Moody’s: Possible downgrade for Mohegan casinos

Uncasville, Connecticut (AP) September 2010

Moody’s Investors Service has placed the Connecticut and Pennsylvania casino operator Mohegan Tribal Gaming Authority on review for a possible downgrade over debt concerns.

Moody’s senior vice president Keith Foley said last week the gaming authority may find it difficult to reduce its debt in time to refinance outstanding bonds on good terms.

The gaming authority operates casinos in Uncasville, Conn., and Plains Township, Pa. It announced last week it will cut 355 jobs and reassign 120 other workers in Connecticut following falling slots revenue in the last year.

The Mohegan Sun Casino in Uncasville is one of the country’s largest tribal casinos and employs more than 9,000 people.

A Mohegan gaming authority spokesman hasn’t commented on Moody’s action.