...Connecticut Tribes Remain Pressured: Mohegan Tribal Gaming Authority (MTGA) and Mashantucket Pequot Tribal Nation (MPTN) may have to restructure again as the original restructurings did not cut enough debt. Subsequent declines in revenue and the threat of more competition coming online in the next few years continue to weigh on the Connecticut tribes. MTGA is better positioned and refinanced in 2013 to lower its cost of debt. Less than two years after restructuring its debt MPTN is again in default on certain debt tranches. Unique Risks Drive Defaults: Chukchansi Economic Development Authority could default again due to rival tribal factions leading to business interruption. River Rock Entertainment Authority missed an interest payment after a competitor opened close to its feeder market. These would be second defaults for these tribes that executed debt exchanges about two years ago. Santa Ysabel Bankruptcy Attempt: All of the restructurings have been settled through debt exchanges, or...
