"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.
New Jersey has fined two Atlantic City casinos more than $107,000 for a series of violations including improper use of security guards, allowing people who had banned themselves from casinos to gamble, and other transgressions.
The Breeders’ Cup, the most prestigious event in international horse racing, announced that it is expanding its partnership with NBC Sports Group to televise a series of 18 Breeders’ Cup Challenge races from top tracks in the U.S.
Teams with losing regular-season records in the playoffs are a rich tradition in the NBA, with the Atlanta Hawks (38-44) this year’s ultimate Cinderella. They are the 99th such squad in history to enter the pro hoops tournament with a sub-.500 record.
Vegas Sports Books | The dogs were barking loud over the first weekend of NBA Playoffs action, with four of the eight games being won outright by the underdogs
Real Deals | Arizona Charlie’s Decatur celebrates its 26th anniversary on Tuesday, April 22 with complimentary cake and champagne being served from 10 a.m. to 6 p.m. followed by a weeklong “Ice Cream Party Play & Get” promotion through April 30.
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