Mashpee Wampanoag Tribe expects cash for casino

Thursday, December 3, 2009  

A Malaysian company will finance a $1 billion casino for the Mashpee Wampanoag Tribe of Massachusetts with cash, Chairman Cedric Cromwell said.

The tribe considered several partners but chose Kien Huat Realty, a subsidiary of Genting Group, partly due to the economic climate. “When we got down into the weeds – and these were all top names in gaming – none of them could provide the cash flow, because money is so tight and many of them didn’t want to assume the risk," Cromwell told Indian Country Today. "Certainly, now that we’ve announced we have a new relationship, the phone is ringing off the hook.”

Cromwell said the tribe won't have to go to the bond market or seek alternative financing with Kien Hut as a partner. "The key for us with gaming is we’re focused on providing stimulus back to our people with jobs and money for housing, health services and education," he told the paper.

Genting has financed casinos for the Mashantucket Pequot Tribal Nation of Connecticut and the Seneca Nation of New York, and owns a 49 percent stake in Empire Resorts, a partner of the St. Regis Mohawk Tribe of New York.

Get the Story:
Mashpee Wampanoag in new Kien Huat partnership (Indian Country Today 12/3)
Investors change, but casino views don’t (The Boston Globe 12/3)