Atlantic City’s only tribal casino operator is leaving town at the end of the year.
Mohegan, the Connecticut-based Native American gaming and hospitality company, announced Friday that its operating partnership with Resorts Casino Hotel in Atlantic City is ending.
Mohegan will continue to operate Resorts until December 2024.
Oldest Atlantic City casino has seen best, worst of times
Resorts owner Morris Bailey thanked the Mohegan team for their “contribution to our success” and characterized the tribal gaming company as a “valuable partner.”
Bailey added:
“We entered into a management agreement with Mohegan at a time when Resorts faced many operational, economic and market challenges. Mohegan brought stability and direction to Resorts by helping to assemble a stellar management team which will remain in place. We are happy that, with Mohegan’s help, Resorts has reached a point where it is able to operate independently.”
Mohegan purchased a 10% interest in Resorts Atlantic City in 2012, just two years after Bailey and the late Dennis Gomes bought the historic property for $31.5 million. At the time, both Resorts and the entire Atlantic City casino market were reeling from the one-two punch of the Great Recession and Pennsylvania casinos.
Four Atlantic City casinos closed in 2014, with a fifth casino shutting its doors two years later.
NJ online casinos, sports betting give Resorts a leg up in AC
Despite its size as the second-smallest casino in AC, Resorts remains relevant and competitive. Resorts and Mohegan were early adapters of digital gambling. Together, they capitalized on online casinos in New Jersey and legal NJ sports betting, turning both segments into a distinct advantage.
According to the press release, Mohegan will retain its 10% ownership stake in Resorts.
“We’re extremely proud of our relationship with Resorts Casino Hotel and what we have helped accomplish,” said Ray Pineault, president and CEO of Mohegan.
“We want to express our deepest gratitude to our Resorts team members, guests and the Atlantic City community for their support and dedication throughout our tenure as manager.”
Experience matters when running Atlantic City casinos
One of the first major decisions Mohegan and Bailey made after taking control of Resorts was to appoint Mark Giannantonio as president and chief executive officer in January 2013.
Giannantonio has spent his entire career in Atlantic City, one of the few gambling executives left in town who can make that claim.
Here’s what Giannantonio had to say in Friday’s press release:
“I want to thank Ray and the leadership team at Mohegan for the outstanding partnership over the past decade. As we embark on this new chapter, the Resorts team is committed to continuing to provide what we have become known for, an exciting innovative casino resort whose team members deliver unparalleled service and an exceptional customer experience.”
