“Methodical growth strategy” in the Northeast
Mitchell Etess, head of the Connecticut-based Mohegan Tribal Gaming Authority, says a design is already in place for a proposed casino at the site of the Concord Resort Hotel in the Catskill Mountains of New York State.
Etess has said that the tribe is “pursuing a regional, methodical growth strategy” for Connecticut and Pennsylvania, where it already has established casinos, and New York and Massachusetts, where the authority hopes to make inroads this year.
The tribe has restructured its bank credit and reported fourth-quarter 2013 revenues of $345.3 million, according to the New York Post. And it has already spent $130 million in the Catskills, according to New York real estate website, therealdeal.com. The developers expect to spend another $370 million on the casino.
Etess concedes that gaming has become increasingly competitive in the Northeastern U.S., but he does not believe the market has reached its saturation point.
“The market will seek its level,” he told the Post.
