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Mohegan handed US$5 million revolving facility under latest amendment to loan agreement

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Mohegan Tribal Gaming Authority (MTGA), the US tribal casino operator currently developing integrated resort Mohegan Inspire in Incheon, South Korea, has said Thursday it has entered into a Third Amendment to a 2021 credit agreement, this time revealing a change of lender and new revolving facility.

The Third Amendment, which follows on from previous amendments in May 2021 and February 2023, sees Fifth Third Bank, National Association replace Bank of America, N.A. as Swingline Lender while also extending to MTGA a revolving line of credit of US$5 million.

The line of credit is to be used for “temporary borrowings from time-to-time”.

MGTA’s Second Amendment to the original credit agreement, announced in February, saw the company granted an extension to the maturity date of its commitments and loans under the facility until 1 November 2025.

Mohegan announced a week later that it had committed to contribute up to KRW185 billion (US$142 million) in additional funding to ensure completion of its Korean integrated resort project. Such funding was completed in September, with the IR schedule to open its non-gaming elements before the end of the year.

Once fully operational in 2024, Mohegan Inspire will boast three hotel towers with a combined 1,200 rooms, an arena, a foreigner-only casino, dining, retail, convention and entertainment options, a year-round indoor water dome experience and an outdoor family park.

It will also become the second integrated resort to open in Incheon after Paradise City – the latter being a joint venture partnership between Korea’s Paradise Co and Japanese gaming firm Sega Sammy Holdings.

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Svanstedt Continues Simpson Dominance At Pocono

Trainer Ake Svanstedt ran his winning streak to nine on Wednesday (Oct. 18) in John Simpson Sr. Memorial races this week at Pocono Downs at Mohegan Pennsylvania by winning three out of three races in which his trainees were entered for the third straight day.

There were three Simpson divisions held on Wednesday for both the two-year-old trotting fillies (The Davidia Hanover at $42,970 per split) and the two-year-old pacing fillies (The Razzle Hanover at $35,000 per pop).

Svanstedt won six Simpson races without a loss at Pocono on Monday and Tuesday as both driver and trainer. On Wednesday, he handed driving duties over to Matt Kakaley, the leading driver in 2023 at Pocono, and the success continued in the two-year-old trotting filly class. Southwind Banshee won the first split in 1:56.4 and She Shaq nosed out her stablemate Upallnight Hanover to win in 1:55.3. It came down to Duchamp S in the final division and Kakaley coaxed her home to get her maiden win in 1:57.4.

In other stakes action, driver Tim Tetrick took two of the three Simpson races for two-year-old pacing fillies on Wednesday. Tetrick scored with Donegal Spirit, trained by Andrew Harris, in 1:53.1 and with Lyons Legend, trained by Jim King Jr., in 1:52.1. Hunting Hula, trained by Bruce Lauer and driven by Pat Lachance, won the remaining Simpson division for two-year-old pacing fillies in 1:54:3.

Simpson action concludes on Saturday, Oct. 21 at Pocono. There are 14 races on the Pocono Saturday afternoon card, with a first post time of 1 p.m.

(Pocono Downs)

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Zitro USA Opens New Office in Las Vegas

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Zitro USA Las Vegas Office

LAS VEGAS, NV – As the result of continued growth in the U.S. gaming market, Zitro has officially announced the opening of its new office and warehouse in Las Vegas.

The new facility consists of more than 15,000. sq ft. of warehouse and office space, housing multiple Zitro departments including corporate offices, operations, production, and shipping and receiving for the company’s U.S. business. Zitro’s office opening…

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Mohegan Tribal Gaming Authority Secures New Funding for Mohegan Inspire Project

The Mohegan Tribal Gaming Authority (MTGA), a US tribal casino operator currently developing the integrated resort Mohegan Inspire in Incheon, South Korea, announced a Third Amendment to its credit agreement. This update signifies a change in lenders and the addition of a new revolving credit facility, marking another step in the project’s financing journey.

Mohegan Inspire Represents a Significant Investment

As the second integrated resort to open in Incheon, Mohegan Inspire should significantly impact the region’s tourism and leisure offerings. Its diverse amenities are poised to attract a broad audience, making it a key player in the South Korean entertainment landscape. The new funding will ensure the project launches on time and meets stakeholders’ high expectations.

The Mohegan Inspire project aims to become the centerpiece of Incheon’s tourism landscape, offering a comprehensive entertainment experience. It will feature three hotel towers with 1,200 rooms, an arena, a foreigner-only casino, diverse dining and retail options, convention facilities, and an impressive selection of entertainment choices.

One of its distinctive features will be a year-round indoor water dome experience, providing visitors with a unique attraction. An outdoor family park will further enhance the resort’s appeal, catering to a wide selection of guests. This venue will also share Mohegan’s Momentum Loyalty Program, ensuring guests keep returning, knowing their loyalty is truly valued.

The Project Should Have All the Funds It Needs

The Third Amendment to Mohegan’s credit agreement follows the previous May 2021 and February 2023 revisions. This latest update sees Fifth Third Bank replace Bank of America as the Swingline Lender. Additionally, MTGA has gained a revolving line of credit of up to $5 million, intended for covering temporary short-term expenses.

In February, MTGA executed the Second Amendment to the original credit agreement, extending the maturity date of commitments and loans under…

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Mohegan announces third amendment to credit agreement

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18 October 2023

(PRESS RELEASE) — On 12 October 2023, the Mohegan Tribal Gaming Authority entered into the Third Amendment to that certain Credit Agreement (as amended by the First Amendment, dated as of 31 May 2022, and the Second Amendment, dated as of 14 February 2023, the “Existing Credit Agreement”), dated as of 26 January 2021, by and among MTGA, The Mohegan Tribe of Indians of Connecticut, Citizens Bank, N.A., as administrative agent and the other lenders party thereto (the Existing Credit Agreement, as amended by the Amendment, the “Amended Credit Agreement”).

In connection with the Amendment, Fifth Third Bank, National Association (“Fifth Third”), replaced Bank of America, N.A. as Swingline Lender under the Amended Credit Agreement, extending to MTGA a revolving line of credit of Five Million Dollars ($5,000,000) on such terms and conditions as set forth in the Overdraft Services Agreement dated as of October 12, 2023, by and between Fifth…

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President Biden Nominates Cherokee Citizen Sara Hill to Federal Bench in Oklahoma

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Home People President Biden Nominates Cherokee Citizen Sara Hill to Federal Bench in Oklahoma Cherokee Nation Sara Hill

WASHINGTON, D.C. – President Biden announced his intent to nominate Sara Hill (Cherokee) to serve as a federal judge in the U.S. District Court for the Northern District of Oklahoma. Hill is President Biden’s fourth Native American judicial nominee, and if confirmed by the U.S. Senate, would be the first American Indian or Alaska Native…

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Weekend Happenings around Connecticut from Oct. 20-22

Here are local events going on this weekend.

CONNECTICUT, USA — As the leaves turn from green to orange, and yellow, sleeves get longer and days become shorter, events in Connecticut go on! 

Here are local events going on this weekend. 

Brew Maze at Lyman Orchards going on Friday. People can enjoy craft beer during a twilight event at Lyman Orchard’s “Wonderful Wizard of Oz” corn maze. There will be sample beer from three local breweries with games as well. Tickets are $35 a person from 4:30 to 6 p.m. For more information click here

Mohegan Sun 2nd Annual Seltzer Social will happen on Friday from 6 p.m. to 9 p.m., admission is $40. Guests can enjoy a bold and bubbly lineup of seltzers. There will also be a DJ and local bites. 

Tom Papa Comedy Tour will happen on Friday at Torrington. Tickets range from $38 to $78 at The Oneglia Auditorium. 

West Hartford Hauntings will go on Friday. This guide leads you on a lantern-lit tour of Old North Cemetery where you learn history, tales of death, and disease. Admission is $20 for more visit here

Putnam’s Great Pumpkin Festival will happen on Saturday on Main Street. A place where family and community members can enjoy the fall with live music, activities, shops, and restaurants will fall themes. For more click here

Train to the Pumpkin Patch on Saturday. Join the Essex Steam Train for a ride through the Connecticut River Valley. The event will be from 9 a.m. to 11 a.m. and admission is $38.99. Visit here for more. 

Witches Tombstone Tour at the Webb Deane Stevens Museum in Wethersfield will begin on Saturday. People will learn about 19th-century mourning practices and…

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Soloviev Group Adds Affordable Housing to Casino Proposal Near UN

The Soloviev Group is trying to make sure it doesn’t roll snake eyes in its proposal to build a casino in Midtown East by including 513 affordable homes in the development.

The proposed Freedom Plaza entertainment district would include not only a gambling house under Soloviev Group Chairman Stefan Soloviev’s vision, but also open space, a hotel, a performance space and a museum dedicated to democracy.

The proposal originally included a Ferris wheel and a sports fields, but recently nixed those plans.

The housing component of Soloviev’s plan, announced Thursday, would add a total of 1,325 apartments, with nearly 30 percent affordable. The developer hopes the housing will persuade the New York State Gaming Commission to award one of the three downstate casino licenses to a proposal with an aspect that provides a service to the community.

“Affordable housing, specifically the creation of new low- and moderate-income units, is a top priority in our city and nationally,” Michael Hershman, CEO of Soloviev Group, said in a statement. “We are dedicated to mitigating the housing crisis within our community and intend to develop more than 500 affordable units, while also introducing meaningful economic and social benefit initiatives.” 

The housing development would be in line with New York City’s Mandatory Inclusionary Housing (MIH) zoning with at least 30 percent of the units being permanently affordable and 80 percent of them being within the budgets of people earning below the average median income, according to Soloviev.

Soloviev, like the numerous other developers angling for a casino license, has partnered with companies that specialize in operating gaming facilities, in this case entertainment group Mohegan.

Mohegan is putting its own efforts into creating an economic benefit in the proposal with the Mohegan Momentum Partnership Program for New York City, which aims to incentivize…

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Meuser may consider seeking speaker’s post, blasts House dysfunction

U.S. Rep. Dan Meuser on Thursday said he is still supporting Rep. Jim Jordan for Speaker of the House, but if Republicans in the House can’t elect someone to the post soon, he, Meuser, would toss his hat in the ring.

“I’m supporting Jim Jordan, or if a strong alternative can get to 217 (votes) within the next couple of days,” said Meuser, R-Dallas. “However, if Jordan drops out and we do a resolution to allow (Rep. Patrick) McHenry as Speaker Pro Tem to assume authority to conduct House business for a set time period or until another Speaker is elected, I will likely be a candidate for Speaker.”

In an interview with media on the U.S. Capitol Steps Thursday that was captured by C-Span, Meuser said House Republicans are showing they are dysfunctional.

“We need to get back in there,” Meuser said. “Most of the Leadership voted for Jim Jordan. Some good friends of mine are not on board at this point. They are voting for others. We have to wake up and stop this nonsense. There is real serious work to be done.”

Previous remarks

Last week Meuser offered his criteria for supporting a speaker:

(1) Passing a fiscally responsible, pro-growth budget.

(2) Stopping the excessive, wasteful spending, and rooting out waste, abuse, and fraud from federal spending.

(3) Continuing to advocate for H.R. 1 — responsible American Energy Independence and dominance is crucial to our national security and economic strength.

(4) Securing the border and implementing immigration reform policy. As a start, we should impeach Secretary Mayorkas who is deliberately not enforcing our nation’s illegal immigration laws.

(5) Prosecute and weed out corruption, including the blatant and obvious Biden scandals.

(6) We must through policy, execution, and factual, honest messaging earn the trust of the American voters…

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Developer adds affordable housing to East Side casino plan to sweeten bid

A developer vying for one of New York’s coveted casino licenses has added hundreds of affordable housing units to the proposal in a bid to strengthen its position in a crowded and competitive race.

The Soloviev Group wants to create an entertainment district dubbed “Freedom Plaza” by the United Nations in Midtown East with a casino, hotel, green space and shopping. They announced Thursday that their plan will now also include 1,325 new units of housing, 513 of which would be affordable.

If built, the developer said it would be the most newly constructed affordable units in the area in at least a decade. The housing would only move forward alongside the casino.

The inclusion of housing is aimed at distinguishing Soloviev and their partner Mohegan, in a field of around a dozen applicants vying for one of three lucrative downstate gaming licenses from the state, which would allow venues to have table games such as poker.

“We just see this as an extension of our responsibilities to the City of New York,” Soloviev CEO Michael Hershman told the Daily News. “This is completely voluntary on our part, we decided that we would like to help the city manage its housing issues.”

New Yorkers have largely been resistant to the various casino proposals thus far, citing concerns such as the potential for increased crime, traffic and gambling addiction. But applicants have been trying to court public opinion, sponsoring everything from children’s sports in Brooklyn to a private bus service in the Bronx.

Soloviev is also hosting an enormous light installation at the proposed site later this year.

Freedom Plaza would span over six acres on land already owned by Soloviev from 38th to 41st St. east of First Ave. by the East River. In…

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