The day after our most recent post, a website called World Casino News printed a nebulous story saying Genting ” may help finance ” the Mashpee Wampanoag Tribe casino. The site is apparently a dumping ground for canned gaming press releases that a hand full of so called writers tweak. The Tribes PR firm sent their press release there instead of the paper…once you read it, it is clear that it is a very sanitized version of the black hole Cedric has dropped us in.
Here’s our guess, and it’s so obvious, so predictable. Shovel Ready Ceddie could not get outside financing. He was told by Genting a while back that the gaming giant did not want to go any further that the $200 m cap . With Genting shut out of Florida by the Seminoles,and no outside financing of the tribal casino, Genting is forced to fund the shoe box version of the former “Resort Casino” for about $200-250m to get their money back. By the way, the Tribe will be into Genting for upwards of $700m…..at least. Remember that the Tribe has to pay all the millions in infrastructure costs in Taunton whether the casino is built or not.
But with no outside financing to pay them off, Genting was forced to try to get something built or they would never get any of their money back. The minimal casino on the drawing board combined with the debt would probably take at least 18 years to pay off.
But Genting is clearly hedging their bets and they know that the Tribal casino is still a long shot.
- Clearly the state gaming commission is eyeing Brockton as the ” sure bet” for a license. They are interested in making the most money for the state. They said so.
- SRC will go the sovereignty route but he still has to get by the Indian Gaming Regulatory Commission by fixing all the holes in their plan including the lack of an economic development plan. Genting will have to make up something. What does Ceddie care…he never even made an effort to make us self sufficient. He damn sure is!
- IGRC was established because of Genting’s gouging and exploitation of Natives on the east coast including the Pequots. The sky high interest rates are the very reason IGRC was established, so 17% simply will not do.
- The lawsuits are a deadly factor and killed financing. Genting had no choice.
- The biggest problem is that, if the No Light Casino in Taunton is built, it will not be able to compete with the the real casino in Brockton.
Cedric Cromwell continues to build the case for his resignation.We will have more on why Messy Jessie should go with him.
