MASHANTUCKET, Conn., -- The Mashantucket Pequot Tribal Nation today issued the following statement:
Like many companies in the gaming and hospitality industry, the Mashantucket Pequot Tribal Nation (the "Tribe") has been taking a number of steps to make its Tribal economy more efficient in light of global recessionary trends and increased competition. Similarly, we have recently initiated discussions with our bank group about potential debt structure options, including a range of refinancing and recapitalization alternatives. Miller Buckfire & Co., LLC and Weil, Gotshal & Manges LLP have been retained as a financial and restructuring advisor and as legal counsel, respectively, to provide professional services in connection with this process. MPTN is currently in compliance with all debt agreements and is also current with all its debt payments.
We have sufficient resources to continue to operate our businesses as normal and it will be business as usual. We remain committed to providing our customers with unparalleled gaming options, the very best in entertainment, and world-class services, dining and amenities. We do not anticipate that the financial restructuring being considered by the Tribe will affect our employees, customers, vendors or business partners. The Tribe does not plan to make any additional comments regarding this matter at this time.
About the Mashantucket Pequot Tribal Nation
The Mashantucket Pequots are a Native Algonquin people in Southeastern Connecticut having endured centuries of conflict, survival and continuity on and around one of America's oldest Indian reservations, established in 1666. As the first native people within the borders of the continental United States to suffer an attempt of genocidal massacre by Puritan Colonists in 1637, the repatriation of the Pequots is an unprecedented story of restoration exhibited in detail at the Tribe's world-class Museum and Research Center (www.pequotmuseum.org). Today the Mashantucket Pequot Tribal Nation owns the largest resort casino in the world, Foxwoods Resort Casino (www.foxwoods.com), along with several other economic ventures including the Lake of Isles Golf Course (www.lakeofisles.com), a joint-venture partnership establishing the MGM Grand at Foxwoods, The Spa at Norwich Inn and Foxwoods Development Company dedicated to world-class resort development throughout the United States and Caribbean. Altogether, the Mashantucket Pequot Tribal Nation remains one of the State of Connecticut s highest tax payers and largest employers. Likewise, the Tribe provides significant financial contributions to state and local non-profit organizations that support neighboring communities.
CONTACT: William Satti
Director of Public Affairs
(860) 396-6572
