Native Tribe Members Seek Share of Gambling Casino Profits
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August 13, 2006 The great grandchildren of an 1862 Native American Indian tribe are going to court in attempts to claim their share of profits from tribal gambling casinos in the state of Minnesota.
In a class-action lawsuit, 10,000 people nationwide have researched their family trees dating back to the 1800’s in hopes of joining the lawsuit.
According to the Associated Press, 6,500 plaintiffs are involved in the case.
Whether or not any damages will be awarded by the courts is still yet to be determined.
The Indian Tribes have watched relatives from Minnesota’s Shakopee, Prairie Island and Lower Sioux Madewakanton communities profit from the casinos, while leaving them out.
The indian tribe casino gambling sites in question are located on land originally placed in trust for a couple hundred Dakota Sioux Indians and their offspring.
Harrahs Rumored to Be Buying Two British Casinos
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August 14, 2006 – Harrah’s Enterntainment Company declined to comment on Monday about rumors that surfaced over the weekend saying they were interested in acquiring two British casinos that are about to merge.
The London Times reported on Sunday that the Las Vegas-based company was studying a proposal to buy Stanley Leisure Organization, which is in talks to acquire London Clubs International in a deal estimated at $1.2 billion.
“We don’t comment on market rumors,” Harrah’s spokesman Alberto Lopez said on Monday.
Bear Stearns analyst Joe Greff, in a research note on Monday, wrote that the acquisition could make sense, at the right price.
“The British market is in the midst of a rapid expansion, and a British presence would serve as a good base for watching over Harrah’s European growth projects, namely in Spain and Slovenia,” the analyst wrote.
Greff wrote that at current stock prices, a deal to acquire Stanley Leisure and London Clubs would be roughly neutral to Harrah’s earnings per share, but the deal would dilute earnings per share at higher prices, excluding possible cost savings or revenue gains.