May 29, 2014

Mohegan Tribe jumps into wood pellet business

Submitted photo
Submitted photo
With slot revenue on the decline, the Mohegan Tribe has branched out into several non-gambling business ventures.

In its continuing quest to diversify its revenue streams, the tribe that operates Mohegan Sun casino said it has acquired a wood pellet production plant in Ohio, with an agreement to buy a second in Indiana.

The Mohegan Tribe is buying the plants from the Pennington Seed Co. The tribe said its Northeast Wood Product LLC subsidiary also acquired equipment and assets from a Pennington-owned Virginia facility.

The venture expects to sell more than 130,000 tons of wood-fiber pellets annually under the brand name ThermaGlow.

Kevin Brown "Red Eagle," chairman of the Mohegan Tribal Council, said the deal fits with the tribe's philosophy of combining reverence for the earth with a solid business model.

"The wood pellet venture creates fuel from a renewable resource," Brown said. "This is a very valuable addition to our growing portfolio of investments that is taking the Tribe's economy in new and exciting directions."

The tribe recently announced a deal with Pennsylvania restaurant group to open 15 sports bars in New England.

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