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Mohegan Sun and Foxwoods Hit with Credit Downgrade

Tuesday, March 03, 2009

UNCASVILLE, Connecticut -- As reported by The Norwich Bulletin: "As if the slumping gaming revenues aren't bad enough, the two major rating companies — Standard & Poor's and Moody's
  Investors Service — have downgraded Mohegan Sun and Foxwoods, and could do so again as the year progresses.

"The ratings — an independent opinion of the general creditworthiness of a company — indicate a loss of confidence in the current economic malaise at the two tribal casinos. In more practical terms, diminished ratings mean the casinos could face difficulty borrowing money for things like expansion, including for a Foxwoods casino in Philadelphia.

"There is no rule that says interest rates are tied to ratings, but a downgrade reflects credit quality. With riskier credit comes higher interest, said Keith Foley, senior vice president of Moody's.

"...The financial morass Mohegan Sun and Foxwoods find themselves mired in affects most casino markets, said David G. Schwartz, director of the Center for Gaming Research at the University of Nevada at Las Vegas. The Connecticut casinos face constrained liquidity, high debt levels and a weakening credit market for the balance of the year, the ratings companies say..."


Mohegan Sun
1 Mohegan Sun Boulevard
Uncasville, CT 06382
Toll Free Phone: (888) 226-7711
Mohegan Sun, owned by the Mohegan Tribe, is one of the largest, most distinctive entertainment, gaming, shopping and meeting destinations in the United States. What began with the Casino of the Earth in 1996 has evolved into a destination that now includes: the Casino of the Sky and over 300,000 square feet of total gaming space; The Shops at Mohegan Sun, featuring more than 60 retail shops and dining venues; the 10,000-seat Mohegan Sun Arena for world-class sporting events and concerts, an intimate Cabaret Theatre; and a 34-story luxury hotel, featuring 1,200 guestrooms and suites, premier meeting and convention space and a world-class spa.
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