Two Pennsylvania newspapers are reporting this afternoon that an agreement has been reached for a developer to build a $60 million hotel at the location of Mohegan's Pennsylvania slot parlor.
The Times Leader and Citizen's Voice websites noted that a memorandum of understanding has been reached which calls for a developer, who has not yet been named, to finance and build a $60 million, 300-room hotel. The Mohegans will "operate the hotel and pay an annual lease fee to the developer." According to the articles, the agreement will allow the Mohegans "to purchase the hotel from the developer in the future."
In keeping with a "wow the financial analysts" strategy, the news comes one day before the Mohegan Tribal Gaming Authority is to release and explain their second quarter operating results.
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