 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Pennsylvania casino construction costs rise21 February 2008PENNSYLVANIA -- As reported by the Pennsylvania Times Leader: "The price tag on the permanent casino under construction at Mohegan Sun at Pocono Downs has leaped by more than one-third from initial estimates. But chief executive Bobby Soper isn't fazed by the escalation, saying he's optimistic that future business will more than make up the difference. "Construction is going on two shifts, seven days a week to meet an expected August opening of the permanent casino at Mohegan Sun at Pocono Downs. "...Originally ballparked at $140 million to $160 million, the 300,000-square-foot structure dubbed Project Sunrise is now expected to cost more than $200 million. The increase, and a corresponding rise in the Mohegan Tribal Gaming Authority's expansion of its flagship Mohegan Sun casino in Connecticut, caused the authority this week to seek $165 million in additional financing commitments from its banks, raising its available capital for the two projects to nearly $1.2 billion. "...The credit boost provides up to $215 million to complete Project Sunrise, but Soper expects the final tab to be $208 million. "...Combined with a $250 million purchase price and approximately $70 million spent on the interim casino that opened in November 2006, the Mohegans will have invested $528 million in the Downs by this fall..." |