Financial pressures weigh on tribes’ casino expansion plan

Photo Courtesy: MGNonline

HARTFORD, Conn. (AP) — Tough financial questions confront Connecticut’s two beleaguered tribal casinos proposing a major investment to fend off new competitive threats looming in Massachusetts.

Mohegan Sun and Foxwoods Resort Casino are looking to build a third scaled-back casino in the state to try to stem an expected flow of gamblers to a resort casino set to open in Springfield, Massachusetts, in 2017. First, they must raise the money.

Moody’s analyst Keith Foley says that after years of declining revenue at the two southeastern Connecticut casinos and the weak economic recovery, analysts wonder where the casinos will find the money for the expansion.

Mohegan Tribal Gaming Authority president Robert Soper and Foxwoods CEO Felix Rappaport say it’s premature to focus on cost as planners put together details for the venture.

Copyright Associated Press

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