"Foxwoods is having money trouble? How could that be?" asked a New Hampshire resident who previously was a frequent visitor to the Connecticut tribal casino that at one time was the largest and most profitable casino in the world.
"When I went there," explained the former player, "I would have to stand in line for an hour to play a $1 slot machine."
But that was before the economic downturn…before the increased competition from nearby states…before the Mashantucket Pequot Tribe, owners of the facility, spent nearly a billion dollars to partner with MGM Resorts International (then known as MGM MIRAGE) to build a huge hotel/casino adjacent to their original building.
The tribe’s debt level reportedly is in the $2 billion range with a $700 million revolving credit facility provided by Merrill Lynch (now owned by Bank of America) that is coming due on July 13.
Tribal leaders have been negotiating with lenders to get a loan reduction since last year but no progress has been reported.
Causing concern to lenders around the country is the fact that federally-recognized tribes are considered sovereign nations protected by the federal government. Thus, according to recent court rulings, the casinos cannot be taken over by lenders as has happened with other defaulting casinos.
A further extension to the July deadline is expected while talks continue, say observers.
London is getting its first NFL day game, creating a morning time slot for the United States. The NFL says that the game between the Atlanta Falcons and Detroit Lions at Wembley on Oct. 26 will start at 1:30 p.m. local time, making it a 9:30 a.m. ET kickoff.
Total revenue from slot machines in Pennsylvania casinos is down more than 1 percent from a year ago. The Pennsylvania Gaming Control Board said revenue fell 1.3 percent in November compared to the same month in 2012.
Bob Christ’s Thursday NFL Football Breakdown | For the 14th time over the past two seasons, a home team is tagged as the underdog for a Thursday game. This time it’s the Houston Texans playing at the Jacksonville Jaguars in this Week 14 encounter.
Juniper Research says that over the next five years, the number of mobile and/or tablet owners using their devices to gamble will increase to 164 million people who will either place a bet, visit a mobile casino or buy a lottery ticket on their device in 2018.
The Walking Dead Slot Game is based on AMC’s hit TV series. AMC’s leading brand combined with Aristocrat’s superior math will attract a horde of new players in a game that challenges players to win the fight for survival.
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