Community Corner
Foxwoods Debt Restructured for Forward Movement
The new financial structure allows Foxwoods to move forward on a couple developments out of state.
Foxwoods Resort Casino was hit hard by the recession and after falling into debt the casino needed a way out and a new way forward. Since February, they've been trying to reduce their debt and on Monday, creditors forgave $550 million of the $2.3 billion dollar debt owed by Mashantucket Pequot Tribal Nation and extended the length of the loans said the tribe that owns Foxwoods Resort Casino.
They were also able to secure $25 million in new loans - $5 million in revolving credit and a $20 million term loan, according to a report in The Day.
Tribal Council Chairman Rodney Butler said in a statement that the new financial structure “allows Foxwoods to move forward as a stronger competitor.”
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The Tribe recently announced plans to build another resort casino or two in the Catskills, now that casino gambling may soon be legalized. Foxwoods officers struck a $300 to $600 million deal with Muss Development in Liberty, New York to turn their their 500-acre property into a destination resort casino, all goes as planned.
Foxwoods is also the third competitor to throw in its hat for the one gambling license in the greater-Boston area.
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