Foxwoods Resort Casino failed to make a full payment on its debt, resulting in a default and credit downgrade. One of the worlds largest casinos, Foxwoods is not alone in its struggles as casino around the country are straining to survive the extreme recession.
The Manshantucket Pequot Tribal Nation, owner of Foxwoods, said it has paid $14.2 million of the $21.25 million semi-annual interest payment due Monday on $500 million in debt notes, adding that it does not anticipate paying the balance within a 30-day period.
With this latest default, Standard & Poors lowered Foxwoods’ credit rating to D, its lowest rating. The new rating is likely to make lenders hesitant to make loans to Foxwoods.
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