CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Arizona Sen. McCain Disputes Casino Story

15 June 2001

AROZINA – June 15, 2001 – As reported by Connecticut Now: "A report in The Boston Globe that Arizona Sen. John McCain called for an investigation of Mohegan Sun casino profits was incorrect, one of his top staff members said Thursday.

"…The Globe has published a series of stories and editorials since late last year trying to compel federal officials to investigate financial agreements between the Mohegan Indians and their non-Indian partners, who built and managed the Mohegan Sun casino. The newspaper contends that the Mohegans might have evaded federal law by giving their partners, Trading Cove Associates, too big a cut of the casino's profits.

"…Trading Cove is a partnership controlled by Solomon Kerzner, an international hotel and casino developer, and Len Wolman, who has a hotel construction and management company and who was picked by Gov. John G. Rowland to build the hotel-convention center in Hartford that is the centerpiece of the Adriaen's Landing redevelopment project.

"Mohegan Sun opened in 1996, and Trading Cove was to receive annual payments of 30 percent to 40 percent of net casino revenue through the seven-year management contract approved by the chairman of the National Indian Gaming Commission. But the Mohegans bought out Trading Cove's contract as of Jan. 1, 2000, by promising to pay the partnership 5 percent of gross revenues for the next 15 years, a figure estimated by the tribe at $669 million…"

< Gaming News