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Mohegan Sun Assures Palmer of Casino Plan

Posted on December 15th, 2010

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The state government of Massachusetts, desperate to increase revenues, is aiming to approve some new bills in its next formal session which is expected to begin on January next year. And with this legislation issue, Mitchell G. Etess, the chief executive officer and president of the Mohegan Sun casino in Uncasville Connecticut, has assured everyone that they are on track in their plan to build a resort casino at the Massachusetts Turnpike Exit 8. Recently, Mohegan Tribal Gaming Authority’s credit rating has been downgraded by Moody’s Investors Service. The reason behind the move is that it would be difficult for casino operators in Pennsylvania and Connecticut to restructure debt without the help of the bondholders.

During a public holiday party on Thursday at the authority’s Palmer office Bruce Bozsum, chairman of the Mohegan Tribal Gaming Authority announced, “We look forward to what will happen here, a full resort like Mohegan Sun” in Uncasville, Connecticut.

Due to the recession, the casino industry is not exactly performing well. But analysts believe that Palmer is too great a location for the casino to pass up. The casino which is going to be built at Massachusetts Turnpike Exit 8 would have a restaurant and bar, a spa and hotel, retail and meeting space, live entertainment and a night club. There are about 4.4 million people in the immediate areas surrounding the casino which would make the business a success. The state government is projected to earn $150 million every year as gaming taxes from the casino and 27% tax on slot machine.

The vice president of development for the tribal gaming community has said that they are taking necessary steps to reshape their corporate debt and he thinks the low credit rating will not have any significant effect on their ability to build the resort casino at Massachusetts Turnpike Exit 8 for which the budget has been estimated to be at $600 million. “We will have some announcements in the future that will be very positive in terms of our debt structure and our payment structure,” said Paul I Brody, the vice president of development for the tribal gaming community. He also added, “The state has to pass a bill. A commission has to be established. There has to be a beauty contest and a selection process. Hopefully we will be still standing.”

State lawmakers have been talking about finding a common ground for casino legislation which should be incorporated in a bill that would be proposed for the coming legislative session. In the legislature’s last formal session ended on July 31, 2010, state lawmakers passed a bill approving the construction of three casinos and two slot machine parlosr. One of the three casinos will be built in Western Massachusetts and the slot machine parlors will be housed at racetracks. The bill was vetoed by Governor Deval Patrick and was not able to make it past the legislative session.

House Speaker DeLeo, was keen on approving slot machines but due to the unyielding opposition of Patrick, his plans had not succeeded. Patrick disagreed on the slots aspect of the bill and refused to sign it. But a group of legislators are proposing to approve the bill of building temporary slot machine parlors which will be owned by the state. One of the state slot machine parlors could be approved to run at MassMutual Center, which is a property of the state Convention Center authority, stated by Anthony W. Ravosa, a former Springfield city councilor and a principal in Paper City Development.

But Mohegan Sun team is not interested in short term plans. On the Thursday holiday reception Paul I. Brody, the vice president of development for the tribal gaming authority said, “We are committed to an entertainment product, not instant slots.” Distinguished professionals and loyal local supporters of Mohegan Sun attended the ceremony. In the reception Robert Young, a spokesman for Palmer Businesses for Palmer Casino said that he expects to see DeLeo and the governor to work out their problems and find a solution. He hopes that the Mohegan Sun will be able to push through with their plans.