Revenue Decline Sustained by Mohegan Gaming Through Digital Advancements and Growth Strategies
Mohegan's Ambitious Expansion: The Freedom Plaza Project
Mohegan Gaming & Entertainment is making waves in the gaming industry with its plans for a $11.1 billion resort on Manhattan's East Side, known as Freedom Plaza. This project is part of Mohegan's strategic expansion efforts, aiming to diversify its footprint beyond its current venues.
Community-Focused Approach
Freedom Plaza is designed to be more than just a casino. It's a project that aims to integrate with the local community, offering affordable housing, green spaces, and support for local businesses. The casino floor will be located below ground level, a deliberate choice to avoid a flashy exterior and appease local concerns.
Partnerships and Growth
Mohegan's partnership with the Soloviev Group underscores its commitment to strategic expansion. This partnership will help Mohegan capture more share in a market that continues to expand, particularly in digital operations. Connecticut led growth in Mohegan Digital's digital operations, with Pennsylvania showing steady performance. Mohegan Digital is the only land-based operator in Ontario offering its own exclusive digital product, and Adjusted EBITDA for its digital operations rose by 48.2%.
Responsible Gaming Practices
Freedom Plaza has announced a strategic partnership with the New York Council on Problem Gambling to establish an onsite resource center, reflecting the project's commitment to responsible gaming practices.
Competitive Bidding Process
Freedom Plaza is one of eight bids competing for the three available licenses in New York. Other notable contenders include projects from MGM Resorts, Caesars, and Hard Rock. The proposals are being reviewed by Community Advisory Committees, with a binding vote required for projects to advance. The ultimate decision will be made by the New York State Gaming Commission, which may award licenses by the end of the year.
Projected Amenities
If awarded a New York casino license, Mohegan plans to combine gaming with luxury amenities, public gathering spaces, and partnerships with local businesses through its loyalty program. The revenue generated by Mohegan Digital in the previous year was $67.5 million, a year-over-year increase of more than $25 million.
With its unique approach focusing on community integration and responsible gaming practices, Freedom Plaza is set to stand out among other casino proposals in Manhattan.
- Mohegan's partnership with the Soloviev Group highlights its commitment to expanding not only in the gaming industry but also in digital business operations, particularly in capturing more share in markets that continue to grow.
- Mohegan's Freedom Plaza project, designed to integrate with the local community, will not only offer affordable housing and green spaces but also support local businesses, setting it apart as a responsible gaming establishment that values community-focused approach.
