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www.HartfordBusiness.com • November 16, 2020 • Hartford Business Journal 7 to open in the second half of 2022. Las Vegas — Come Jan. 15, Virgin Hotels will open the doors on its first hotel in Sin City, with a 60,000-square-foot casino opera- tion managed by MGE. It's a historic first in Las Vegas for an operator with its roots firmly in Indian Country. It's also a tribute to the esteem in which MGE is held by its peers in commercial gaming. The hotel is a nearly year-long renovation of the former Hard Rock Hotel to reflect the tastes of Sir Rich- ard Branson's Virgin Hotel brand. The design remains largely under wraps, with tantalizing glimpses be- ing unveiled every few weeks this fall. Kontomerkos wouldn't even confirm whether the site will have MGE's signature waterfall feature and separation between the hotel lobby and casino floor. Washington State — In mid-Octo- ber, MGE and the Cowlitz Indian Tribe announced a major expansion of its 16-year-old development agreement. Ground has been broken on a 300- room hotel to complement the flag- ship Ilani casino opened in 2017 in Ridgefield, Wash. Completion of the 14-story tower is expected in 2021. The casino is also undergoing a facelift and adding two restaurants. MGE will be a partner in developing a master plan for the entire reserva- tion with an eye toward expanding business opportunities for the site, 30 miles north of Portland, Ore. Ontario, Canada — In the summer of 2019, MGE took over management of what the Ontario Lottery and Gaming Corp. calls its "Niagara Gaming Bundle." The centerpiece is Fallsview Casino Resort overlooking the Canadian side of the famed Niagara Falls. Adjacent is the brand new 5,000-seat Niagara Falls Entertainment Centre. The site is within minutes of a potentially lucra- tive American audience in met- ropolitan Buffalo. But that inter- national border has become an important issue in the time of COVID. The Ontario gov- ernment contin- ues to block the reopening of the casino, and the border remains closed to travel in either direction. Interestingly, MGE is com- peting with a casino not far away on the U.S. side, run by the Seneca Indian Tribe. MGE's management contract runs to 2040. Challenges ahead In addition to the flagship Mohe- gan Sun, MGE also operates Mohe- gan Sun-Pocono in Pennsylvania; Paragon Casino Resort in Louisiana; and Resorts Casino Hotel in Atlantic City, New Jersey. That's remarkable growth in the 24 years since Mohegan Sun opened its doors. Still, there are some dark clouds on the horizon. Despite the ap- parent expansion, MGE's balance sheet has shown stagnant revenues across the past few years as compe- tition intensifies. In April, Moody's Investors Service downgraded MGE debt to a highly speculative "Caa2" — just three steps from rock bottom — after it missed a $19.7-million debt payment. A default was averted but concerns remain over the massive debt load. By taking the long view, Kont- omerkos and MGE are able to look beyond those concerns and beyond the pandemic's withering effects on tourism and entertainment. While others are retrenching, Mohegan Gaming is pushing forward. At the end of 2019, Native Business magazine named Kontomerkos one of its "top 30 CEOs." The headline on its interview read: "Mohegan Gaming CEO Mario Kontomerkos: Planning World Domination (No, Really, He Is)." Asked about the accuracy of that headline, Kontomerkos demurred. He then went on to outline a strategy that will have MGE going anywhere in the world for the right long-term opportu- nity and a relationship with "long roots." It's hard not to view his non-deni- al as an affirmation of the insight by Native Business editors. Mohegan Gaming's planned casino resort in Athens, Greece. RENDERING | CONTRIBUTED Don't let obstacles get between you and desired results. Wes is one determined and committed individual. Whether hiking up Mt. Killington with concrete cinder blocks (his idea of fun) or figuring out tough inventory questions, Wes is a talented and tenacious accountant. No matter what, Wes will take on hard obstacles and be committed to finishing any difficult task placed in front of him. An audit partner with particular specialties in auto dealerships and product distribution/fulfillment, he has the technical expertise of a seasoned CPA with the perspective of a marathoner. Knowing your business is not a sprint, and technical expertise is not the low hurdles. The challenges of accounting and auditing may not require an ironman on your team, but it never hurts. 231 Farmington Avenue, Farmington, CT 06032 | 860-678-7100 | www.flrcpa.com " " " " My strength is helping businesses large and small navigate complex accounting and auditing challenges. Wesley D. Barnard, CPA