{"id":256776,"date":"2023-01-31T13:41:13","date_gmt":"2023-01-31T19:41:13","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=256776"},"modified":"2023-01-31T16:14:57","modified_gmt":"2023-01-31T22:14:57","slug":"mohegan-gaming-will-no-longer-file-financial-reports-with-sec","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/","title":{"rendered":"Mohegan Tribal Gaming Authority Halting SEC Filings"},"content":{"rendered":"

The Mohegan Tribal Gaming Authority (MTGA) announced Monday that it will no longer participate in the Securities and Exchange Commission\u2019s (SEC) voluntary filing system.<\/p>\n

\"Mohegan\"
Mohegan Sun Casino in Connecticut. The Mohegan Tribal Gaming Authority (MTGA) will no longer file financial reports with the SEC. (Image: Mohegan Sun)<\/figcaption><\/figure>\n

The tribal gaming giant didn\u2019t give a specific reason for why it\u2019s withdrawing from SEC filings. The move caught some market observers by surprise, because the casino operator hasn\u2019t run afoul of SEC guidelines, nor is it tussling with the regulatory agency. It could be a cost-cutting move because it isn’t cheap to file with the SEC.<\/p>\n

Mohegan intends to continue to provide current reports and quarterly and annual financial information on our website at www.mohegangaming.com\/<\/a>, under the \u2018Investor Relations\/Financial Updates\u2019 section. Interested parties may sign up at that website link to receive email updates from us. We also plan to continue to host quarterly operating results conference calls,\u201d<\/strong> according to a statement issued by the Connecticut-based tribal casino operator.<\/p><\/blockquote>\n

As a tribal gaming organization, Mohegan isn\u2019t a publicly traded firm. But it can and does sell debt in public markets. Prior to Monday, the casino operator\u2019s most recent SEC filing was dated January 6, announcing a convertible bond issue tied to the development of its Inspire integrated resort in South Korea.<\/p>\n

Mohegan Rated by Credit Agencies<\/h2>\n

As a sizable issuer of corporate debt, Mohegan is tracked by some of the major credit ratings agencies \u2013 an important avenue for bondholders to stay abreast of the issuer\u2019s credit profile.<\/p>\n

\n

Moody\u2019s Investors Service last rated the tribal casino operator two years ago, tagging it with a \u201cCaa1\u201d grade with a \u201cstable\u201d outlook. That\u2019s a highly speculative rating,<\/a> and one that, at the time of issuance, reflected Mohegan\u2019s large debt\/earnings before interest, taxes, depreciation, and amortization (EBITDA) profile. However, there are some positives associated with MTGA bonds.<\/p>\n<\/div>\n

\u201cPositive rating considerations include MTGA’s high quality, well-established, and a large amount of gaming and attractive nongaming amenities, along with its earnings diversification efforts. Diversification efforts outside of MTGA’s restricted group structure include management and development fees from unaffiliated casinos in the US, along with MTGA’s investment in a resort casino project in South Korea, which Moody’s views as a long-term positive for the company, despite inherent risks,\u201d noted Moody\u2019s.<\/p>\n

S&P rates Mohegan a \u201cB-,\u201d which is also a junk grade. In the US, the company operates casino hotels in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada,<\/a>\u00a0and owns the WNBA\u2019s Connecticut Sun.<\/p>\n

Mohegan Debt History<\/h2>\n

Like some other tribal operators, Mohegan has a checkered history when it comes to servicing debt. In 2011, the casino operator tried and failed to refinance more than $800 million in debt. But it was able to refinance some of those obligations the following year.<\/p>\n

Amid temporary closures of its gaming venues in 2020 due to the COVID-19 crisis, MTGA missed a<\/a> $19.7 million interest payment.<\/strong><\/p>\n

The tribal operator\u2019s outstanding issues include bonds yielding 7.875% maturing in October 2024, and debt with a yield of 8% coming due in February 2026, according to CBonds.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Mohegan Tribal Gaming Authority (MTGA) announced Monday that it will no longer participate in the Securities and Exchange Commission\u2019s (SEC) voluntary filing system. The tribal gaming giant didn\u2019t give a specific reason for why it\u2019s withdrawing from SEC filings. The move caught some market observers by surprise, because the casino operator hasn\u2019t run afoul […]<\/p>\n","protected":false},"author":46,"featured_media":256777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18456],"tags":[81903,81862],"acf":[],"yoast_head":"\nMohegan Gaming Will No Longer File Financial Reports With SEC<\/title>\n<meta name=\"description\" content=\"Mohegan Gaming announces it won't participate in voluntary filing with SEC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mohegan Gaming Will No Longer File Financial Reports With SEC\" \/>\n<meta property=\"og:description\" content=\"Mohegan Gaming announces it won't participate in voluntary filing with SEC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-31T19:41:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-31T22:14:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/MTGA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/\",\"url\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/\",\"name\":\"Mohegan Gaming Will No Longer File Financial Reports With SEC\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/MTGA.jpg\",\"datePublished\":\"2023-01-31T19:41:13+00:00\",\"dateModified\":\"2023-01-31T22:14:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Mohegan Gaming announces it won't participate in voluntary filing with SEC.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mohegan-gaming-will-no-longer-file-financial-reports-with-sec\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/MTGA.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/MTGA.jpg\",\"width\":1440,\"height\":620,\"caption\":\"Mohegan Sun Casino in Connecticut. 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