who is receiving the benefit of the Indian casino boom that has seen a remarkably steady growth over the last 25 years? And who, in reality, are the real beneficiaries of IGRA? The sad irony is that despite bloviating speeches of “concerned” politicians decrying the poverty of Native Americans, almost 67 cents of every casino dollar is fattening the net worth of investors and entities other than tribal members. Foreign money merchants from Asia and South Africa have drawn billions through unconscionable deals made in the late 80’s that carry over with huge rewards and with millions paid annually even to the present day. In addition to the casinos’ repayment of loans bearing full-blown interest plus payments from annual revenues throughout a period of 20 or more years, the tribes have paid obscenely high percentages of their gaming revenue to “management”, “operators”, and “consultants”, toward the “development”, “operation”, and “promotion” of their casinos. And while these “operators, et. al”, grow richer, the average tribal members remain stagnant in their economic quagmire. Amazingly, two of the largest revenue producing casinos in the universe, (plus other smaller ones scattered around the country), suffer in such deep debt as to be bordering dangerously close to bankruptcy despite annual revenues of the two referenced mega casinos in the billions of dollars. And aside from the foreign investors who are giants in the worldwide gaming market, there are those “management” companies that have amassed enormous profits as the casinos they are paid so handsomely to operate, struggle just to survive
Posted on: Thu, 14 Aug 2014 01:30:55 +0000
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