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Not Out Of The (Fox)Woods Yet: Indian Gaming And The Bankruptcy Code, Emir Aly Crowne, Andrew Black, S. Alex Constantin
Not Out Of The (Fox)Woods Yet: Indian Gaming And The Bankruptcy Code, Emir Aly Crowne, Andrew Black, S. Alex Constantin
UNLV Gaming Law Journal
The recent economic downturn has caused Foxwoods Resort Casino, one of the largest casinos in the world, to seek a restructuring of nearly $1.5 billion in debt. Ordinarily, bankruptcy proceedings are triggered when a typical commercial enterprise defaults on its debt. Under these proceedings, creditors step in and collect monies owed to them before any residual equity is dispersed amongst owners. The rub here is that Foxwoods is owned and operated by the Mashantucket Western Pequot Tribal Nation, a sovereign nation under U.S. federal law. This triggers questions of paramountcy; namely, whether tribunal sovereignty can trump federal bankruptcy law.
These …