The Mashantucket Pequot Gaming Enterprise, which owns Foxwoods Resort Casino, said it’s in talks with senior lenders after failing to meet certain financial covenants of its year-ago capital restructuring.
Foxwoods was not meeting the financial performance forecast it agreed to with lenders, which was premised on “improved economic conditions and a leveling out of competitive factors. Those developments have been slow to materialize,” Foxwoods said in a statement.
The casino said the failure to comply with the covenants — which it did not define — will not adversely impact its projected liquidity.
Meantime, on Friday morning, Foxwoods reported another year-over-year decline in slots revenue.
Slots revenue in July fell by more than $4 million, or 8.9 percent.
Foxwoods will contribute $11.2 million to the state’s coffers for the month, down from $12.3 million a year ago.
