Indian Gaming > Lac du Flambeau Band getting less money out of casino

Lac du Flambeau Band getting less money out of casino

Friday, January 15, 2010
Filed Under: Business Deals | Litigation | NIGC

The Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin is seeing fewer revenues from the Lake of the Torches Resort Casino.

According to court documents, the casino provided $17 million to $18 million year to the tribe's general fund. But last year, the tribe only got $4 million.

As a result, the tribe has cut salaries to its employees. According to court documents, wages were reduced 18 percent in 2008 and another 19.5 percent in 2009, The Lakeland Times reported.

The documents are part of a lawsuit in which Wells Fargo sought to enforce the terms of a $50 million bond agreement. The tribe defaulted on the bond but a federal judge rejected the deal because he said it wasn't approved by the National Indian Gaming Commission.

Get the Story:
Judge's ruling on casino receiver may impact future financial deals (The Lakeland Times 1/15)