Foxwoods fails to make debt payment

Foxwoods Resort Casino, one of the world's largest, has failed to make a full payment on its debt, leading to a default and another downgrade on its credit rating.

The Mashantucket Pequot Tribal Nation, which owns Foxwoods, said it has paid $14.2 million of the $21.25 million semi-annual interest payment that was due Monday on $500 million in debt notes.

The tribe said it does not anticipate paying the balance within a 30-day period, resulting in a default.

The tribe, which has been seeking to restructure billions of dollars in debt, said its efforts are "separate and distinct" from operations at Foxwoods and will not affect customers, employees, suppliers or business partners.