But a tepid economic recovery and increasing competition from newer casinos has caused the tribe to fall out of compliance with terms of the loan agreement reached in
The tribe said it had entered into discussions "as a result of its failure to comply with certain financial covenants in the credit facility," according to the statement.
Foxwoods also reported slots revenue in July fell by more than
"We believe that consumer spending patterns remain challenging in our primary markets, particularly in the mass and mid-tier market segments," Foxwoods said, in a written report. "As well, competitive pressures continue to be impactful, both from the expansion of gaming and marketing activities, in the Northeast gaming market."
The competition for gamblers will increase from the three resort casinos and slots parlor planned in
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