Mohegan Tribal Gaming Authority 8-K Announces Third Quarter Fiscal 2019 Operating Results

Exhibit 99.1

MOHEGAN GAMING & ENTERTAINMENT

ANNOUNCES THIRD QUARTER FISCAL 2019 OPERATING RESULTS

Uncasville, Connecticut, August 8, 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, Fallsview Casino Resort in Niagara Falls, Ontario and Inspire Korea in Incheon, South Korea, announced today operating results for its third fiscal quarter ended June 30, 2019.

“The June quarter was an important one in the evolution of MGE, as we closed on the acquisition of the Niagara casino bundle on June 11^th, including the impressive Fallsview Casino Resort – representing MGE’s latest international expansion and further earnings diversification,” said Mario Kontomerkos, President & Chief Executive Officer. “Continuing the trend, construction activity continues in Incheon, South Korea, setting ourselves up for our next landmark integrated resort opening in early 2022. Both markets will transform the earnings profile of the Company. Domestically, volume trends across our portfolio remain inline to better than expected as overall gaming volumes at our flagship property, Mohegan Sun, remain robust despite the increased competitive pressure in the Northeast. Adjusting for unusually low table hold, overall MGE EBITDA would have been largely in line with our expectations, slightly up from last year’s comparable period, and well ahead of recent fiscal year 1Q19 and 2Q19 performance. Outside of Connecticut, EBITDA from Pocono grew, while Corporate EBITDA turned positive given continued growth from our managed portfolio, including the first contribution from the Niagara assets and continued strong financial performance from ilani.”

Selected consolidated operating results for the third quarter ended June 30, 2019, and prior year period (unaudited):

• Net revenues of $347.6 million vs. $344.9 million in the prior year period, a 0.8% increase;

• Income from operations of $55.2 million vs. $63.9 million in the prior year period, a 13.6% decrease; and

• Adjusted EBITDA of $81.6 million vs. $88.2 million in the prior year period, a 7.5% decrease.

Consolidated net revenues were generally flat and Adjusted EBITDA declined during the quarter, largely driven by temporary unfavorable hold in the quarter at Mohegan Sun. 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 the inclusion of Niagara in the period, 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 nine months ended June 30, 2019 in this release are presented under this new guidance, while results for the three months and nine months ended June 30, 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/).

Mohegan Sun

Operating results (in thousands, unaudited):

	For the Three Months Ended
	June 30, 2019		June 30, 2018		Variance			Percentage Variance
Net revenues	$	251,045	$	270,434	$	(19,389	)		(7.2	%)
Income from operations	$	48,812	$	61,778	$	(12,966	)		(21.0	%)
Adjusted EBITDA	$	67,297	$	81,782	$	(14,485	)		(17.7	%)

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 volumes declined 7.2%, while table volumes increased 0.6%, remaining 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 2.7% and 6.9% respectively, on a 606 to 606 basis.Non-gaming revenues increased during the quarter, driven by improvement in nearly all segments of the business.

Mohegan Sun Pocono

Operating results (in thousands, unaudited):

	For the Three Months Ended
	June 30, 2019		June 30, 2018		Variance			Percentage Variance
Net revenues	$	65,393	$	68,290	$	(2,897	)		(4.2	%)
Income from operations	$	10,604	$	10,216	$	388			3.8	%
Adjusted EBITDA	$	14,289	$	13,983	$	306			2.2	%

Net revenues declined during the quarter driven by lower gaming revenues, reflecting lower table and slot revenues, offset marginally by better table hold in the period. The year-over-year increase in Adjusted EBITDA was due to a strong focus on expense management, including lower payroll costs and certain casino marketing and promotional expenses. Importantly, overall promotional trends in the market have continued to improve sequentially since the beginning of second quarter of 2019.

Corporate

Operating results (in thousands, unaudited):

	For the Three Months Ended
	June 30, 2019			June 30, 2018			Variance		Percentage Variance
Net revenues	$	31,229		$	6,239		$	24,990		400.5	%
Loss from operations	$	(4,206	)	$	(8,090	)	$	3,884		48.0	%
Adjusted EBITDA	$	37		$	(7,525	)	$	7,562		100.5	%

The increase in net revenues and Adjusted EBITDA was primarily due to 20 days of operations from the recently acquired Niagara Bundle along with higher management fees from ilani Casino Resort driven by continued improvement in performance at the property.

MGE Property Information

(in thousands, unaudited)	Net Revenues For the Three Months Ended						Income (Loss) from Operations For the Three Months Ended						Adjusted EBITDA For the Three Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018			June 30, 2019		June 30, 2018
Mohegan Sun	$	251,045		$	270,434		$	48,812		$	61,778		$	67,297	$	81,782
Mohegan Sun Pocono		65,393			68,290			10,604			10,216			14,289		13,983
Corporate		31,229			6,239			(4,206	)		(8,090	)		37		(7,525	)
Inter-segment revenues		(60	)		(60	)		—			—			—		—
Total	$	347,607		$	344,903		$	55,210		$	63,904		$	81,623	$	88,240

Other Information

Liquidity

As of June 30, 2019 and September 30, 2018, MGE held cash and cash equivalents of $162.1 million and $103.9 million, respectively. As of June 30, 2019, $114.0 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. Inclusive of letters of credit, which reduce borrowing availability under MGE’s senior secured revolving facility, MGE had $133.7 million of borrowing capacity under its senior secured revolving facility and line of credit as of June 30, 2019. In addition, MGE Niagara had $118.1 million of borrowing capacity under the Niagara revolving facility as of June 30, 2019.

Conference Call

MGE will host a conference call and simultaneous webcast regarding its third quarter of fiscal 2019 operating results on August 8, 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: 3924199

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 August 8, 2019. This replay will run through August 22, 2019.

The access number for a taped replay of the conference call is as follows:

(855)859-2056

(404)537-3406 (International)

Conference ID: 3924199

About Mohegan Gaming & Entertainment

“Mohegan Gaming & Entertainment (MGE) is a master developer and operator of premier global integrated entertainment resorts, including Mohegan Sun in Uncasville, Connecticut, Inspire in Incheon, South Korea and Fallsview Casino Resort in Niagara Falls Ontario. MGE is owner, developer, and/or manager of integrated entertainment resorts throughout the United States, including Connecticut, New Jersey, Washington, Pennsylvania, Louisiana, Northern Asia, and Niagara Falls, Canada. MGE is owner and operator of Connecticut Sun, a professional basketball team in the WNBA and New England Black Wolves, a professional lacrosse team in the National Lacrosse League. For more information on MGE and our properties, visit www.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.

MOHEGAN GAMING & ENTERTAINMENT

CONSOLIDATED STATEMENTS OF INCOME

(in thousands)

(unaudited)

	For the Three Months Ended June 30, 2019			For the Three Months Ended June 30, 2018			For the Nine Months Ended June 30, 2019			For the Nine Months Ended June 30, 2018
Revenues:
Gaming	$	235,418		$	295,417		$	669,172		$	871,158
Food and beverage		37,171			22,386			105,485			65,376
Hotel		23,794			15,711			68,776			45,575
Retail, entertainment and other		51,224			36,038			131,371			98,775
Gross revenues		347,607			369,552			974,804			1,080,884
Less - Promotional allowances		—			(24,649	)		—			(72,480	)
Net revenues		347,607			344,903			974,804			1,008,404
Operating costs and expenses:
Gaming		135,238			164,108			389,872			490,224
Food and beverage		29,080			10,552			81,611			30,921
Hotel		12,052			6,945			31,881			20,597
Retail, entertainment and other		22,934			12,530			63,203			33,736
Advertising, general and administrative		53,534			49,093			149,664			149,065
Corporate		13,839			13,008			38,728			39,251
Depreciation and amortization		22,810			20,664			92,682			60,699
Other, net		2,910			4,099			6,357			8,935
Total operating costs and expenses		292,397			280,999			853,998			833,428
Income from operations		55,210			63,904			120,806			174,976
Other income (expense):
Interest income		1,149			3,878			5,639			11,624
Interest expense		(35,690	)		(33,106	)		(106,832	)		(92,248	)
Other, net		(792	)		139			(1,312	)		(2,428	)
Total other expense		(35,333	)		(29,089	)		(102,505	)		(83,052	)
Net income		19,877			34,815			18,301			91,924
(Income) loss attributable tonon-controlling interests		(38	)		193			(198	)		901
Net income attributable to Mohegan Gaming & Entertainment	$	19,839		$	35,008		$	18,103		$	92,825

MOHEGAN GAMING & ENTERTAINMENT

SUPPLEMENTAL INFORMATION

IMPACT OF ADOPTING ASC 606

(in thousands)

(unaudited)

	For the Three Months Ended June 30, 2019		Balance without ASC 606			Impact of Change Higher/ (Lower)
Revenues:
Gaming (1), (2), (3)	$	235,418	$	286,739		$	(51,321	)
Food and beverage (2), (3)		37,171		25,924			11,247
Hotel (2), (3)		23,794		17,488			6,306
Retail, entertainment and other (2), (3)		51,224		47,849			3,375
Gross revenues		347,607		378,000			(30,393	)
Less: Promotional allowances (2), (3)		—		(27,709	)		27,709
Net revenues		347,607		350,291			(2,684	)
Operating costs and expenses:
Gaming (1), (2), (3)		135,238		174,279			(39,041	)
Food and beverage (2), (3)		29,080		4,815			24,265
Hotel (2), (3)		12,052		8,980			3,072
Retail, entertainment and other (2), (3)		22,934		14,416			8,518
Advertising, general and administrative (3)		53,534		53,425			109
Corporate		13,839		13,839			—
Depreciation and amortization		22,810		22,810			—
Other, net		2,910		2,910			—
Total operating costs and expenses		292,397		295,474			(3,077	)
Income from operations	$	55,210	$	54,817		$	393
	For the Nine Months Ended June 30, 2019		Balance without ASC 606			Impact of Change Higher/ (Lower)
Revenues:
Gaming (1), (2), (3)	$	669,172	$	814,922		$	(145,750	)
Food and beverage (2), (3)		105,485		71,266			34,219
Hotel (2), (3)		68,776		50,064			18,712
Retail, entertainment and other (2), (3)		131,371		121,716			9,655
Gross revenues		974,804		1,057,968			(83,164	)
Less: Promotional allowances (2), (3)		—		(73,793	)		73,793
Net revenues		974,804		984,175			(9,371	)
Operating costs and expenses:
Gaming (1), (2), (3)		389,872		481,906			(92,034	)
Food and beverage (2), (3)		81,611		34,649			46,962
Hotel (2), (3)		31,881		23,495			8,386
Retail, entertainment and other (2), (3)		63,203		38,766			24,437
Advertising, general and administrative (3)		149,664		149,305			359
Corporate		38,728		38,728			—
Depreciation and amortization		92,682		92,682			—
Other, net		6,357		6,357			—
Total operating costs and expenses		853,998		865,888			(11,890	)
Income from operations	$	120,806	$	118,287		$	2,519
							��

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.

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
	June 30, 2019			June 30, 2018
Net income	$	19,877		$	34,815
Other, net		792			(139	)
Interest expense		35,690			33,106
Interest income		(1,149	)		(3,878	)
Income from operations		55,210			63,904
Adjusted EBITDA attributable tonon-controlling interests		(144	)		(427	)
Other, net		3,747			4,099
Depreciation and amortization		22,810			20,664
Adjusted EBITDA	$	81,623		$	88,240

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 June 30, 2019
	Income (Loss) from Operations			Depreciation and Amortization		Other, net			Adjusted EBITDA Attributable to Non-Controlling Interests			Adjusted EBITDA
Mohegan Sun	$	48,812		$	18,335	$	150		$	—		$	67,297
Mohegan Sun Pocono		10,604			3,728		(43	)		—			14,289
Corporate		(4,206	)		747		3,640			(144	)		37
Total	$	55,210		$	22,810	$	3,747		$	(144	)	$	81,623
	For the Three Months Ended June 30, 2018
	Income (Loss) from Operations			Depreciation and Amortization		Other, net			Adjusted EBITDA Attributable to Non-Controlling Interests			Adjusted EBITDA
Mohegan Sun	$	61,778		$	17,163	$	2,572		$	269		$	81,782
Mohegan Sun Pocono		10,216			3,463		304			—			13,983
Corporate		(8,090	)		38		1,223			(696	)		(7,525	)
Total	$	63,904		$	20,664	$	4,099		$	(427	)	$	88,240

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 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