Billionaire gambles on nearly bankrupt Foxwoods Casino

11/17/2009 | New York Post

Billionaire Leon Black has been buying up shares in the Foxwoods Casino and the MGM Grand at Foxwoods, owned by the Mashantucket Pequot Tribal Nation. The tribe announced Monday that it missed an interest payment for $2.3 billion in debt and will default on its loans on Dec. 16. If the Connecticut casinos go bankrupt, Black would not be able to assume physical possession because of a tribal law but could exert influence over the tribe's negotiations with creditors.

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