Let me get this clear...to justify the Gambling Arms Race, the excuse was used about the $$$ flooding across the Massachusetts border, ignoring other isssues like out-of-state airports attracting Massachusetts residents because Boston-centric politicians because Logan is such a Hell-Hole
or Masschusetts consumer flocking to New Hampshire for booze, cigarettes and big ticket items sales tax-free.
And now Foxwoods, suffering month after month declines, re-negotiates its debt?
Ya think we were snookered?
Foxwoods July slot revenue drops 16 percent
By Ira Kantor
Wednesday, August 15, 2012
Wednesday, August 15, 2012
Foxwoods Resort Casino said today its July slot revenue totaled $51 million on handle of $589.4 million, declines of nearly 16 percent and 18 percent respectively from the same period last year.
This is the 12th consecutive month the casino has reported slot revenue in the $46 million to $53 million range, the Mashantucket Pequot Tribal Nation said.
Foxwoods contributed $12.8 million to the Connecticut Special Revenue Fund last month, bringing the cumulative contribution to the state of Connecticut since the casino opened in 1992 to $3.38 billion. [What other business would be reported as 'cumulative contributions? What other business would operate ignored the COSTS?]
Earlier this month, the casino’s owners reached an agreement with steering committees of its lenders and bondholders to restructure $2.2 billion in debt.
Under terms of the agreement, the Mashantucket Pequot’s senior secured credit facility and Kien Huat [Genting] loans would be restructured into two term loans with five and seven-year maturities, respectively. Bondholders are to receive new securities with lengthened maturities of 13, 18, and 23 years based on the seniority of the existing bonds. Maturities will be set from the restructuring date.
Holders of the tribe’s subordinated special revenue obligations and 8.5 percent notes will receive new debt at a discount to face value of accrued principal and interest. Bank of America and Wells Fargo will arrange a $30 million working capital facility for the tribe with a 30-month term beginning on the restructuring date.
This is the 12th consecutive month the casino has reported slot revenue in the $46 million to $53 million range, the Mashantucket Pequot Tribal Nation said.
Foxwoods contributed $12.8 million to the Connecticut Special Revenue Fund last month, bringing the cumulative contribution to the state of Connecticut since the casino opened in 1992 to $3.38 billion. [What other business would be reported as 'cumulative contributions? What other business would operate ignored the COSTS?]
Earlier this month, the casino’s owners reached an agreement with steering committees of its lenders and bondholders to restructure $2.2 billion in debt.
Under terms of the agreement, the Mashantucket Pequot’s senior secured credit facility and Kien Huat [Genting] loans would be restructured into two term loans with five and seven-year maturities, respectively. Bondholders are to receive new securities with lengthened maturities of 13, 18, and 23 years based on the seniority of the existing bonds. Maturities will be set from the restructuring date.
Holders of the tribe’s subordinated special revenue obligations and 8.5 percent notes will receive new debt at a discount to face value of accrued principal and interest. Bank of America and Wells Fargo will arrange a $30 million working capital facility for the tribe with a 30-month term beginning on the restructuring date.
Posts
No comments:
Post a Comment