Foxwoods Casino is $2b in Debt – Feds Investigate
On the outside-looking-in, the Foxwoods Resort and Casino in Ledyard, Connecticut is a smashing success story. However, a deeper look into the matter has revealed that Foxwoods is struggling with a massive $2 billion debt. Furthermore, the Mashantucket Pequot Tribe has suddenly drawn the attention of federal investigators since they’re having trouble paying the debt.
Apparently, Foxwoods Casino has been hit hard by a prolonged American recession, which has made it hard to pay down the $2 billion they owe. The 900 Pequot members who own the Foxwoods Casino are struggling too because they’re no longer receiving annual stipends from Foxwoods’ shared revenue.
Fortunately, some of the other Pequot members have pulled together to help their fellow tribesman during the economic downturn. Roslyn Charles, who is an elder member of the Mashantucket Pequot Tribe, spoke about the aid to her fellow Pequots by saying, “The community is pulling together in these challenging economic times, and we are eagerly embracing our future with a strong determination to continue growing our business as a major economic force in southeastern Connecticut.”
During the profitable years, each of the 900 Pequot Tribe members were receiving a $100,000 annual stipend for their ownership in the casino. But as mentioned before, these payments are no longer coming, which has many within the tribe worried.
Taking the non-payments and massive debt into account, the FBI has been reviewing finances from the Mashantucket Pequot Tribe’s books. So far, no word on any foul play has been discussed, but the feds want to make sure that everything leading up to the $2 billion owed checks out.
Despite all of the trouble that the Pequots are dealing with, reservation neighbor Richard Burns believes that some good could come out of all this as he told reporters, “I’ve always felt that stipend stood between them having the joy of being realistic members of our society and that, it many cases, it served as a device to separate them from the community. It may seem like a hardship, but it will give them the gift of learning how to function as a member of the larger society.”