The federal law establishing the jurisdictional framework governing Indian gaming, the Indian Gaming Regulatory Act (IGRA),1 has greatly increased the amount of gaming operations operated by Indian tribes. Currently, there are over 360 tribal gaming operations within the United States.
The casino bankruptcy filings of Fontainebleau Las Vegas LLC, Station Casinos Inc., Tropicana Entertainment LLC, and Trump Entertainment Resorts illustrate that the gaming industry is not immune from economic downturn. Additionally, gaming revenues for Indian casinos have declined, as highlighted by payment and covenant defaults by many Indian tribes, including the Mashantucket Pequot Tribal Nation, owner of Foxwoods Resort Casino. The tribe failed to pay approximately $7 million of interest on $500 million of bonds and missed a deadline to repay a $700 million line of credit, and as a result, is seeking to restructure at least $1.45 billion of debt.
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