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NY Post reports Mohegan Sun has debt problems

December 30, 2011

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The New York Post has reported that Mohegan Tribal Gaming Authority, the operator of Mohegan Sun casinos in Connecticut and Pennsylvania, has said it has yet to reach an agreement to refinance $811 million in debt. The Mohegan Tribe owns and operates Pocono Downs.
The Post story said 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. Mohegan is being advised by Blackstone and Credit Suisse 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 March9, and $250 million of senior subordinated notes due April 1.
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