Connecticut

Mashantucket Tribe proposes $1B casino in neighboring state

Monday, April 15, 2013

The Mashantucket Pequot Tribal Nation of Connecticut is proposing a $1 billion commercial casino in Massachusetts as revenues continue to suffer at its gaming facility back home.

The tribe is bidding on a license for a commercial casino in eastern Massachusetts. The potential market is large -- the town of Milford is only about 35 miles from Boston, the most populous city in the state.

The proposal comes as the tribe tries to emerge from the 2008 recession. Revenues Foxwoods Resort Casino have yet to recover -- slot machine revenues in March, for example, were 5.7 percent lower than a year ago, according to a press release.

The tribe is also trying to restructure an estimated $2.2 billion in debt. Talks are ongoing and a final deal could come in a couple of weeks, an executive said.

"Our financial problems are well behind us," Foxwoods CEO Scott Butera told officials in Milford, The New London Day reported.

Get the Story:
Foxwoods' fortunes tied to $1 billion Massachusetts casino bid (The New London Day 4/14)
Press Release: Foxwoods Slot Revenue Rebounds in March (Mashantucket Pequot Tribal Nation 4/15)
Foxwoods Reports Monthly Slot Revenues Down From March 2012, Up Since February (The Hartford Courant 4/15)