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Mohegan discloses ‘going concern’ risk as it works to refinance

Posted 12/30/11

NEW YORK - Mohegan Tribal Gaming Authority, the operator of Mohegan Sun casinos in Connecticut and Pennsylvania, said it has yet to reach an agreement to refinance $811 million in debt, raising the risk of being unable to continue operating.

The delay in refinancing fiscal 2012 maturities is among conditions that “raise substantial doubt about our ability to continue as a going concern,” the Uncasville, Conn.-based casino operator said Thursday in a regulatory filing. Mohegan said it received a default waiver from its bank lenders Dec. 28.

Mohegan is being advised by Blackstone Group LP and Credit Suisse Group AG as it tries to refinance much of $1.61 billion in debt owed as of Sept. 30. The debt includes $535 million outstanding under a bank credit facility maturing March 9, and $250 million of senior subordinated notes due April 1.

Mohegan is “pleased with the progress made in recent weeks toward finalizing our refinancing plan,” CEO Mitchell Etess said Thursday in a statement.

PricewaterhouseCoopers LLP is the auditor.

Closely held Mohegan and Foxwoods Resort Casino, which is owned by the Mashantucket Western Pequot Tribe in Connecticut, were hurt by the 18-month recession that ended in 2009 and face competition from neighboring states as casino gambling expands.

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