With the potential to default on $2 billion in gaming debt, the Mashantucket Pequot Tribal Nation of Connecticut is entering "uncharted territory" a former vice chairman of the National Indian Gaming Commission said. "Many of the banks and bondholders should have been aware of these kind of risk factors, but when everything is good, nobody is really looking at the downsides," Tom Foley, who served in the Clinton administration, told The New York Times. Late last year, the tribe announced it was unable to make a full payment on a $21 million debt. The news came amid a slew of disappointing drops in slot machine revenues at Foxwoods Resort Casino and MGM Grand at Foxwoods. Get the Story:
In Sour Economy, Biggest Gambler at Foxwoods Is the Casino Itself (The New York Times 1/11)
