Mohegan Sun Announces Partnership, Submits Application For Casino License To Massachusetts Gaming Commission
PALMER, Mass., Jan. 14, 2013 /PRNewswire/ -- Mohegan Sun today announced a strategic partnership with Brigade Capital Management ("Brigade") on its project to build a destination resort casino in Palmer, Massachusetts. The agreement with Brigade – a $12 billion New York-based investment advisor - coincides with Mohegan Sun's formal application for a casino license to the Massachusetts Gaming Commission.
"This is an important day for Mohegan Sun, for Western Massachusetts and the entire Commonwealth. Today, we take the next critical step in fulfilling our commitment to bringing new jobs and economic growth to the region," said Bruce "Two Dogs" Bozsum, Chairman of the Mohegan Tribal Council. "It's our intent to be the first casino to open its doors in Massachusetts."
Mohegan Tribal Gaming Authority CEO Mitchell Etess said: "Brigade Capital Management will be a great partner and important asset to this project. They are experienced as institutional investment partners on gaming projects in several states across the U.S., and understand the business that Mohegan Sun has been successful in for 16 years."
Through this agreement, Brigade will invest capital into the corporate entity that is being established to develop Mohegan Sun's project in Western Massachusetts. That investment will give Mohegan Sun the strongest financial platform of any casino proponent pursuing a license in Massachusetts."Mohegan Sun is one of the most recognized casino gaming brands in the United States and they embody the proven model of success for gaming in New England," said Don Morgan, the Managing Member of Brigade. "This project will be built at the best location for a casino in Massachusetts, by a team with combined experience in multiple licensing jurisdictions, and managed by one of the premier gaming operators in the U.S. We are excited to be a partner in this endeavor and to have a role in establishing the Massachusetts casino gaming industry." Under the licensing process set forth by the Massachusetts Gaming Commission, the initial review phase - called "RFA1" - is designed so that the Commission can examine and verify an applicant's financial standing, company history, background and suitability for licensing. Mohegan Sun today formally filed its application under the RFA1 process, which includes remittance of a $400,000 application fee. Mohegan Sun is planning a world class destination casino resort in Palmer that will create thousands of jobs and bring new economic growth to Western Massachusetts. The Mohegan Tribal Gaming Authority has a long-standing commitment to working with local businesses, community leaders and cultural and tourist organizations in the regions where it operates. Currently, Mohegan Sun spends nearly $500 million dollars annually on goods and services from local vendors near its Connecticut and Pennsylvania facilities. Mohegan Sun established a storefront office in Palmer more than three years ago, and has conducted outreach to thousands of area residents through its "Community Conversations" series, appearances at other community meetings, a Mohegan Sun in Palmer newsletter and social media outreach. Mohegan Sun is also far along in discussions with Palmer officials on a host community agreement – which is required under the Massachusetts casino gaming legislation. "Our project has distinct and unique advantages with regard to location, access and infrastructure. Its rural setting on 150 acres – adjacent to other large parcels that present ancillary development possibilities – is ideal for creating the type of gaming facility that New England patrons are familiar with and have made successful over the past two decades," Etess said. "Moreover, our host community of Palmer has been welcoming, motivated and supportive. The community is excited about the jobs and economic development that Mohegan Sun will bring to the entire region." Earlier this year Mohegan Sun reached a labor neutrality agreement with the Pioneer Valley AFL-CIO. The first of its kind for any casino developer in Western Massachusetts, the agreement recognizes the rights of employees to organize, form, join or assist labor organizations. Last year, Mohegan Sun became the first operator to sign memorandums of understanding with the Pioneer Valley Building Trades Council and Carpenters Local 108 of the New England Council of Carpenters to ensure the use of union labor on the construction of the resort gaming facility. This will create more than 1,000 union jobs during the construction of Mohegan Sun in Palmer. About Mohegan Sun in Palmer Mohegan Sun hopes to develop a world-class destination casino resort on a parcel of land adjacent to the Massachusetts Turnpike in Palmer. The project would feature a hotel, casino gaming and internationally-known and branded retail stores and restaurants. A destination casino resort in Palmer is expected to create thousands of jobs – with the majority of the required workforce expected to come from Western Massachusetts. For more information on the Palmer project, please visit www.MoheganSun.com/Palmer . About Brigade Capital ManagementBrigade Capital Management, LLC is an SEC-registered investment advisor with over $12 billion in assets under management. Laura WareckP: 617.646.1037 – C: 978.660.9587 firstname.lastname@example.org SOURCE Mohegan Sun
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV