The covenants were established last July as part of MPGE's capital restructuring. At the time, MPGE and its lenders agreed upon a financial performance forecast that was premised on improved economic conditions and a leveling out of competitive factors. Those developments have been slow to materialize. In particular, the gaming industry remains weighed down by a sluggish consumer economy while the regional market is feeling the added effect of new competition and increased supply from surrounding states.
Foxwoods' underlying business remains strong and day-to-day operations continue as usual and without interruption. Moreover, the failure to comply with the financial covenants does not adversely impact Foxwoods' projected liquidity.
Meanwhile, the Tribe has continued to invest in Foxwoods' business having recently renovated its guest rooms, refurbished the property's retail and dining facilities, moved ahead with plans to open
Keywords for this news article include: Investment and Finance, Mashantucket Pequot Gaming Enterprise.
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