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Report: Mohegan finances solid North East News Written by Administrator    Friday, 08 January 2010 Report: Mohegan finances solid Wells Fargo says resort is best on East Coast By WILLIAM SOKOLIC For The Norwich Bulletin Jan 06, 2010 New London, Conn. — A Wells Fargo Securities report issued last month paints a positive picture of the financial health of the Mohegan Tribal Gaming Authority. Although gaming revenues over the next two years are not expected to reach levels of fiscal year 2008, the tribe has a lot going for it, including no near-term liquidity events or risk of default, the report notes. “The MTGA has the strongest management team in the Native American universe,” author Dennis M. Farrell Jr., an analyst with Wells Fargo Securities in Charlotte, N.C. said. “Mohegan Sun is the top gaming resort on the East Coast, in our opinion.” Jeffrey E. Hartmann, chief operating officer for the authority, said, “We just did a bond deal in October. We raised $200 million in this economic environment. Not too many companies can do that.” With slot machines, Mohegan Sun generates more gambling revenue than Foxwoods and its sister property, MGM Grand at Foxwoods. And Pocono Downs has done well compared to Mount Airy and the new Sands Bethlehem in Pennsylvania, Hartmann said. Still, there are some inherent risks facing the company, according to Wells Fargo. Meeting debt obligations could be negatively affected by: Read more...

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