CASINO

Mohegan casino not likely for a few years; Refinancing almost complete; Foxwoods group file appeal against revocation

TAGs: Foxwoods Casino, Massachusetts, Mohegan Tribal Gaming Authority, Pennsylvania

MTGAIt could be five years before the Mohegan Tribal Gaming Authority completes the process to open a venue under Massachusetts’ new gaming law. Authority CEO Mitchell Etess told TheDay.com in a recent interview: “It’ll be at least three to five years before the first dice are thrown.”

He continued: “First, Massachusetts has to get a (gaming) commission in place, and there are still a lot of things to decide. If licenses were assigned within a year from now that would be really, really quick. So, say it’s one to two years for licenses to be awarded, then 18 months to two years to get something built.

The tribe are looking at obtaining a license in the town of Palmer to build a resort that would cost $600million and are “happy” that the aforementioned town are “so enthusiastic” about the plans. Refinancing the authority’s debt is never far from conversation about Mohegan’s affairs and Debtwire reports the process is near completion. It would see the authority agree to new terms with banks and bondholders that would refinance some $925million worth of loans that are due next year.

Over in Pennsylvania, the group behind the beleaguered Foxwoods Casino has appealed to the high court to save the project. The Supreme Court reported the group of investors had missed Monday’s deadline of 5pm to lodge an appeal against the group’s license revocation. Doug Harback, spokesperson for the Gaming Control Board, said: “Should the revocation indeed be final, the Board will pursue its obligations under the [Gambling] Act regarding the award of this license. I would expect that an announcement on the next steps and any timetable for applying for this license will be forthcoming relatively soon.”

Those comments came before it was confirmed Philadelphia Entertainment and Development Partners had successfully filed an appeal. The license costs $50million a time and it’s the first time that the board has stripped a group of a license. Without any new investment it seems unlikely they’ll get it back either.

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