Mohegan Sun Latest Casino to Cancel Expansion
HARTFORD, CONNECTICUT --
For several years, casinos have been expanding as rapidly as possible, testing the limits of their financing and the speed of the construction process. As soon as one new plush casino opened, another was planned, with even more rooms, amenities, shops, restaurants, and features.
Now that wave of seemingly endless construction and remodeling has reached an impasse. Credit markets have shriveled up, and gambling patrons are on strict budgets and limited in number.
The Mohegan Sun in Connecticut became the latest casino giant to announce the suspension of a new project. Mohegan had planned a new forty-story hotel, complete with restaurants, retail shops, and a House of Blues arena holding 1500 seats.
Mohegan had already poured the foundation, but stopping the venue now made too much sense to proceed, as resort casinos are already having trouble filling existing rooms.
Boyd Gaming had received a vote of confidence from the investment world when it recently stopped work on its Echelon hotel and casino, and MGM Mirage's half-built CityCenter has been speculated by many to be in trouble.
Abruptly hitting the brakes on monstrous casino projects may seem hasty, but the real recklessness lay in the breakneck pace of expansion. Some casino companies may only wish they had frozen new projects sooner.
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