Indian tribes see casino projects expand, while Vegas casinos suffer from failing economy
Indian tribes in Florida have begun negotiations with the authorities in an effort to enlarge their gaming operations in the state, a newspaper has revealed.
Seminole Indians in Florida are in talks with the local government over an expansion of their gaming operations. The news comes as the tribe announced that the Seminole Hard Rock Casino in Hollywood, Florida, will begin offering blackjack games to customers. The Seminole Indians are one of many native tribes looking to expand their casinos over the coming months.
Highlighting the growth of other tribal casinos in America, a financial analyst stated that Indian tribes are not suffering from the financial difficulties as much as other casinos. He commented that tribes were less likely to suffer during an economic recession because they were governed by different laws compared to those of other casinos. He said:
"Because the tribes do not have to abide by the same laws as these other casino companies, they are not getting hit as hard by the rough economy. That is freeing them up to continue expansion while these other companies scale back."
Elsewhere, a multi-billionaire casino owner has denied that his company are in talks to contribute funding to a stalling casino project in Las Vegas.
Israeli business website, The Market, reported that Elad IDB, owners of the land proposed for a $5 billion casino, had approached the chairman of Las Vegas Sands Corp, Sheldon Adelson, for aid in funding the resort. A spokesperson for Adelson commented that neither he nor Las Vegas Sands Corp had any desire to be involved in the project.
In a statement released, IDB also categorically denied that any partnership with Las Vegas Sands was being considered.
"The possibility of a partnership between IDB and Elad on the Las Vegas Strip with Las Vegas Sands Corp was not being considered by us and is not on the agenda."
In 2007, Elad IDM purchased the New Frontier Resort & Casino with plans to build a state-of-the-art gaming centre in its place. Despite the announcement that it was seeking funding for the project, the company has stated that it intends to continue planning work for the project and commence construction of the casino after it receives financing.