1. http://www.msnbc.msn.com/id/46883766/ns/us_news-life/

     

    The tribe's Foxwoods casino, the largest in the Western Hemisphere, allowed members to live without concern for money, generating shared revenue stipends that once exceeded $100,000 annually for each adult.

    This month, with Foxwoods struggling with debt exceeding $2 billion, payments to members stopped. The tribe has opened a food pantry for needy families, counselors have provided guidance on how to pursue jobs and members have been left to ponder the end of what once seemed a sure bet.

    "I was poor before. I can be poor again," tribal member Gina Brown-Congdon, 59, said. "I'm not happy, but you have to deal with what life gives you."

    Edited By: wackyJaxon Mar 29th, 2012 at 01:59 PM
    Add wackyJaxon to Rail
  2. Sounds like bad Tribal Counsel.

    They paid stipends to members rather than paying their financial obligations (debts). Sounds like they never planned to pay creditors. With all their casino income, they could have been debt free years ago.
    Add MYBLUEDOG to Rail
  3. does this officially make the house dumber then 98% of the people who go there?
    Add KingOfDonk7 to Rail
  4. Sounds like horrible management.
    Add OneM24 to Rail
  5. I wonder if Howard, Ray and Jesus were part of the board of directors.
    Add DeaconMike to Rail
  6.  
    Originally Posted by DeaconMike View Post

    I wonder if Howard, Ray and Jesus were part of the board of directors.

    It really wouldn't surprise me if Chief Howard "RunsWithMoney" Lederer was half Pequots Indian.
     
    Add donkiman to Rail
  7. I would actually be interested to hear a lot more about this. I'm interested on how any large casino can lose money for any length of time. I'm not even sure how regular 'incompetent' management even causes this. Heck, I'm not even sure full tilt would have gone other than BF hadn't happened. Foxwoods hasn't lost 70% of their customers somewhat unexpectedly.
    Add lordxixor101 to Rail
  8.  
    Originally Posted by lordxixor101 View Post

    I would actually be interested to hear a lot more about this. I'm interested on how any large casino can lose money for any length of time. I'm not even sure how regular 'incompetent' management even causes this. Heck, I'm not even sure full tilt would have gone other than BF hadn't happened. Foxwoods hasn't lost 70% of their customers somewhat unexpectedly.

    only way for a casino to lose money is to lock all the entrances?

    but i think it really boils down to the costs of building and opening/designing etc, you're facing an overwhelming amount of debt the beginning.

    do you know how much it costs for the electric bill alone of a casino on a day to day basis? (i don't either)

    post the truth behind mob ties in vegas from movie casino, you're fucked sideways from day 1 but still printing infinite. pretty sure no matter how much debt or profit any single one has or claims there's 0 way to bust unless your a scammer of donald trump proportions.

    after all of that a land based casino probably makes anywhere from 40k - 260k in revenue per hour?

    not revenue per hour... net profit per hour**

    no way to figure it out, cause they all cheat or don't even know the real numbers themselves
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  9.  
    Originally Posted by KingOfDonk7 View Post

    only way for a casino to lose money is to lock all the entrances?

    after all of that a land based casino probably makes anywhere from 40k - 260k in revenue per hour?

    agree...casinos are the only winners..players dont stand a chance--Casino Movie
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  10. A lot of casinos go under as new casinos take market share from older casinos. I wonder if Foxwoods is on tribal land and what happens to the ownership if they go into bankruptcy.
    Add realpokerpro to Rail
  11. they scalped the golden goose
    Add littleze to Rail
  12. If that place wasnt making money then the doors would be shut. The amount of money that goes through there every day is absurd. Also the amount of money squandered by Tribal Leadership over the years is equally absurd. They wont go into bankruptcy any time soon. There is too much at stake. 25% of slot win to the state government every year. Thats hundreds of millions of dollars. They are kinda like the US Government where they have unlimited revenue streams coming in but cant control what they outlay.
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  13. afink do you remember me or ever smoke out with me there or mohegan?

    possibly AC or turning stone? seems like i met you outside of seeing your name online a lot

     
    Originally Posted by realpokerpro View Post

    A lot of casinos go under as new casinos take market share from older casinos. I wonder if Foxwoods is on tribal land and what happens to the ownership if they go into bankruptcy.

    they "turn into" the same casino with a different name or new ownership?

    i've always wondered the same thing tbh.. it's not like if a casino ever REALLY had to shut down they could turn the property into anything new, or ever stop the action, infinity times a million etc

    *** edit

    if land based casino had NO options other then to shut down entirely, like rundown massive building.
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