Mashantucket Tribe hails 'milestone' with deal on gaming debt

Tuesday, July 2, 2013
Filed Under: Connecticut
More on: debt, mashantucket, per caps

The Mashantucket Pequot Tribal Nation of Connecticut officially announced a restructuring of its gaming debt.

The tribe owed $2.2 billion through the operation and expansion of the Foxwoods Resort Casino. The deal brings the amount down to $1.7 billion.

“This is truly a milestone event for MPTN and Indian Country as a whole,” Chairman Rodney Butler said in a press release. “The new capital structure not only allows Foxwoods to move forward as a stronger competitor, it also renews the financial stability of our entire tribal nation.”

The tribe ended gaming per capita payments as part of its turnaround effort.

Get the Story:
Foxwoods Owner Closes On $2.3B Debt Restructuring (The Hartford Courant 7/2)
Mashantuckets reach deal on debt restructuring (The New London Day 7/2)
Foxwoods casino closes on $2.3 billion debt (AP 7/1)