Foxwoods Tribe Faces Financial Ruin

Discussion in 'Economics' started by MattF, Aug 27, 2009.

  1. MattF


    Even running the casinos aren't making the meantime, they've submitted a proposal in Sumner County, KS (??) for management of an (eventually built) casino out there.

    NEW HAVEN, Conn. (AP) - The chairman of the tribe that runs Foxwoods Resort Casino is warning of "dire financial times" that he says threaten the living standards of the tribe.

    Michael J. Thomas, chairman of the Mashantucket Pequot Tribal Nation, sent a letter to tribal members last week noting earnings "are down considerably" in the recession with no signs of immediate improvement. He also noted the likely legalization of gambling in Massachusetts and New York will eat away at profits.

    The New London Day reported Wednesday the tribe is on the brink of default and is trying to restructure $2.3 billion in debt.

    Telephone messages were left Wednesday for tribal officials for comment on the report, which also cited a plan by an investment bank to continue operating the casino as usual while the debt is restructured.
  2. The government ought to bail them out the way they did several hundred years ago; they sent some blankets to them to keep them warm :cool:
  3. Ouch!:p You are just mean. Sending blankets with small pox.

    How in the hell can a casino lose money?
  4. maxpi


    The tribes don't get the money out of the casinos that much, it gets siphoned off... they don't even get the jobs in the Casinos sometimes...

    Everybody screws Indians, what is up with that? I guess they have been genocided and cheated and poisoned into complete submission... but they have all day to "articulate their culture"... Indians are very, very good for conversation, lots of stories, all with beautiful symmetry of morals and lessons, some have the Boy Scout manual all wrapped up in them... but the money thingy, forget it.. some tribe found out that like $80 Million [Billion?... this was in the pre-trillion era... all my numbers got shifted a few places over time and I can't shift them any more] was missing from their trust fund which was in the hands of the public sector... some moron from the Bush II Admin comes out and she says "oh, let's be forward looking"... the money is gone, lawsuits are ongoing but you know it will never reappear... Some reservations kick all the whites out at sundown because they will be dead by morning if they don't...

    American Indian births used to all be automatically put down as illegitimate lots of places, it was SOP, that probably still is going on in the South, one guy from the South told me he hated Blacks but he hated Indians way worse... I had an Indian friend that was visiting in the South and he walked over a bridge from a bar to the motel and some guys from the bar tried to kill him with a pickup truck... he went over the side of the bridge and made an escape while they had rifles out and were trying to figure out where he went to.... I guess that's why God has to have a hell...