,084 | ||||||||
|
|
|
|
|
| |||||||
Net revenues | 627,197 | 633,884 | (6,687 | ) | ||||||||
Operating costs and expenses: | ||||||||||||
Gaming (1), (2), (3) | 254,634 | 307,627 | (52,993 | ) | ||||||||
Food and beverage (2), (3) | 52,531 | 29,834 | 22,697 | |||||||||
Hotel (2), (3) | 19,829 | 14,515 | 5,314 | |||||||||
Retail, entertainment and other (2), (3) | 40,269 | 24,350 | 15,919 | |||||||||
Advertising, general and administrative (3) | 96,130 | 95,880 | 250 | |||||||||
Corporate | 24,889 | 24,889 | — | |||||||||
Depreciation and amortization | 69,872 | 69,872 | — | |||||||||
Other, net | 3,447 | 3,447 | — | |||||||||
|
|
|
|
|
| |||||||
Total operating costs and expenses | 561,601 | 570,414 | (8,813 | ) | ||||||||
|
|
|
|
|
| |||||||
Income from operations | $ | 65,596 | $ | 63,470 | $ | 2,126 | ||||||
|
|
|
|
|
| |||||||
On October 1, 2018, the Company adopted Accounting Standards UpdateNo. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), on a modified retrospective basis. |
| (1) | ASC 606 modified the accounting related to loyalty points. The Company is now required to reduce gaming revenues by the estimated fair value of loyalty points earned by patrons and recognize the related revenues when such loyalty points are redeemed. |
| (2) | ASC 606 modified the accounting related to promotional allowances. The Company no longer recognizes revenues for complimentary items provided to patrons, as well as for goods and services provided to patrons in connection with loyalty point redemptions, as gross revenues with a corresponding offset to promotional allowances to arrive at net revenues. The majority of such amounts previously included within promotional allowances now offset gaming revenues based on an allocation of revenues to performance obligations utilizing stand-alone selling prices. These changes resulted in the elimination of promotional allowances and the reclassification of revenues between the various revenue line items. |
| (3) | ASC 606 modified gross versus net presentation. The Company now records mandatory service charges on food and beverage items and wide area progressive operator fees on a gross basis, with amounts received from patrons recorded as revenues with the corresponding amounts paid recorded as expenses. This change resulted in an increase in revenues with a corresponding increase in expenses. |
6
MOHEGAN GAMING & ENTERTAINMENT
ADJUSTED EBITDA RECONCILIATIONS
Reconciliations of Net Income to Adjusted EBITDA:
Reconciliations of net income, a financial measure determined in accordance with accounting principles generally accepted in the United States of America, or GAAP, to Adjusted EBITDA are shown below (in thousands, unaudited):
| For the Three Months Ended | ||||||||
| March 31, 2019 | March 31, 2018 | |||||||
Net income (loss) | $ | (12,284 | ) | $ | 28,419 | |||
Other, net | 429 | 724 | ||||||
Interest expense | 35,132 | 30,806 | ||||||
Interest income | (1,051 | ) | (3,877 | ) | ||||
|
|
|
| |||||
Income from operations | 22,226 | 56,072 | ||||||
|
|
|
| |||||
Adjusted EBITDA attributable tonon-controlling interests | (114 | ) | (261 | ) | ||||
Other, net | 2,323 | 4,215 | ||||||
Depreciation and amortization | 42,782 | 19,828 | ||||||
|
|
|
| |||||
Adjusted EBITDA | $ | 67,217 | $ | 79,854 | ||||
|
|
|
| |||||
7
Reconciliations of Income (Loss) from Operations to Adjusted EBITDA:
Reconciliations of income (loss) from operations, a financial measure determined in accordance with GAAP, to Adjusted EBITDA, are shown below (in thousands, unaudited):
| For the Three Months Ended March 31, 2019 | ||||||||||||||||||||
| Income (Loss) from Operations | Depreciation and Amortization | Other, net | Adjusted EBITDA Attributable to Non-Controlling Interests | Adjusted EBITDA | ||||||||||||||||
Mohegan Sun | $ | 19,913 | $ | 39,471 | $ | (43 | ) | $ | — | $ | 59,341 | |||||||||
Mohegan Sun Pocono | 8,214 | 3,387 | (9 | ) | — | 11,592 | ||||||||||||||
Corporate | (5,901 | ) | (76 | ) | 2,375 | (114 | ) | (3,716 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 22,226 | $ | 42,782 | $ | 2,323 | $ | (114 | ) | $ | 67,217 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| For the Three Months Ended March 31, 2018 | ||||||||||||||||||||
| Income (Loss) from Operations | Depreciation and Amortization | Other, net | Adjusted EBITDA Attributable to Non-Controlling Interests | Adjusted EBITDA | ||||||||||||||||
Mohegan Sun | $ | 57,779 | $ | 16,424 | $ | 3,239 | $ | 304 | $ | 77,746 | ||||||||||
Mohegan Sun Pocono | 8,872 | 3,366 | (8 | ) | — | 12,230 | ||||||||||||||
Corporate | (10,579 | ) | 38 | 984 | (565 | ) | (10,122 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 56,072 | $ | 19,828 | $ | 4,215 | $ | (261 | ) | $ | 79,854 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
8
Adjusted EBITDA Explanation:
Net income before interest, income taxes, depreciation and amortization, or EBITDA, is a commonly used measure of performance in the casino and hospitality industry. EBITDA is not a measure of performance calculated in accordance with GAAP. MGE historically has evaluated its operating performance with thenon-GAAP measure, Adjusted EBITDA, which as used in this press release, represents net income before interest, depreciation and amortization, acquisition related costs, gain and loss on disposition of assets, workforce reduction severance,pre-opening costs and expenses, accretion of discounts, income and loss from unconsolidated affiliates, othernon-operating income and expense and Adjusted EBITDA attributable tonon-controlling interests.
Adjusted EBITDA provides an additional way to evaluate MGE’s operations and, when viewed with both MGE’s GAAP results and the reconciliations provided, MGE believes that it provides a more complete understanding of its business than could be otherwise obtained absent this disclosure. Adjusted EBITDA is presented solely as a supplemental disclosure because: (1) MGE believes it enhances an overall understanding of MGE’s past and current financial performance; (2) MGE believes it is a useful tool for investors to assess the operating performance of the business in comparison to other operators within the casino and hospitality industry since Adjusted EBITDA excludes certain items that may not be indicative of MGE’s operating results; (3) measures that are comparable to Adjusted EBITDA are often used as an important basis for the valuation of casino and hospitality companies; and (4) MGE uses Adjusted EBITDA internally to evaluate the performance of its operating personnel and management and as a benchmark to evaluate its operating performance in comparison to its competitors.
The use of Adjusted EBITDA has certain limitations. Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, any GAAP financial measure including net income (as an indicator of MGE’s performance) or cash flows provided by operating activities (as an indicator of MGE’s liquidity), nor should it be considered as an indicator of MGE’s overall financial performance. MGE’s calculation of Adjusted EBITDA is likely to be different from the calculation of Adjusted EBITDA or other similarly titled measurements used by other casino and hospitality companies, and therefore, comparability may be limited. Adjusted EBITDA eliminates certain items from net income, such as interest and depreciation and amortization. Each of these items has been incurred in the past, will continue to be incurred in the future and should be considered in the overall evaluation of MGE’s results. MGE compensates for these limitations by providing relevant disclosures of items excluded in the calculation of Adjusted EBITDA, both in its reconciliations to the GAAP financial measure of net income and in its consolidated financial statements, all of which should be considered when evaluating its results. MGE strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.
Contact:
Christopher Jones
VP Corporate Finance
Mohegan Gaming & Entertainment
(860)862-8000
9