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Tribal bonds may lose as Massachusetts eyes casinos
Thursday, January 17, 2008 at 7:01:49 PM
Bondholders in Connecticut's Mohegan Sun and Foxwoods Resort Casino, the nation's two biggest casinos, may be the losers and shareholders in Las Vegas Sands Corp. the winners if Marilyn Souza has a choice.
Souza, a retiree from Franklin, Massachusetts, treks 90 miles (144 kilometers) almost every week to gamble at Mohegan Sun, operated by the Mohegan Tribal Gaming Authority. "I'd rather see Massachusetts get the money," said Souza, 57.
She will get her wish if Governor Deval Patrick brings Las Vegas-style gambling to Massachusetts. Patrick is counting on legislative approval this year and has the support of more than half of state residents, according to one poll. If casinos open and Connecticut tribes are shut out, revenue for current properties could fall 20 percent and reduce earnings before interest, taxes, depreciation and amortization as much as 30 percent, according to Wachovia Securities.
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