Summer residents of the Hamptons did their fair share of gambling in recent years: Bigger and riskier bets on all those goodies Wall Street fashioned and sold. But another version of the pastime may soon be arriving in their backyard.

This time, it's in the form of a casino.

Surrounded by the opulence of the Hamptons, the Shinnecock Indian Nation in Southampton may soon receive the right to build a casino on its 800-acre reservation. This prospect has unsurprisingly incited fervent protest from residents of the Hamptons and Long Island officials over the years.

The Shinnecocks have fought in court for more than 30 years to obtain federal recognition, and they believe it's now in their grasp.

Last month in Washington, tribal leaders testified to the Bureau of Indian Affairs’ Office of Federal Acknowledgment. The Shinnecocks have long been recognized by the state, and a federal judge described them as a sovereign tribe in a 2005 ruling. The federal government has until December 15 to offer a preliminary ruling on their status.

This could have considerable ramifications for New York, and has already given rise to some contentious political wrangling.

The timing isn't perfect for the Shinnecocks, but nonetheless beyond their control. Americans’ appetites for gambling have dried up, and yet every state continues to add or permit more gambling outlets -- slots, sports betting, lotteries, Indian casinos -- as a way to meet revenue shortfalls. While casino companies like Las Vegas Sands (LVS), Wynn (WYNN), and Boyd Gaming (BYD) have stabilized lately, it already seems the days of big-time casino junkets are long gone. Yet gambling is seen by states as the last best hope to cure their fiscal woes.

That being said, were the Shinnecocks to open a casino, it would be the first in downstate New York. Like other tribes, they see gambling as a way to lift their members out of poverty. Aid for schools and housing would also accompany federal recognition. And the tribe also wants to resolve more than $1 billion worth of land claims in the Hamptons.