Essay on Foxwoods (gambling) - 1401 Words

There are many reasons why people gamble and what the advantages and disadvantages are of risking your bank account on the roll of the dice or the luck of the draw. I originally set out to try and explain why people gamble, but I realized that gambling is just as much of a business or industry as anything else. I researched Foxwoods casino, in CT, and the business behind that. From there I will attempt to explain the â€Å"cause and effect† of gambling. Gambling has made much more sense to me now, and I hope it will do the same for you. nbsp;nbsp;nbsp;nbsp;nbsp;Foxwoods resort casino, the largest of its kind in North America and most profitable casino in the world, got its start with the advent of a bingo hall in 1987. At this time the†¦show more content†¦In 1995, Mickey Brown stated that the tribe had given the state of Connecticut $307 million since 1991 and since 1992, Foxwoods spent $319 million on goods and services. nbsp;nbsp;nbsp;nbsp;nbsp;All of the success the Pequots have experienced has occurred due to the signing of the Indian Gaming Regulatory Act (IGRA) on October 17, 1988. This act permitted class III gaming establishments by American Indian Tribes. The Act stated that Tribal governments were the primary regulators on Indian Gaming but that the Tribes were required to negotiate with their specific states to conduct a Class III gambling establishment. This is called the state regulatory layer to state-tribal compact agreements. After the IGRA was passed the Pequots pursued a Malaysian rubber company of Genting International requesting a loan, which they eventually secured. It was paid off in just seven months. Genting International also lent the tribe an additional $142 million for expansion and a 610 – room hotel and formed a partnership to build a second 330 – room hotel nearby. nbsp;nbsp;nbsp;nbsp;nbsp;The pact between the State of Connecticut and The Mashantucket Pequots gave the Pequots the exclusive right to operate slot machines. This was amended on April 25, 1994, when the State, the Mohegan Tribe, and the Mashantucket Pequot Tribe singed an agreement that allowed the Mohegan tribe to operate slotShow MoreRelatedPorter s Five Forces Industry Based Model1523 Words   |  7 Pageslicense fees and costs. (Grimaldi, 2015) Mohegan has competitors within the New England region such as Fox woods and Wynn resort. Geography can limit the draw of a casino depending on the region, as many potential customers will have to pass other gambling halls to get to a new entrants location. A new company will be forced to catch up with competitors and perhaps might win over the current competitors. 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