Foxwoods and Mohegan Sun refused to believe the Gravy Train of endless cash would ever end.
They buried themselves in DEBT.
Foxwoods simply stopped making payments - DEFAULTED.
Mohegan Sun 're-negotiated.'
Because they're Tribal Casinos, SOVEREIGN, there is no process available to resolve the debt.
Although both Connecticut Casinos continued to suck breathtaking amounts from the local economies, they are DESPERATE and NEED Massachusetts to bail them out.
SIMPLE RULES:
Most 'Casino' patrons are LOCAL.
The Majority of 'Casino' profits come from SLOTS.
Harrah's [now Caesars] determined that 95% of their profits came from 10% of their patrons.
That's Gambling Addiction.
When the local supply of potential Gambling Addicts is EXHAUSTED, revenues decline.
Massachusetts is pursuing a Pipe Dream that somehow, somewhere, TOURISTS will travel to tacky Destination Slot Barns they can visit closer to home.
With Internet GAMBLING, you can bankrupt yourself from home.
Breaking News
Kostrzewa - Slide in slots prompts Conn. casinos to seek Mass. licenses
May 23, 2013 9:16 am
Slots revenue at Foxwoods and Mohegan Sun has slid for 16 consecutive months and the operators of the two Connecticut casinos hope to reverse the trend by targeting a new set of gamblers in Massachusetts.
Each is competing for one of the three resort casino licenses in different geographic regions in Massachusetts.
Foxwoods has proposed a $1 billion, 300,000 square foot resort with 4,725 slot machines and 125 table games off I-495 in Milford, about 15 miles from the Rhode Island border.
Mohegan Sun has partnered with Finard Properties to propose an $800 million, 300,000 square foot retail complex and casino in Palmer in the western Massachusetts region.
The Massachusetts Gaming Commission is scheduled to award the licenses early next year and the casinos could open as early as 2015, but more likely in 2016.
Meanwhile, slots revenue at the Connecticut casinos has erode from the slow economic recovery and the siphoning off of gamblers to casinos in New York and New Jersey.
For April, the total amount played at the slots at Foxwoods was $528.9 million, off 12 perent from April, 2012. At Mohegan Sun, the totaled wagered in April was $627.5 million, down five percent from the comparable month a year ago.
"Connecticut is losing gaming revenue at a pretty rapid pace," said Keith Foley, an analyst at Moody's Investor Service.
http://news.providencejournal.com/breaking-news/2013/05/kostrzewa---slide-in-slots-prompts-conn-casinos-to-seek-mass-licenses.html
Each is competing for one of the three resort casino licenses in different geographic regions in Massachusetts.
Foxwoods has proposed a $1 billion, 300,000 square foot resort with 4,725 slot machines and 125 table games off I-495 in Milford, about 15 miles from the Rhode Island border.
Mohegan Sun has partnered with Finard Properties to propose an $800 million, 300,000 square foot retail complex and casino in Palmer in the western Massachusetts region.
The Massachusetts Gaming Commission is scheduled to award the licenses early next year and the casinos could open as early as 2015, but more likely in 2016.
Meanwhile, slots revenue at the Connecticut casinos has erode from the slow economic recovery and the siphoning off of gamblers to casinos in New York and New Jersey.
For April, the total amount played at the slots at Foxwoods was $528.9 million, off 12 perent from April, 2012. At Mohegan Sun, the totaled wagered in April was $627.5 million, down five percent from the comparable month a year ago.
"Connecticut is losing gaming revenue at a pretty rapid pace," said Keith Foley, an analyst at Moody's Investor Service.
http://news.providencejournal.com/breaking-news/2013/05/kostrzewa---slide-in-slots-prompts-conn-casinos-to-seek-mass-licenses.html
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