For the first time ever, Foxwoods Resorts Casino released its annual finances to the public, revealing that last year the Indian casino in Connecticut generated slightly over billion.
That is about 6 percent less than projected revenues.
The 68-page release is part of an effort to be more transparent as the company has restructured its debt, according to CEO Scout Butera. The debt was restructured from $2.2 billion to $1.7 billion.
The casino is owned and operated by the Mashantucket Pequot Tribal Nation. Traditionally Indian tribes do not release details of their casino financial operations.
The period covered by the report was one of some difficulty for the casino, which included layoffs of more than 1,000 employees that resulted in an 11 percent reduction in payroll and benefits.
According to the report, “Our revenues and cash flow are dependent upon the operations of Foxwoods. We currently rely exclusively on cash flow from Foxwoods to service our financial obligations, including our indebtedness. As a result, in addition to our susceptibility to adverse global and domestic economic, political and business conditions, any economic downturn in the region could have a material adverse effect on our operations.”