Wow, the biggest casino in the world doesn't want to pay their bills.

http://finance.yahoo.com/news/Foxwoods- ... 9.html?x=0

I have to admit that I just don't get why companies are allowed to get away with what they do. Foxwoods is defaulting on their debt payments, yet...

1) They made $700 million in profit last year.
2) They owe "only" $500 million in total.
3) Their semi-annual payment is a mere $21.25 million
4) They're only going to play $14.2 million of their semi-annual payment

I hope they are given no leniency on this issue, but I'm positive they'll get away with it.

I find this amazing. I lived in New England for several years and would make trips to Foxwoods every weekend to play poker. When I walked through the massive casino there was never a blackjack table with a minimum lower than $25. Every single one of these tables would be completely full and often there would be people standing behind the tables waiting to play, and there are hundreds of tables. The amount of money rolling into this place had to be absolutely obscene. I'm sure things have slowed down now, but still, where does all the money go? Perhaps there are some little black suitcases finding their way out the back door when nobody is looking?

I love their front man they always put on TV to speak for them. A white dude who wears a pony tail as if it makes him Native American.

the seem to be in a unique negotiating position. Along the lines of "...We are a soverign nation under US Federal Law, we make our own laws here on OUR reservation, have our own legislative process, elect our own officials, have our own Police force. We don't want to pay you, now what are you going to do about it?..."

I would guess in the case of Foxwoods as other Indian casinos around the country, vendors and banks will only do business with them if they sign a agreement which makes there sovereign nation status null and void for the transaction they enter into.
One of the Indian casinos by where I live signed a contract with a high end restaurant from Vegas when they opened there hotel/resort, there was a dispute and the restaurant sued the hotel/resort and won, it came out in the paper that vendors will only do business with the Indian if they sign a contract. Which when you think about it makes sense, for they could get away with all kinds of stuff.

And the compacts here state that the tribal casinos will submit to the jurisdiction of the local courts on certain issues. I wonder if debts are part of that. I know personal injury is one.

I don't think they're doing it on purpose. Last year is last year. This year's been hurting for a lot of properties. A lot of places are so leveraged out that any significant dip in business will cause them to run into the red.