A ratings agency says the deal in which Connecticut-based Mohegan Sun casino operators will manage Resorts Casino Hotel in Atlantic City could boost the Mohegan tribal authority’s management venture.
Management of the Resorts Casino Hotel is expected to be turned over to the operator of the Indian-owned Mohegan Sun casinos in Connecticut and Pennsylvania.
The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania says third-quarter profit plunged more than two-thirds as new casinos in the Northeast lured away gamblers and remaining customers reduced spending.
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The parent company of the Mohegan Sun casinos has announced a debt refinancing plan offering new terms to bond holders and reducing the loan amount.
Connecticut has agreed to slash its assessment for security provided to two of the country’s largest casinos following appeals from the American Indian tribes that run the resorts.
The Mohegan Sun says slot revenue plunged 10.6 percent in August as the remnants of Hurricane Irene kept customers home.
Connecticut’s two Indian-run casinos say the weak economy cut into July’s slot revenue.
Gov. Dannel Malloy says the state needs to do more to help promote Connecticut’s two Indian-run casinos.
A Connecticut casino and millionaire cable TV network executive Jerome “Jerry” Powers have settled a dispute over a $1.2 million gambling debt, which he had fought in state courts on claims including an illegal loan deal and American Indian tribes’ sovereignty.