Wednesday, July 30, 2008

Mohegan Tribal Gaming Authority To Release Latest Three Month Earnings Report Tomorrow

Feather News

The Mohegan Tribal Gaming Authority is expected to release its latest earnings (profit) report tomorrow, which will cover the three months of April through June.

The Feather News will report on the earnings results tomorrow after MTGA files its report with the U.S. Securities and Exchange Commission.

In a related finance matter, a representative of the Mohegan Tribe was told "bluntly" by an official that the proposed Menominee Indian casino in Wisconsin would likely not be approved under the Bush administration. This negative signal is to be reported in the upcoming Tribal Wuskuso newsletter and is consistent with Feather News' reports since the beginning of 2008.

It's unclear if this and other failures of a similar nature will result in the Tribal Council relinquishing their self-appointed duties as lobbyists and hire professional lobbyists to ensure greater success in Washington D.C. and other jurisdictions. It's also unclear if the Mohegan Tribal Gaming Authority's bankers will allow any more expenditures on the proposed Wisconsin project.

In addition to the approximately $9 million the Tribe has spent on the Wisconsin project (as of February), the Tribe has also spent about $20 million on the proposed Cowlitz Indian casino in Washington State (as of March).

The combined earlier total spent on these two projects alone is the equivalent of about $29,000 per tribal adult.