Mohegan Delivers Strong Q3 FY2026 Growth as Joe Hasson and Ari Glazer Drive Digital Profitability

Mohegan reported its Q3 2026 results, and on paper it was a blowout. Net income of US$296.0m, against a small loss a year earlier. Look closer, though, and most of that jump is an accounting event, not an operating one. The quarter that ended 30 June was carried by something quieter and, for operators watching from the outside, more important: a record run from the company’s online division.

The headline group figures were solid rather than spectacular. Net revenues rose 3.1% to US$450.6m. Adjusted EBITDA climbed 7.5% to US$101.1m. Steady. The Mohegan Q3 2026 results only look explosive because of a US$279.7m gain booked on the completed sale of the Connecticut Sun WNBA franchise for US$300m. Take that out, and the picture is a business growing at a measured pace, with the momentum concentrated in two places.

What the Mohegan Q3 2026 results actually show

Mohegan Digital is the standout. The iGaming division posted a record quarterly Adjusted EBITDA of US$40.1m, up 17.2% year on year, with revenue up 16.3% to US$78.5m. The company also flagged Connecticut average revenue of US$467 per monthly active user, a figure it points to as evidence of player economics holding up. For a group whose identity is rooted in destination resorts, having online deliver a profit record is a genuine milestone.

The domestic resorts did their part too. Mohegan Sun took 59.7% of the Connecticut slot market in the quarter, which the company says is its highest quarterly share since late 2020. Domestic net revenues rose 4.3% to US$310.1m, helped by slots and by non-gaming lines like food, beverage and hotel. Mohegan also pointed to its Restricted Group, where it reported 5.8% net revenue growth and 10.2% Adjusted EBITDA growth year on year as a read on underlying strength.

The international drag on Mohegan’s earnings

Not everything pointed up. The international segment fell 11% to US$66.8m in net revenues, with Adjusted EBITDA down 56.8% to US$2.2m. Mohegan attributes the slide to an adverse swing in table hold – the kind of short-term variance that can flatter or punish a quarter regardless of underlying demand. On a hold-normalised basis, the company says segment EBITDA was down only US$0.3m, which softens the read considerably. Still, it’s the part of the business without a clear growth story right now.

What operators should take from this

For a platform manager or a supplier weighing where tribal operators are heading, the signal is direct. Mohegan’s growth this quarter came from digital and from share gains on its home slot floor, not from the physical footprint expanding. That’s a spending and partnership cue: the online arm is where this operator is compounding, and where budget and product attention are likely to follow.

The balance-sheet moves reinforce the direction. Mohegan redeemed US$140.0m of its 2029 senior unsecured notes and closed the quarter with US$138.0m in cash. CFO Ari Glazer tied the Connecticut Sun sale to unlocking value and adding financial flexibility for reinvestment in the resorts. Read alongside a record digital quarter, that reinvestment is likely to lean toward the parts of the business already working.

Where Mohegan goes from here

The next few quarters will test whether digital’s momentum is durable enough to offset international softness without the help of one-off gains. Watch two things: whether Mohegan Digital can hold its Connecticut per-user economics as competition intensifies, and whether the international table-hold swing reverses or hardens into a trend. The asset sale bought flexibility. What Mohegan does with it, and whether the online engine keeps setting records, is the story worth following into fiscal 2027.

Source: Mohegan