The Mohegan Tribe of Connecticut is staying in the Pennsylvania gaming market after signing a new business deal.

The tribe bought the Pocono Downs in 2004 to take advantage of a state law that authorized slot machines at racetracks. But a higher than expected tax rate prompted the tribe to reconsider its investment.

The tribe changed its mind after Penn National Gaming, the former owners of the track, agreed to pay $30 million over five years after the track wins a slot machine license. The tribe agreed not to hold Penn National liable if the license is not received.

The tribe owns the highly successful Mohegan Sun Casino in Connecticut and has entered the gaming market in other states by financing tribes seeing casinos.

Get the Story:
Mohegans sign Pocono deal (The Norwich Bulletin 8/10)
Pocono Downs Project Wins Concessions (The New London Day 8/10)
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Penn National, tribe alter deal (The Patriot-News 8/10)
Tribe gets promises of cash to open slots parlor (AP 8/10)