By the end of December, Mohegan will end its management contract with Resorts Casino Hotel in Atlantic City. The property ranks as one of three the Connecticut-based company will exit this year, leaving a portfolio of five. Another management contract ends, this one with Cowlitz Indian Tribe’s ilani Casino Resort in Ridgefield, Wash.
Mohegan will also leave Las Vegas when Mohegan Casino at Virgin Hotels Las Vegas reverts to Virgin Hotels by the end of the year. The agreement also included Hilton’s Curio Collection.
“You need to be the one entity to control the whole thing,” Ray Pineault, Mohegan’s president and chief executive officer told The Day. “The three parties didn’t have the same interests.”
However, shed no tears for Mohegan’s fate, Pineault said. Their revenues expect to climb. This most notably includes Inspire, a $1.7 billion resort opened this year in Incheon, South Korea, with profitability just around the corner. And the company remains in the hunt for a coveted New York City casino license, which promises to be a goldmine for whichever company is selected.
And lest anyone forget. online casino gambling has padded the bottom line in three locations: Connecticut, Pennsylvania and Ontario in Canada.
