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Mashantucket Tribe sees credit hit as casino competition grows

Filed Under: Connecticut | New York
More on: connecticut, debt, mashantucket

The Mashantucket Pequot Tribal Nation of Connecticut owns the The Foxwoods Resort Casino. Photo from Twitter

The Mashantucket Pequot Tribal Nation of Connecticut is at risk of defaulting on its debt as casino competition grows in the Northeast.

Standard & Poor's lowered the tribe's rating to CCC-. The August 18 report cited the tribe's warnings that it may not be able to make timely payments on its casino-related debt.

Slot machine revenues at Foxwoods Resort Casino have fallen consistently since 2009. The future looks even more rocky with commercial gaming facilities coming on line in Massachusetts and New York.

Get the Story:
S&P says Foxwoods tribe may have near-term default (Bloomberg News 8/20)
A Crowded Field Will Squeeze Profits At New England Casinos (WNPR 8/19)
Regulators to award Boston casino license in September (The Providence Journal 8/21)

Related Stories:
Connecticut tribes report another drop in slot machine revenue (8/18)

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