Wampanoags back off deal with casino investors
Published on 6/16/2009
MASHPEE, Mass. (AP) _ The new leadership of the Mashpee Wampanoag tribe has put a deal with casino investors on hold saying terms are unfair.
The tribal council voted unanimously last week not to reaffirm a 2007 development contract that a previous leadership group had negotiated with investors Sol Kerzner and Len Wolman.
Council chairman Cedric Cromwell and vice chairman Aaron Tobey tell the Cape Cod Times that investors would pocket nearly three times as much as the Mashpee Wampanoags each year if a proposed $1 billion resort casino is built in Middleborough.
A feasibility study showed that a casino would generate approximately $700 million in gross gaming revenue each year. The investors would take about $40 million, while the tribe's take would be about $15 million.
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EDITORIAL FOOTNOTE: At least this tribe is not making the same kind of mistakes the Mohegans made many moons ago. They are being smart. $40 million to investors and $15 million to the tribe on $700 million? Doesn't sound like a good deal to me. What do you think?