"Isn't it interesting that the people who have made the most money off of Indian gaming in Connecticut aren't even American Indians.
The big money off the top at Foxwoods, 9.9 percent of adjusted gross income through 2016, has been going to the rich Malaysian family that put up the first $58 million to build a casino on the Mashantucket Pequot reservation.
The deal was brokered by G. Michael Brown, the savvy New Jersey gambling lawyer who was hired by the Pequots to find someone to finance their casino and who - ta-da - came up with his own clients, the Lim family of Malaysia.
Certainly the Lims are forever grateful to Brown for helping tap so deep and for so long into the Pequot golden goose.
Indeed, even as a recession-battered Foxwoods struggles under the onerous terms of the original Lim loan deal, Brown continues to profit by his associations with the Malaysians.
He was part of the deal in which the Lims put up money seven years ago for the Seneca Indians to build a casino at Niagara Falls. The $80 million, five-year loan had a whopping 29 percent interest rate.
More recently, Brown was the Malaysians' point man in a deal to take a near-controlling share in a racetrack and casino in Monticello, N.Y., that includes an interest in a proposed casino resort by the St. Regis Mohawk Tribe."
Get the Story:
David Collins: Where have all the Indian gaming profits gone?
(The New London Day 12/16)
Connecticut | Opinion
Column: Where did all the tribal gaming profits go?
Wednesday, December 16, 2009
Stay Connected
Contact Us
indianz@indianz.com202 630 8439 (THEZ)
Search
Top Indian Gaming Stories
Trending in Gaming
1 Catawba Nation continues work on controversial casino in North Carolina
2 Cheyenne and Arapaho Tribes move forward with casino expansion
3 Poarch Band of Creek Indians said to be on Trump's radar
4 Hopi Tribe officially joins Indian gaming industry with approved compact
5 Seminole Tribe paid just $50M for casino Donald Trump built for $1.2B
2 Cheyenne and Arapaho Tribes move forward with casino expansion
3 Poarch Band of Creek Indians said to be on Trump's radar
4 Hopi Tribe officially joins Indian gaming industry with approved compact
5 Seminole Tribe paid just $50M for casino Donald Trump built for $1.2B
More Stories
Habematolel Pomo compact headed for passage Shinnecock Nation financed by casino developers
Indian Gaming Archive