Foxwoods (gambling)
Foxwoods (gambling)There are many reasons why people gamble and what the advantages and disadvantages are of risking your bank account on the roll of the dice or the luck of the draw. I originally set out to try and explain why people gamble, but I realized that gambling is just as much of a business or industry as anything else. I researched Foxwoods casino, in CT, and the business behind that. From there I will attempt to explain the �cause and effect� of gambling. Gambling has made much more sense to me now, and I hope it will do the same for you.
Foxwoods resort casino, the largest of its kind in North America and most profitable casino in the world, got its start with the advent of a bingo hall in 1987. At this time the Mashantucket Pequots secured a $4 million loan from the Arab American Bank. The bingo hall netted $13 million in gross sales and yielded $2.6 million in profits in its first year of operation. Today, the Pequots are one of the most respected Indian Nations in Native America because of the way they have used the success of Foxwoods Resort Casino to reconstruct their infrastructure and tribal homeland.
Currently, the casino is still expanding. The Pequots are building a 17- story hotel and a $200 million museum. The tribe also plans to build an Asian theme park, with a monorail and replica of China�s Great Wall, golf courses and a campground. Already, the tribe has built a community center, a child development center and new housing for their tribal members.
Their staggering profits have removed the Tribes worries about paying college tuition and health insurance. In addition, all tribal members receive a yearly bonus if they stick to a strict education and work incentive plan that basically consists of �no school, no money.� Members are guaranteed casino or reservation employment, and all their health care, child care and educational expenses are paid for from kindergarten through graduate school. Foxwoods president and CEO G. Michael �Mickey� Brown has been quoted as saying, �Gaming is the economic engine that is going to take Native American tribes into the 21st century.�
Foxwoods employs 11,000 workers in a region hit hard by defense industry cutbacks. They hired 2,000 workers the same week that the Electric Boat Co., a submarine maker, laid off 2,300 workers in 1992. These defense cutbacks have led to the emergence of the Pequots as a major economic player with jobs and money generated by Foxwoods Resort Casino. In 1995, Mickey Brown stated that the tribe had given the state of Connecticut $307 million since 1991 and since 1992, Foxwoods spent $319 million on goods and services.
All of the success the Pequots have experienced has occurred due to the signing of the Indian Gaming Regulatory Act (IGRA) on...
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