The Mohegan Tribal Gaming Authority‘s iGaming operations in Ontario grew 44% last quarter and were even more ahead of the 2024 pace through 2025.
Mohegan noted in an earnings deck that for the fiscal year ended Sept. 30, 2025, its PlayFallsview platform’s revenue was 70% higher than it was in the same period in 2024.
Mohegan Digital, which also encompasses operations in Connecticut and Pennsylvania, is “the primary catalyst” for the company’s overall growth through 2025, said departing CEO Ray Pineault. Across all operations, Digital net revenues grew 48.5% year over year to US$238.7 million for the 12 months ended Sept. 30, while year-to-date Digital adjusted EBITDA was up US$31.9 million to US$111.0 million.
Mohegan operates Fallsview Casino and Casino Niagara in Ontario, and has run the companion PlayFallsview platform in the province’s regulated iGaming market since September 2022, offering both online casino games and online sports betting. Mohegan also runs land-based resorts in Connecticut and Pennsylvania and owns and operates the Connecticut Sun WNBA team.
PlayFallsview capitalizing on Ontario iCasino
As for the three months from July 1 to Sept. 30, Chief Financial Officer Ari Glazer noted the company’s overall quarterly revenue growth was driven by a 40.3% year-over-year surge in online gaming revenues. Mohegan Digital-specific net revenue was US$61.6 million, US$17.7 million higher than the same quarter of 2024, while the online arm’s adjusted EBITDA of US$24.9 million was up US$5.5 million (28.6%).
While Connecticut was the primary contributor, Mohegan Digital’s Canadian revenue via PlayFallsview rose 44% last quarter, although that was a sequential quarterly decline from the April-to-June period.
Although Glazer noted on a Dec. 11 earnings call that both Ontario and Pennsylvania have higher gaming tax rates than Mohegan is used to in its home state of Connecticut, monthly active users were up across all markets. In Ontario’s highly saturated iCasino market, PlayFallsview’s online casino handle was up 57% year over year, monthly active users increased 46% and deposits were up 55%.
Pineault heads for exit
Overall, accounting for both Digital and land-based gaming. Mohegan generated net revenues of US$453.0 million for the three months ended Sept. 30, up $17.5 million compared with the prior-year period. However, consolidated adjusted EBITDA of US$87.4 million for the quarter was a 1% year-over-year dip.
Executives also revealed on the Dec. 11 earnings call that the company recently implemented some layoffs. They did not specify which areas of the company or how many jobs were affected, other than to state that the cuts did not affect its Connecticut Mohegan Sun property.
Meanwhile, the call was Pineault’s last as Mohegan President and CEO.
As was first announced in October, he is stepping aside effective Dec. 28 after more than four years as chief executive and a total of a quarter of a century of serving the Mohegan Tribe. He said in his exit announcement that Mohegan is well-positioned for the future, particularly given its growth in online gaming.
