Hamptons Residents Terrified of Indian Invasion
Shinnecock tribe's casino dreams about to become a reality.
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

VIDEO



















