{"id":26626,"date":"2020-04-02T09:32:44","date_gmt":"2020-04-02T17:32:44","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=26626"},"modified":"2020-10-16T07:09:46","modified_gmt":"2020-10-16T15:09:46","slug":"sanders-enters-casino-fray-mgm-execs-play-the-market","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sanders-enters-casino-fray-mgm-execs-play-the-market\/","title":{"rendered":"Sanders enters casino fray; MGM execs play the market"},"content":{"rendered":"

Sen. Bernie Sanders<\/strong> (I), perhaps in a move to reinvigorate his comatose\u00a0presidential campaign, has waded into the dispute between the Trump \"\"administration and the Mashpee Wampanoag<\/strong>. The origin of the tribe’s newly dissolved, 321-acre reservation is clouded by tribal recognition\u00a0during the George W. Bush<\/strong> administration through the intervention of morally depraved\u00a0lobbyist “Casino Jack” Abramoff<\/strong> and the cahoots of tribal chairman\u2014and convicted felon\u2014Glenn Marshall<\/strong>. The application for a reservation languished until late in the Barack Obama<\/strong> administration, which pushed it through<\/a>, paving the way it seemed for First Light<\/strong> casino-resort. Not so fast. A legal challenge to the Obama land-into-trust process succeeded and current Secretary of the Interior David Bernhardt<\/strong> confiscated the rez last Friday.<\/p>\n

Sanders swung into action, writing that\u00a0\u201cI stand with the Mashpee Wampanoag tribe in their fight to restore lands that belong to them, and I oppose the disgraceful decision by the Trump Administration to disestablish their lands …\u00a0We must reset the partnership between the federal government and Tribal Nations by putting land\u2014and control of that land\u2014back in the hands of tribes.\u201d He added,\u00a0\u201cFor far too long, the federal government has adopted policies that take land away from tribes, ignore treaty rights and interfere with tribal management of their own resources,\u201d promising to ease the tribal-recognition process if elected. The prospect of a Democratic Socialist making common cause with Genting Group<\/strong> is a bit strange, but there you have it.<\/p>\n

Of course, the Trump administration doesn’t exactly have clean hands, either. We’ve already covered the relationship between Donald Trump<\/strong>
\n\"\"crony George Papanier<\/strong> (president of Mashpee rival\u00a0Twin River World Holdings<\/strong>) and the White House<\/strong>. Twin River CMO Phil Juliano<\/strong> has a Trump Organization<\/strong> pedigree, too. There’s also The Donald’s seamy history of trying to undermine<\/a> the St. Regis Mohawks<\/strong> and other tribal seekers of casinos. Caught in the middle is the Mashpee tribe itself, which lost its reservation right in the middle of the Covid-19 pandemic<\/a>, hardly the most propitious time for Bernhardt to act. The immediate consequences<\/a> are “the tribe would have to shut down its police force and other social services, subject residents to government taxes, and further delay its efforts to build a casino complex in Taunton<\/strong>.”<\/p>\n

\u201cThe Secretary is under no court order to take our land out of trust,\u201d fumed current Chairman Cedric Cromwell<\/strong>.\u00a0\u201cHe is fully aware that litigation to uphold our status as a tribe eligible for the benefits of the \"\"Indian Reorganization Act<\/strong> is ongoing. What is driving our federal trustee\u2019s crusade against our reservation?\u201d\u00a0That is the $1 billion question. Legislation by Rep. Bill Keating<\/strong> (D) and Rep. Tom Cole<\/strong> (R) to carve out an IRA exemption for the Wampanoags is stalled in the Senate, despite the intercession<\/a> of Sen. Ed Markey<\/strong> (D) and Elizabeth Warren<\/strong> (D).\u00a0“Disestablishment of the Mashpee Wampanoag reservation would re-open a shameful and painful chapter of American history of systematically ripping apart tribal lands and breaking the federal government\u2019s word,” they wrote. The Mashpee Wampanoag’s case may be tenuous, but the federal government’s timing and severity seem cruel and unusual.<\/p>\n

* Penn National Gaming<\/strong>‘s workforce has withered to 850 hardy souls<\/a> and will remain that way until the company’s casinos reopen. One can almost hear the wind whistling through empty office corridors. The board of \"\"directors, commendably, has deferred its compensation until business resumes. Many executives were less fortunate, being furloughed yesterday. Wrote CEO Jay Snowden<\/strong>,\u00a0“While the steps we\u2019ve taken are deeply painful on a personal and professional level, I am confident these moves will help to preserve our Company\u2019s and our team members\u2019 long-term future.\u201d Those furloughs will likely last at least a month, depending on what Donald Trump and (more pertinently) state governors decide. Sports bettors can go online and still place wagers on an April 18 UFC<\/strong> bout, horse races at Gulfstream Park<\/strong> and Oaklawn Racing & Gaming<\/strong>, and a downsized NFL<\/strong> draft. While some tribal casinos in Arizona<\/strong> are antsy to resume business, the Four Winds<\/strong> chain in Michigan<\/strong> and Indiana<\/strong> has indefinitely suspended operations. Theoretically, casinos in Illinois<\/strong> and Ohio<\/strong> open next week but it looks highly unlikely.<\/p>\n

* MGM Resorts International<\/strong> officers and board members are aggressively taking advantage of the company’s emaciated stock price. \"\"CEO Bill Hornbuckle<\/strong> bought 8,300 shares on March 30 at $12 each and 3,300 more the next day. Chairman of the Board Paul Salem<\/strong> scooped up bought 340,000 shares on March 30 at $11.54, while CFO Corey Sanders<\/strong> spent $99,913 on depressed MGM stock. But they’re all pikers compared to corporate raider and board member Keith Meister<\/strong>, who spent $17.6 million to accumulate 1.5 million shares, giving him 3% of the company. Look for Meister to exercise a heavy hand in the company’s direction. Not that things are all bad at MGM: The company made a $1.3 billion profit<\/a> in January and February, compared to $27 million last year. Hornbuckle promised more of predecessor Jim Murren<\/strong>‘s infamous MGM 2020<\/strong> program and “the implementation of aggressive cost savings initiatives.”<\/p>\n

* 107 cases of Coronavirus<\/strong> have made a believer of hitherto-skeptical Cambodian Prime Minister Hun Sen<\/strong>, who has closed all the country’s casinos<\/a>.\u00a0\u201cI would like to clarify to various gamblers that if you want to gamble, do it tonight. There is still tonight and tomorrow night,\u201d said Hun Sen, sending a mixed message.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sen. Bernie Sanders (I), perhaps in a move to reinvigorate his comatose\u00a0presidential campaign, has waded into the dispute between the Trump administration and the Mashpee Wampanoag. The origin of the tribe’s newly dissolved, 321-acre reservation is clouded by tribal recognition\u00a0during … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[42,14,26,120,283,140,67,58,68,22,286,112,245,259,71,69,33,74,243,20,269,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26626"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=26626"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26626\/revisions"}],"predecessor-version":[{"id":28352,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/26626\/revisions\/28352"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=26626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=26626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=26626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}