Posted date: February 24, 2024, 02:52.
Last updated: February 24, 2024 02:52h.
Mohegan Gaming & Entertainment, the casino division of the Mohegan Tribe of Connecticut, will terminate its management agreement with the Atlantic City, New Jersey, resort, casino and hotel at the end of this year.
The tribal gaming giant made the announcement yesterday, ending an era in which the Tribe became the Boardwalk’s first Native American operator after acquiring a 10% stake in the resort casino in 2012. Mohegan plans to retain its interest following the management agreement. The venue expires later this year.
According to a statement released by the tribe, Mr. Mohegan will remain as managing partner through the end of December 2024 and is committed to ensuring a smooth transition process to maintain the continuity of the exceptional guest experience the resort casino hotel is known for. “We will do so.”
The Boardwalk’s oldest gaming facility, the Resort Casino Hotel, was acquired in 2010 by Morris Bailey and longtime gaming executive Dennis Gomez. After Gomez passed away in 2012, Bailey brought Mohegan His Gaming & Entertainment to manage the casino.
Mr. Mohegan did not say why he was leaving Atlantic City.
The family did not say why it was leaving Atlantic City, nor did it discuss the possibility of eventually returning to the nation’s second-largest casino market after Las Vegas.
“We entered into a management agreement with Mohegan at a time when resorts were facing many operational, economic and market challenges,” resort casino owner Morris Bailey said in a statement. Ta. “Mohegan has brought stability and direction to the resort by helping to build an excellent management team that will continue to be maintained. With Mohegan’s support, we are pleased that the resort has reached a stage where it can operate independently. I’m happy.”
Perhaps Mohegan wants to focus on improving its newly launched Inspire Entertainment Resort and Virgin Las Vegas casino operations at South Korea’s Incheon International Airport.
The company’s other North American properties include its flagship casino hotel in Uncasville, Conn., Mohegan, Pa., Irani in Ridgefield, Wash., and two properties in Niagara Falls, Ont.
Possible replacement for Mohegan at resort casino
Neither Mohegan nor Bailey would discuss a possible replacement for the tribe in running the resort casino. If Bailey chooses to take on these responsibilities, he will have to choose from a number of commercial and tribal entities.
No matter what entity steps in to operate a ship at a resort casino, it will be entering a competitive arena. Boardwalk has nine casino hotels, but some industry insiders believe this number is too high, suggesting the market is saturated.
Three of the top 20 casinos outside Las Vegas, as measured by gross gaming revenue, are located in Atlantic City: MGM Resorts International’s Borgata, Hard Rock Atlantic City, and Ocean Casino Resort.
