We should have learned from the Pequots. But we didn’t pay attention. About 40 years ago Skip Hayward, a Mashntucket Pequot, rounded up his people scattered west of their Connecticut homeland, got them recognized and on their way to a better life. Skip Hayward, a real Pequot, was kicked to the curb and the outsiders took over and well the rest is well known. Now the Pequots, who went from rags to riches are humiliated and broke.The largest casino in the world and formally the most productive is run down empty shell of it’s former self.
Guess who their backers were? Genting. Genting feeds on greed and poverty. Genting bought the Pequots, built the a huge casino and charged them 27% interest on hundreds of millions of dollars. The Pequots could never catch up because the casino made less and less money each year. Genting got out…made the Pequots get a bank to buy the debt of a no longer profitable casino and built a competing casino, MGM Grand next door. Just ruthless.
And guess what ? Genting was the poster child for the Indian Gaming Regulator Act. IGRA was established to protect Indians from the Gentings of the world. Well Genting went about it’s business charging the Mohawks and Senecas outrageous interest rates and even came into a Council meeting with guns blazing threatening the members because they refused to pay anymore.
Well history repeats itself and when the old investors refused to pay Cedric’s crew, the lovely Mark Harding found Genting. So we pay 17% on millions and hundreds of thousands for wire transfers. No one knows what Shovel Ready Ceddie and crew did with $130 million, and Genting has pleged another $120m but after that, the Malaysians say Wells Fargo is the best bet, cause they’re out. Sound familiar? That’s why there’s no discussion about allotments for tribal members because the so called investor has to be paid….and the bank and on and on.
Back to another problem. IGRA has to investigate Genting before the tribe goes forward. Ironic, that everything comes full circle and that may be the reason for an American bank early on.
So of course Arlinda will say that’s a snap too. Sorta like SRS saying he is unaware of lawsuits on the issue we said would be a problem no matter how may footnotes Kevin Washburn listed.
And SRC would not answer the question of whether the lawsuits would stop the building of the casino. Maybe he should ask Adam Bond. Yes, ask Adam Bond.___