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Foxwoods in Financial Trouble

The Foxwoods Casino in Connecticut it run by the Pequot Nation. This casino is the largest slot machine casino in the country and one of the largest in the world. However, with the economy doing as poorly as it has, it has been difficult for them to bring in the amount of money that they are used to bringing in. This means that the tribe is getting behind on the revenue that they would use to pay back loans and fees, etc. to the state and other entities. The casino is now looking at a very large debt payment that is due July 13^th for $700 million that they cannot pay, that is part of $2 billion in debt that they cannot afford.

The tribe wants to be able to either not pay back that bond debt at all, or pay back a significantly less amount – which would leave all of the bond holders out of the money that they loaned the tribe. Because it is a sovereign nation, the government cannot foreclose on them or sell off assets to pay back the loan, which has left many others thinking that investing in a tribal business is not a good idea.

If the tribe does not manage to pay back its bondholders or come up with an agreement that would make them happy they are looking at a very real possibility where no one will extend them credit as they would not be credit worthy. The tribe has not been able to come up with a compromise that would make bond holders happy yet – and many say that they are hoping to wait it out. The government says that much of the problem comes from how they spend their slot machine revenues. Many times they hear of slot machine revenues going to dividend checks to members in amounts as high as $120,000 per person – this makes for a very good living for their members, but not for those that lent them the money.

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