Mashpee Wampanoag backers strained by economy

Wednesday, September 24, 2008  

The main financial backers of the Mashpee Wampanoag Tribe of Massachusetts are feeling the effects of the economic downturn.

Moody's Investors Service and Standard & Poor's have downgraded the credit rating of the owner and operator of a race track in nearby Rhode Island. The track is backed by Sol Kerzner and Len Wolman, who are also financing the Wampanoags.

Kerzner and Wolman got their start in the Indian gaming industry by helping the Mohegan Tribe of Connecticut open its casino. The pair aren't involved with the casino any more but the Mohegans suspended a major expansion project this week due to the economic climate.

The Wampanoags are trying to get their foot in the door with a major casino in Massachusetts. The tribe's land-into-trust application is under review by the Bureau of Indian Affairs.

Get the Story:
Tribe's casino backers struggle with debt (The Cape Cod Times 9/24)