THERE ARE FOUR PROPOSALS FOR THE CASINO IN THE AREA OF KANSAS INTERNATIONAL RACEWAY. THE MOHEGAN TRIBE, STARTED WITH TWO OTHER COMPANIES GOING IN AS PARTNERS ON THE VENTURE AT A COST ESTIMATED AT 700 MILLION DOLLARS.
WE RECENTLY LEARNED THAT ONE OF THE PARTNERS HAS DROPPED OUT. IT LOOKS LIKE THE MOHEGANS ARE PLANNING ON FINDING ANOTHER PARTNER TO REPLACE THE ONE THAT DROPPED OUT. IF THAT DOES NOT HAPPEN, DOES THE MOHEGAN TRIBE HAVE TO COME UP WITH HALF INSTEAD OF A THIRD?
FROM WHAT WE CAN GATHER , THE MOHEGAN TRIBE AND THEIR PARTNERS WILL PAY FOR THE BUILDING AND LEASE THE SLOT MACHINES, ETC. ACCORDING TO KANSAS LAW, THE STATE WILL OWN THE CASINO - NOT THE DEVELOPERS/MANAGERS. IN OTHER WORDS THE MOHEGAN TRIBE AND ITS PARTNERS OWN EVERYTHING BUT THE STATE OWNS THE GAMING. THE STATE GETS TWENTY PERCENT OFF OF THE TOP (GROSS PROFITS.) OUT OF THE EIGHTY PERCENT LEFT, THE MOHEGAN TRIBE AND ITS PARTNERS MUST PAY EVERYTHING, THE LOANS, THE INTEREST, RUNNING THE CASINO, PAYROLL, UTILITIES, AND EVERYTHING ELSE. AFTER EVERYTHING IS PAID THE PARTNERS WILL SPIT UP WHATEVER IS LEFT (NET PROFIT.)
KANSAS WILL MAKE A DECISION ON WHO WILL GET THIS CASINO SHORTLY. THE ESTIMATED PRICE FOR BUILDING THE CASINO UP AND RUNNING IS OVER SEVEN (700) HUNDRED MILLION DOLLARS. THE BUSINESS DEAL IS FOR FIFTEEN (15) YEARS. WE HAVE BEEN TOLD THAT AS LONG AS EVERYTHING GOES OKAY, THE STATE OF KANSAS WILL BE MORE THEN WILLING TO CONTINUE THE DEAL.
TRIBAL MEMBERS, WHAT DO YOU THINK? SHOULD WE BE DOING THIS? CAN WE GET THE FINANCING WITH THE CONDITION OF OUR CASINOS IN CONNECTICUT AND PENNSYLVANIA? PLEASE COMMENT?
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