Mohegan Tribal Gaming Authority's bid for a casino in western Massachusetts will move forward on Monday, a company spokeswoman said, as the company files its application and fee a day before the state's deadline.
The application comes as the company lined up financing from New York-based hedge fund Brigade Capital Management, a firm with a history of casino and entertainment investments.
"Today, we take the next critical step in fulfilling our commitment to bringing new jobs and economic growth to the region," Bruce "Two Dogs" Bozsum, chairman of the Mohegan Tribal Council said in a written release. "It's our intent to be the first casino to open its doors in Massachusetts."
The submission of Mohegan's application and non-refundable $400,000 fee also widens the competitive field to four developers ? MGM Resorts, Penn National Gaming, Hard Rock International, and, now, Mohegan ? all vying for the state's single western Massachusetts casino license.
Mohegan plans to develop a $600 million resort-style casino on 152 acres in Palmer, Mass., that will include a hotel, casino, restaurants, retail section and space for meetings and entertainment.
Its plans have set on the table while other developers announced shiny, more expensive projects, promising to transform and reinvigorate Springfield in the process.
Mitchell Etess, chief executive of the tribal gaming authority, said that Mohegan's Palmer project has unique advantages in terms of location, access and infrastructure, making it "ideal for creating the type of gaming facility that New England patrons are familiar with and have made successful over the past two decades."
The project's rural nature, Etess said, is more in line with the existing New England gaming scene ? with Mohegan Sun in Uncasville and Foxwoods Resort in Mashantucket both far from the hustle of southern Connecticut's cities.
"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," he said.
Mohegan first established a presence in Palmer in 2009, and its project has since been endorsed by many community and labor groups.
Penn National Gaming and MGM Resorts are vying for downtown Springfield, both putting forward plans over $800 million. Hard Rock International last week announced plans to build a casino at the Eastern States Exposition in West Springfield.
Managing in total over $12 billion, Brigade Capital will invest an undisclosed amount into a separate corporate entity that Mohegan is creating for the Palmer project. The firm has invested in many casinos operators across the country, including Ameristar Casinos, MTR Gaming Group and Caesars Entertainment.
Talking about Brigade Capital's investment, managing member Don Morgan said that Mohegan's well-known brand and previous success make the project an attractive venture.
"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," he said.
The deadline for casino developers to apply to the Massachusetts Gaming Commission is Tuesday. The commission plans to approve three licenses for resort-style casinos and one slots parlor.
Source: http://www.courant.com/business/hc-mohegan-palmer-financing-20130114,0,2238665.story
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