MTGA Gaming and Capital Play Announce Submission of Proposal to Manage the Proposed VLT Facility at Aqueduct Racetrack in Jamaica, New York
MTGA Gaming, LLC (or “MTGA”), a wholly owned subsidiary of the Mohegan Tribal Gaming Authority (or “the Authority”), the owner and operator of one of the most spectacular and successful casinos in the Northeast – Mohegan Sun in Uncasville, Connecticut – and Mohegan Sun at Pocono Downs in Wilkes-Barre, Pennsylvania, and Capital Play, Inc. (or “Capital Play”), today announced that they have submitted a proposal to the State of New York to manage the proposed video lottery terminal (or “VLT”) facility at Aqueduct Racetrack in Jamaica, New York.
If selected, MTGA and Capital Play will manage the proposed 4,500 VLT facility, which will include three patron bars and a 125-seat quick-service food court. The VLT facility would be expected to open in June 2009.
“We are delighted at the prospect of this arrangement,” said Mitchell Etess, President and Chief Executive Officer of the Authority. “Our track record and awareness in the New York area combined with our performance at Mohegan Sun at Pocono Downs, demonstrates that there is absolutely no doubt that we are in a perfect position and the best choice to deliver optimal results for the people of New York.”
The Authority operates two of the most successful casinos in the United States. The Mohegan Sun in Connecticut is the most profitable casino on the east coast. With over 6,000 slot machines and 300 table games, Mohegan Sun is a complete entertainment destination comprised of over 3 million square feet, a 10,000-seat arena, meeting and convention space, over 60 retail and dining outlets, and an approximately 1,200 room luxury hotel.
Mohegan Sun at Pocono Downs became the first commercial casino in the Commonwealth of Pennsylvania when it opened on November 14, 2006. Since the opening, both Mohegan Sun at Pocono Downs and Mohegan Sun in Connecticut have operated with the highest slot win per unit in the Northeast gaming market. Upon completion of Project Sunrise anticipated in the summer of 2008, Mohegan Sun at Pocono Downs is expected to include three fine dining restaurants, a 300-seat buffet, an expanded food court, retail shopping, nightlife venues, additional parking, bus amenities and approximately 2,500 slot machines.
The Authority’s overwhelming success at Mohegan Sun in Connecticut and at Mohegan Sun at Pocono Downs in Pennsylvania along with Capital Play’s considerable operational capabilities will greatly enhance the potential for a successful VLT facility at Aqueduct Racetrack in Jamaica, New York.
About the Authority and Mohegan Sun
The Authority is the owner and operator of Mohegan Sun in Connecticut and Mohegan Sun at Pocono Downs, also a gaming and entertainment facility offering slot machines and harness racing in Wilkes-Barre, Pennsylvania and several off-track wagering facilities located elsewhere in Pennsylvania. The gaming operation at Mohegan Sun is one of only two legally authorized gaming operations in New England offering traditional slot machines and table games. Mohegan Sun currently operates in an approximately 3.0 million square foot facility, which includes the Casino of the Earth, Casino of the Sky, The Shops at Mohegan Sun, 10,000-seat Mohegan Sun Arena, 350-seat Cabaret Theatre, 100,000 square feet of meeting and convention space and the approximately 1,200-room luxury Sky Tower hotel. Mohegan Sun is currently in the midst of Project Horizon – a multimillion dollar expansion project that calls for a new hotel, additional retail and restaurant space, and a new 65,000-square-foot “Casino of the Wind.” In addition, Project Horizon expands Mohegan Sun’s Asian gaming experience in the Casino of the Earth with the recent opening of Sunrise Square in August 2007. More information about the Authority and its properties can be obtained by visiting www.mtga.com.
About Capital Play, Inc.
Capital Play, Inc. is a New York State corporation formed to bid on and secure the rights to operate three thoroughbred racetracks in New York – Saratoga Race Course, Belmont Park and Aqueduct – and a VLT casino at Belmont Park and Aqueduct. More information about Capital Play, Inc. can be obtained by visiting www.capitalplayny.com.
Some information included in this press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include information relating to business development activities, as well as capital spending and financing sources. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or “intend” and similar expressions. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Authority. These risks and uncertainties include, but are not limited to, those relating to increased competition (including the legalization or expansion of gaming in New England, New York, New Jersey, Pennsylvania and Kansas), the financial performance of Mohegan Sun, Mohegan Sun at Pocono Downs and the off-track wagering facilities, dependence on existing management, potential adverse changes in local, regional, national or global economic climates, the Authority’s leverage and ability to meet its debt service obligations, changes in federal or state tax laws or the administration of such laws, changes in gaming laws or regulations (including the limitation, denial or suspension of licenses required under gaming laws and regulations), and the continued availability of financing. Additional information concerning potential factors that could affect the Authority’s financial results is included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2006, as well as its other reports and filings with the SEC. The forward-looking statements included in this press release are made only as of the date of this release. The Authority does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Authority cannot assure you that projected results or events will be achieved or will occur.
Press Release Mohegan Tribal Gaming Authority
Uncasville, Connecticut October 15, 2007
John Cirillo (Cirillo World)/212.972.5337/914.260.7436
Scott Gastel (Sheinkopf)/212.725.2378/917.721.4022
Richard/Stephanie Stern (Stern & Co.)/ 212-888-0044/917-208-7010
Jennifer Ballester (Mohegan Sun)/860.862.7591
Catherine Soper (Mohegan Sun)/860.862.7841