Connecticut tribes, whose gaming revenues have been declining, will continue to see challenges in fiscal year 2009, according to Standard & Poor's.
The Mashantucket Pequot Tribal Nation and the Mohegan Tribe have taken cost-cutting measures in response to the downturn in economy. But the market probably won't improve soon, S&P said in a downgrade of the Mashantucket Tribe's credit rating.
”While we expect that current leverage is fairly close to peak, we anticipate very little improvement in this metric in fiscal 2009, as conditions in the Connecticut market will likely remain challenging,” according to the credit rating service.
The Mashantuckets are laying off 700 people, or about 6 percent of its workforce, Foxwoods Resort Casino and
the new MGM Grand at
Foxwoods. The Mohegans recently suspended a $734 million expansion at Mohegan Sun
Get the Story:
Mashantuckets' Credit Rating Lowered
(The New London Day 10/14)
pwday
Connecticut
S&P foresees challenges for Connecticut tribes
Tuesday, October 14, 2008
Stay Connected
Contact Us
indianz@indianz.com202 630 8439 (THEZ)
Search
Top Indian Gaming Stories
Trending in Gaming
1 Catawba Nation continues work on controversial casino in North Carolina
2 Cheyenne and Arapaho Tribes move forward with casino expansion
3 Poarch Band of Creek Indians said to be on Trump's radar
4 Hopi Tribe officially joins Indian gaming industry with approved compact
5 Seminole Tribe paid just $50M for casino Donald Trump built for $1.2B
2 Cheyenne and Arapaho Tribes move forward with casino expansion
3 Poarch Band of Creek Indians said to be on Trump's radar
4 Hopi Tribe officially joins Indian gaming industry with approved compact
5 Seminole Tribe paid just $50M for casino Donald Trump built for $1.2B
More Stories
• Get ready for Global Gaming Expo in November• Editorial: A good start for Pequot-union talks
Indian Gaming Archive