Connecticut tribes facing casino debt woes

Monday, October 12, 2009  

Connecticut's two federally recognized tribes are having problems paying debt they owe on their mega-casinos, The Norwich Bulletin reports.

The Mashantucket Pequot Tribal Nation, owner of Foxwoods Resort Casino and MGM Grand at Foxwoods, are already in talks to restructure more than $1 billion in debt. Now the Mohegan Tribe, owner of Mohegan Sun, is looking to do the same on its debt.

“We’ll have difficulty making those payments on the $150 million, so we are considering debt restructuring,” chief financial officer Leo Chupaska, told the Bulletin. “We are studying what we can do to take care of the issue.”

The tribes have seen slot machine revenues drop considerably over the past year.

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Mashantuckets, Mohegans lack flexibility when dealing with debts (The Norwich Bulletin 10/12)