The Foxwoods Resort Casino, owned by the Mashantucket Pequot Tribal Nation, celebrated its 23rd anniversary last week. Photo from Facebook
Connecticut's two federally recognized tribes may have to restructure their debts again because their gaming facilities will be facing new competition, according to Fitch Ratings. The two commercial casinos in neighboring Massachusetts will "cannibalize" revenues from the Mashantucket Pequot Tribal Nation and the Mohegan Tribe, according to Fitch Ratings. The tribes have not fully recovered from the 2008 national economic recession, the private agency noted. "Their original restructurings did not cut enough debt and a recovery in casino operations never materialized," Fitch said in a press release. The tribes are looking for ways to address the new casinos in Massachusetts One idea that has been floated in new jointly-operated facility near the state border. Get the Story:
Foxwoods and Mohegan May Face Another Restructuring, Fitch Says (Bloomberg 2/25)
Fitch: New competition may force CT casinos to restructure debt (The Hartford Business Journal 2/26)
Etess disputes credit agency downgrade (The New London Day 2/26) Related Stories:
Editorial: Tribes in Connecticut need to discuss gaming options (02/18)
Connecticut lawmaker drops slot machine bill after tribes object (02/09)
Mohegan Tribe reports increase in revenue at gaming enterprise (01/29)
Tribes discuss gaming concerns with lawmakers in Connecticut (01/21)
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