Mohegan Reports Q3 Revenue of $450.6 Million as Connecticut Sun Sale Closes

Mohegan Tribal Gaming Authority reported operating results for its third fiscal quarter ended June 30, posting net revenue growth of 5.8% year-over-year across its Restricted Group and an Adjusted EBITDA increase of 10.2% for the same period. The quarter also included the completed $300 million sale of the WNBA’s Connecticut Sun franchise and the redemption of $140 million in aggregate principal of its 2029 Senior Unsecured Notes.

The results underscore a period of both operational strength and major balance-sheet moves for the Uncasville, Connecticut-based gaming operator, which has spent the past several months reshaping its portfolio while its core casino and digital businesses kept climbing.

Mohegan Sun Digs In on Connecticut Slots

Mohegan Sun captured a 59.7% share of Connecticut’s slot market during the quarter, its highest quarterly market share since the fourth quarter of 2020. That figure reflects the property’s continued dominance in one of the most competitive regional casino markets in the Northeast, where Mohegan Sun and Foxwoods Resort Casino have long battled for player traffic.

“Our quarterly financial results demonstrate the continued strength of our business and our team’s ability to execute,” said Joe Hasson, chief operating officer at Mohegan. “Restricted Group revenue growth of 5.8% year-over-year underscores the healthy demand for our destination resorts, continued momentum in our digital business, and our unwavering focus on delivering exceptional guest experiences.”

Mohegan Digital, the operator’s online gaming arm, also posted a record quarterly Adjusted EBITDA of $40.1 million. Its Connecticut operations averaged $467 in revenue per monthly active user, a figure that points to strong engagement among the state’s online casino players even as competition for iGaming market share intensifies nationally.

The Connecticut Sun Sale and What Comes Next

The quarter’s most consequential move away from the casino floor was the closing of Mohegan’s sale of the Connecticut Sun to the Tilman J. Fertitta family, a deal valued at $300 million that the WNBA and NBA board of governors approved earlier this year. Mohegan had owned the franchise since 2003, when it purchased and relocated the then-Orlando Miracle to Uncasville, making the tribe the first Native American nation to own a professional sports team.

Under the terms of the sale, Mohegan received $150 million at closing, with the remaining proceeds due by the end of 2026. The Sun will finish out the 2026 WNBA season playing home games in Connecticut before relocating to Houston for the 2027 campaign, where the franchise is expected to be rebranded under Fertitta’s ownership. Mohegan’s net income for the quarter reflected a $279.7 million gain tied to the transaction.

Mohegan has said proceeds from the sale will go toward reducing debt and reinvesting in its core gaming and hospitality operations, a strategy reinforced by the quarter’s $140 million note redemption. Together, the moves suggest a deliberate effort to strengthen the balance sheet while doubling down on the destination-resort and digital businesses that drove this quarter’s growth.

For bettors who track how tribal and commercial operators are performing across the Northeast, Mohegan’s numbers add another data point to a Connecticut market that continues to produce some of the strongest per-player economics in the country. Anyone weighing where to play can compare current offers on the Online Casino Reviews hub before signing up.

A Quarter of Transition

Taken together, the quarter reflects a company balancing a major divestiture with steady core growth. The Connecticut Sun sale closes out more than two decades of tribal ownership in the WNBA, while Mohegan Sun’s slot market share and Mohegan Digital’s record EBITDA show the underlying casino and online business kept accelerating through the transition.

With the notes redemption reducing near-term debt obligations and additional Connecticut Sun proceeds still due by year-end, Mohegan enters its final fiscal quarter with a cleaner balance sheet and continued momentum in both its physical and digital gaming operations.