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Tribe-owned casino in 'dire' financial straits
Thursday, August 27, 2009 at 12:17:22 PM
The recession has taken a huge swipe at Las Vegas casinos, and now it's knocking on Foxwoods' door.
The Mashantucket Pequot Tribal Nation, which owns Foxwoods Resort Casino, is close to defaulting on a $700 million line of credit with lenders, according to the New London (Conn.) Day. The tribe has a payment due early next week.
Foxwoods is also trying to restructure $2.3 billion in debt, the tribe said in a statement, announcing that it has hired the investment bank Miller Buckfire and the law firm Weil, Gotshal & Manges to negotiate with its bank group.
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