In a press conference held on the 26th of February, the Mohegan tribe announced their ending of the agreement for the management of Atlantic City’s Resorts in New Jersey.
The Mohegan tribe took over the management of the casino way back in 2012, right after the death of the casino’s co-founder, Dennis Gomes.
The Positive Impact During
In the decade-long partnership, Resorts President Mark Giannantonio praised Mohegan for their outstanding collaboration. In fact, the gambling revenue surged considerably under their tenure, where just last year, the casino closed with $163 million in revenue. During these years, the casino also struck a deal with the DraftKings Sportsbook platform, bringing forth over $822 million in revenue.
The tribe also had a 10% ownership of the casino and was the first Native American tribe to ever manage a casino in Atlantic City.
Mohegan’s successful track record in operating as a partner with Resorts casinos is not a novelty. Across the last decade, the tribe has contributed to massive casino revenues in other states such as Connecticut and Pennsylvania.
Way-forward
Now, Resorts Casino plans to introduce new marketing programs, including cross-marketing collaborations, in order to strategically adapt to this new change and use the latter as an opportunity to evolve within the ever-changing landscape of the NJ Casino industry dynamics. All the while still sustaining the factors that have contributed to the casinos’ high revenue in the last decade.
In the meantime, and even after the termination, Mohegan will keep the 10% ownership stake in Resorts. Ray Pineault, Mohegan’s president and CEO, expressed words of pride in their longstanding relationship with Resorts. He extends gratitude to the dedicated staff and team, valued guests, and the Atlantic City community, who have been very supportive.
This transition highlights a shift within the company’s dynamics, where now a continued vested interest in Resorts’ prosperity is emphasized in order to maintain the same harmony brought forth by the resigning management, with the main ethos focusing on the connection and shared aspirations for success in the competitive casino market.