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Moody's Investors Service on Wednesday cut credit ratings on $2.2 billion of collective debt issued by two Native American casino companies, citing a downturn in gambling revenue.
Regulators likely would move quickly to consider a plan to relocate the President Casino to a new spot on the Mississippi River in St. Louis, the head of the Missouri Gaming Commission said Wednesday.
The Navajo Nation is set to open its first casino on Wednesday just east of Gallup, N.M. The Navajos are hoping the new Fire Rock Casino will bring new income to the tribe from slot machines, poker and bingo.
The Imperial Casino Hotel in Cripple Creek, Colo., has filed for Chapter 11 bankruptcy protection. The petition was filed Monday in U.S. Bankruptcy Court in Denver.
The Navajo Nation opens its first casino Wednesday in Arizona. It's the first of six casinos the tribe is planning in Arizona and New Mexico. There are concerns among the Navajo that they waited too long to get into the casino business.
Harrah's Entertainment Chairman and Chief Executive Officer Gary Loveman said during a morning discussion at the Global Gaming Expo that the casino industry was caught spending money "like drunken sailors" when the economic downturn hit.
From Poker Magazine
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