Foxwoods says it will operate as normal
Published: August 27, 2009
MASHANTUCKET, Conn.—The American Indian tribe that operates Foxwoods Resort Casino says it has sufficient cash to operate as normal while it works with its lenders to restructure its debt.
The Mashantucket Pequot Tribal Nation issued a statement acknowledging the effect of the recession and increased competition.
The tribe says it recently initiated discussions with its lenders “about potential debt structure options, including a range of refinancing and recapitalization alternatives.“
The tribe says it is current with debt payments and does not anticipate the financial restructuring being considered will affect employees, customers, vendors or business partners.
Standard & Poors on Wednesday downgraded the tribe’s credit rating to CCC from B+ and put it on a “credit watch” with negative implications.
Advertisement
Reader Reactions
Maybe Foxwood’s should change their name to the Ted Kennedy Casino! He was a big looser so I think it would be a much better place to put his name than on a charter school in Boston.
maybe casino’s should try the slots . maybe the will have better luck than i do .
It kind of says something about this economy when even the casinos are going broke. First, Twin Rivers, and now Foxwoods? Well, get ready for more competition from the future Massachusetts casino at Middleboro.
Advertisement