It is easy to look back now and say the success of Foxwoods Resort Casino was a sure bet when it opened its doors 20 years ago this day, but that's not how Wall Street saw it. About two dozen major banks and brokerage firms rejected the Mashantucket Pequot tribe's request for the money to build the casino on its reservation in Ledyard. The tribe ultimately turned to a Malaysian investment group for the $60 million that launched Foxwoods.

On opening day Foxwoods planned to remain open until 4 a.m., then close for one shift to clean and prepare for the following day, but with thousands of people still at the gaming tables came the decision to keep operating. Within a year, a deal with Connecticut Gov. Lowell P. Weicker Jr. allowed the addition of slot machines, and the crowds grew larger. Foxwoods still has not closed.

As uncertain as the future looked when Foxwoods began, the challenges the current generation of tribal leaders face are arguably more daunting. When Foxwoods opened it was the only legal casino in New England. The Mohegan Sun provided some competition when it opened in 1996, but southeastern Connecticut remained New England's lone source of lawful casino gaming.

Today, when tribal leaders, speakers and celebrities gather to commemorate the anniversary, they will look out on a dramatically changing landscape. In three years, three casinos will be operating across Massachusetts, as well as a slots parlor, all authorized by a Bay State legislature that is counting on the casinos to generate desperately needed state revenues. Rhode Island voters will soon decide whether to expand gambling operations there, while tribal-operated casinos are likely in New York's future as well. Now comes news that New Hampshire is exploring casino development.

In other words, New Englanders will no longer have to travel to southeastern Connecticut for casino gaming.

Foxwoods faces this coming challenge still struggling to recover from three difficult years. One reason the tribe faced such difficulty obtaining a loan way back when was the uncertainty of what would happen in the case of a default. You can't foreclose on a sovereign tribal nation.

Once seen as non-issue as Foxwoods roared through years of success and expansion, default arrived in 2009. The Great Recession drove down revenues soon after the tribe had invested heavily in expansion and rebuilding Route 2 around the casino entrance. Profligate tribal stipends to members and a bloated bureaucracy contributed to the fall. Debt-restructuring talks with lenders have yet to produce a deal.

Yet Foxwoods remains a powerful economic force for the region and there are encouraging signs it will remain so. In his two years as tribal chairman, Rodney Butler has proved a pragmatic leader who has won the trust of the tribe and quelled the panic that was palpable just a couple of years back. He is leading a strategy to continue to diversify the recreational opportunities at Foxwoods with the intent of keeping it an attractive destination even as other casino options emerge.

Today developer Sheldon Gordon is expected to describe his plans for an 85-store outlet mall at Foxwoods. Mr. Butler has said Foxwoods management also plans to revamp its retail offerings. Once an added amenity for gamblers; Foxwoods management now wants to position the shops and outlets as their own destination. About one in five visitors to Foxwoods do not gamble, a demographic Mr. Butler would like to see grow with the resorts' reputation for diverse entertainment opportunities.

Connecticut Gov. Dannel P. Malloy recognizes the importance of Foxwoods and its casino neighbor, Mohegan Sun, to the economy and state coffers. Foxwoods has contributed more than $3 billion to Connecticut under the slot revenue-sharing agreement signed back in 1993. The governor said he is committed to working with the tribes to protect their standing as competition picks up in coming years.

We wish a happy anniversary to Foxwoods and the Mashantucket Tribe and good luck dealing with its new challenges. For good or ill, its success and that of the region's economy are linked.