Mohegans File for Pennsylvania License

MOHEGAN, Conneticut – As reported by the Connecticut Day: "The Mohegans could have 200 slot machines on line at the Pocono Downs racetrack by spring if they obtain a conditional license from the State of Pennsylvania, executives said Monday.

"The bill that authorized slot machines at 14 locations throughout the state has a provision for conditional licenses, and William Velardo, president and chief executive of the Mohegan Tribal Gaming Authority, said the existing facility at Pocono Downs could accommodate 200 machines 'in a quality manner.'

"…On Monday, casino executives and tribal officials outlined their reasons for investing more than $500 million in the Keystone State's burgeoning gaming market. The tribe increased its bank credit from $382 million to $600 million to finance the purchase and will likely sell bonds on Wall Street to finance the construction, according to Leo Chupaska, chief financial officer. He estimated 'peak leverage' would be $525 million…"