Reeling from the economy, Foxwoods Casino is seeking to restructure more than $2.3 billion in debt, according TheDay.com. The article described the Mashantucket Pequot, owners of Foxwoods, as being on the "brink of default." The debt is $1 billion more than the tribe's Foxwoods Resort Casino - North America's largest casino and once the world's most profitable - can sustain, a source said.
In an e-mail to tribal members, sent out last week, tribal council Chairman Michael Thomas described the situation: "Earnings are down considerably and there are no signs of immediate improvement. These are dire financial times for our tribe."
In the past two years, the tribe has laid off workers at The Foxwoods Resort, reduced the size of the tribal government and reduced payments to tribal members.
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