The Mohegan Tribal Gaming Authority, a partner in developing and managing the proposed Cowlitz casino, saw its credit rating lowered from Ba2 to B1 by Moody’s Investors Service.
The B1 rating indicates securities that Moody’s says “lack characteristics of a desirable investment.”
Last week the Associated Press reported, “Moody’s said negative gaming trends in Connecticut and ‘significant’ dividends paid to the Mohegan Tribe will hamper the company from lowering the debt-to-earnings ratio in the near-term consistent with a ‘Ba2’ rating.”
Read the full article in Forbes magazine.
skip to main |
skip to sidebar
For more information, check out the CARS Web site:
Who’s behind the proposed casino project?
Many of CARS’ stories about this casino proposal describe it as the work of “the Cowlitz Tribe.” But every time we attribute it to “the Tribe,” we wince.
The casino project is being driven by the Salishan-Mohegan partnership, which includes:
+ the Mohegan Tribal Gaming Authority (49.15 percent)
+ David Barnett (Salishan Co.), son of the late tribal Chairman John Barnett (sharing 43 percent with the Paskenta Band of Nomlaki Indians)
+ the Paskenta Band of Nomlaki Indians, California (sharing 43 percent with David Barnett)
+ the Mohegan Tribe, Connecticut (7.85 percent)
According to the development agreement, the partnership would receive fees equal to 3 percent of total project costs. The management agreement states that Salishan-Mohegan would manage, operate and maintain the casino-resort for seven years and earn 24 percent of annual net revenues.
We want to be clear: CARS is critical of the casino proposal and the way it has been pursued. Beyond its involvement in the casino, we have no issue with the Cowlitz Tribe.
The casino project is being driven by the Salishan-Mohegan partnership, which includes:
+ the Mohegan Tribal Gaming Authority (49.15 percent)
+ David Barnett (Salishan Co.), son of the late tribal Chairman John Barnett (sharing 43 percent with the Paskenta Band of Nomlaki Indians)
+ the Paskenta Band of Nomlaki Indians, California (sharing 43 percent with David Barnett)
+ the Mohegan Tribe, Connecticut (7.85 percent)
According to the development agreement, the partnership would receive fees equal to 3 percent of total project costs. The management agreement states that Salishan-Mohegan would manage, operate and maintain the casino-resort for seven years and earn 24 percent of annual net revenues.
We want to be clear: CARS is critical of the casino proposal and the way it has been pursued. Beyond its involvement in the casino, we have no issue with the Cowlitz Tribe.
About CARS
Citizens Against Reservation Shopping (CARS) is a group of Clark County, Wash., citizens formed in June 2005 and led by longtime Vancouver businessman and civic leader Edward Lynch.
CARS opposes the Cowlitz Tribe's plan to build a casino in Clark County in part because it objects to the practice of "reservation shopping." This is the practice of selecting an ideal casino site and then working to have it given reservation status.