CASINO

Mohegan tribe gets green light on ownership stake of Atlantic City’s Resorts Casino

TAGs: Atlantic City, Business, Casino News, mohegan tribe, Resorts Casino

mohegan tribe gets approval to own resorts casinoAtlantic City’s continued struggles have caused a lot of upheaval from resorts in the gambling town. We’ve already seen the lengths Revel has gone to just to keep their operations upfloat and now, another casino has made major changes in their business structure.

The Mohegan Indian tribe, owners of casinos in the Poconos and Connecticut, including the Mohegan Sun, have been granted a new managing partner role in Resorts Casino, a move that recently got the approval from New Jersey Casino Control Commission and making Resorts Casino the first Indian-owned casino in Atlantic City.

The Indian casino company now controls day-to-day operations of the resort’s oldest casino for a period of time that’s at least five years while also a 10 percent share in the casino, further entrenching itself in the latter’s business operations after already serving a consultancy role for the past couple of months. With the approval from regulators, the Mohegan Indian tribe will now have to apply

“With our approval of this agreement, Mohegan will be able to implement policies and practices that have helped to make its Connecticut casino one of the most successful ever,” commission Chairman Matthew Levinson said, as quoted on PressofAtlanticCity.com.

“It’s the first tribal casino to come into Atlantic City,” Levinson adds. “We are excited to see the amount of people that would be following Mohegan Sun, that are already customers there, to see the Atlantic City that maybe some haven’t seen yet.”

To complete the move, the Mohegan Indian tribe must now apply for a casino service industry enterprise license in order to solid its new position as share holders of Resorts Casino. It’s standing as the first Indian tribe to own a casino in Atlantic City comes only a few days after the Seminole tribe, owners of Hard Rock, ditched their own plans of building a boutique-like casino in Atlantic City, a move that was done because of the floundering economic conditions of the once-proud gambling destination.

 

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