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Casinos' slots revenues dip; Foxwoods reaches accord with lenders

By Brian Hallenbeck

Publication: theday.com

Published October 15. 2012 10:00AM   Updated October 15. 2012 10:16AM

Foxwoods Resort Casino and Mohegan Sun have reported significant year-over-year declines in their September slot-machine revenues.

Foxwoods’ “win,” the amount of slots wagers it kept after paying out prizes, totaled $46.3 million last month, a 13 percent decline over September 2011. Mohegan Sun’s win last month, $54.7 million, was down 8.5 percent over the same month a year earlier.

“The casino continues to attract average monthly slot revenues in the $50 million range,” Foxwoods said in a statement.

In a separate announcement, the Mashantucket Pequot Tribe, which owns Foxwoods, said today it has reached accord with the required number of holders of each class of debt securities related to its $2.2 billion of outstanding debt.

The thresholds are outlined in a Restructuring Support Agreement announced earlier.

“As of today,” the tribe said, “holders of 84 percent of the outstanding principal amount of MPTN’s Special Revenue Obligation bonds, 90 percent of the outstanding principal amount of MPTN’s Subordinated Special Revenue Obligation bonds, and 72 percent of the outstanding principal amount of MPTN’s 8.5% Notes have executed the RSA.

“The Tribe is continuing to work toward implementing its plan in accordance with the agreement.”

“Reaching our RSA threshold is a significant milestone, one that is testament to the hard work and thoughtfulness that all of our constituents put into the restructuring,” Scott Butera, Foxwoods’ president and chief executive officer, said. “We can now move ahead confidently with our strategic plan, which focuses on maximizing our long term profitability in this challenging economic and competitive environment.”

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