The Mashpee Wampanoag Tribe of Massachusetts isn't worried about the financial rating of one of its gaming investors, a spokesperson said.
Waterford Gaming, which is owned by South African business tycoon Len Wolman, is backing the tribe's casino bid. While the project undergoes federal review, Moody's Investors Service. is considering a downgrade in Waterford's rating.
The potential downgrade is not related to the Mashpee project. It's tied to the Mohegan Tribe's casino in Connecticut, which Wolman helped to build.
Wolman is no longer involved with the Mohegan Sun Casino but Waterford continues to receive a percentage of revenues. Since the casino has seen dwindling slot returns, Moody's is concerned about Waterford's financial status.
"The partnership that the tribe has with the investors remains solid,” a spokesperson for the Mashpee told The Boston Herald. “Each investment stands on its own.”
Get the Story:
Hard luck puts cloud over casino group
(The Boston Herald 8/29)
Business Deals
Mashpee Wampanoag Tribe confident on investors
Friday, August 29, 2008
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