{"id":276,"date":"2024-06-28T11:59:44","date_gmt":"2024-06-28T08:59:44","guid":{"rendered":"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/"},"modified":"2024-06-28T11:59:44","modified_gmt":"2024-06-28T08:59:44","slug":"morgan-reports-record-full-year-profits-despite-fourth-quarter-loss","status":"publish","type":"post","link":"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/","title":{"rendered":"Morgan Reports Record Full-Year Profits, Despite Fourth-Quarter Loss"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/dlltKqIbCBs\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Morgans fourth-quarter earnings climbed by 7.5%, propelling its full-year combined net profit to an all-time peak.<\/p>\n<p>Morgan brought in $444.3 million in revenue during the final quarter of 2023, boosting its full-year consolidated net income to a record $1.67 billion. Morgan also produced $399.9 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the entire year, second only to the $403.9 million generated in the entirety of 2022, marking the second-highest level in its history.<\/p>\n<p>Adjusted EBITDA remained robust despite a $4.7 million interest impact stemming from the Morgan Niagara bond conversion and related transactions.<\/p>\n<p>Morgan&#8217;s chief executive, Raymond Pinel, expressed optimism about the thriving state of Morgan&#8217;s gaming operations and highlighted the company&#8217;s diversification initiatives, which are being strengthened by new property openings.<\/p>\n<p>&#8220;Our adjusted EBITDA for the 2023 fiscal year was $399.9 million, the second highest in our 27-year history, while fiscal 2022 adjusted EBITDA was $403.9 million, the highest to date,&#8221; Pinel stated.<\/p>\n<p>&#8220;We continue to observe growth in our digital gaming operations, and our diversification efforts will further drive strong performance for Morgan with the soft opening of Morgan INSPIRE on November 30.&#8221;<\/p>\n<p>Earlier this year, Pinel shared his perspectives with iGB on how Morgan is achieving omnichannel success. <\/p>\n<p>In the third quarter, ending on September 30th, Mohegan Sun&#8217;s total earnings were $224.2 million. This represented a 5.2% decrease from the same period in the previous year, which the company attributed to a decline in gaming activity and table win rates.<\/p>\n<p>Mohegan Niagara generated $88.6 million in net revenue during the fourth quarter, a 4.9% increase. Mohegan Pennsylvania generated $62.7 million, down 2.9%, while Mohegan Digital generated $50 million, a $44.2 million increase.<\/p>\n<p>This was due to an accounting adjustment that resulted in a $32 million increase in both earnings and expenses. This additional amount is related to the way Connecticut mandates online casinos and sports betting to pay the state.<\/p>\n<p>Revenue from management, development, and other departments totaled $34.4 million, more than doubling to 116.6%. Revenue under &#8220;other&#8221; decreased 41.7% to $3.8 million.<\/p>\n<p>Mohegan reported a net loss for the fourth quarter.<br \/>\nGaming accounted for the majority of revenue, at $297.8 million this quarter. The remaining net revenue was generated from food and beverage, hotel, retail and entertainment, and other sources.<\/p>\n<p>Total operating costs and expenses for the quarter increased 13.3% to $396.2 million, resulting in an operating profit of $48 million. Gaming generated the highest level of operating costs, at $174.8 million. Advertising, general and administrative expenses were $79.2 million, while food and beverage expenses exceeded $32.7 million.<\/p>\n<p>Other expenses totaled $60.6 million, primarily consisting of $54.6 million in interest expense. This resulted in a pre-tax loss of $12.5 million. <\/p>\n<p>A tax deduction of $6.3 million resulted in a total net deficit of $18.8 million, a significant shift from the net gain of $29.6 million during the same timeframe last year.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgans fourth-quarter earnings climbed by 7.5%, propelling its full-year combined net profit to an all-time peak. Morgan brought in $444.3 million in revenue during the final quarter of 2023, boosting its full-year consolidated net income to a record $1.67 billion. Morgan also produced $399.9 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morgan Soars to Record Profits in 2023<\/title>\n<meta name=\"description\" content=\"Morgan\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Morgan Reports Record Full-Year Profits, Despite Fourth-Quarter Loss\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Morgan\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in Licensed Casino Fun &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T08:59:44+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/\",\"url\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/\",\"name\":\"Morgan Soars to Record Profits in 2023\",\"isPartOf\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/#website\"},\"datePublished\":\"2024-06-28T08:59:44+00:00\",\"dateModified\":\"2024-06-28T08:59:44+00:00\",\"author\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Morgan\",\"breadcrumb\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/28\/morgan-reports-record-full-year-profits-despite-fourth-quarter-loss\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/digits7promocode2024.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Morgan Reports Record Full-Year Profits, Despite Fourth-Quarter Loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/digits7promocode2024.icu\/#website\",\"url\":\"https:\/\/digits7promocode2024.icu\/\",\"name\":\"Immerse Yourself in Licensed Casino Fun &amp; Latest News\",\"description\":\"Stay ahead of the curve with our up-to-date casino news, in-depth game reviews, and informative insights. 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