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Column: Ho-Chunk Nation on verge of bankruptcy
Monday, May 9, 2005
"In gambling, the house never loses - unless the house happens to be owned by the Ho-Chunk Nation, operators of one of the most profitable Indian casinos in the country.
Despite estimated annual casino profits of more than $100 million and cash flow of nearly $200 million, the tribe is heading toward bankruptcy unless it makes dramatic changes, warns a confidential financial review by the accounting firm of Virchow, Krause & Co.
Just how bad is it?
Already, the tribe has taken on its biggest political sacred cow - the per-capitas.
In April, the payments were slashed by nearly one-third, reducing the quarterly checks from $3,250 to about $2,300. Talk on the reservation suggests more cuts might be coming."
Get the Story:
Spivak & Bice: Report paints riches-to-rags peril for tribe (The Milwaukee Journal-Sentinel 5/8)
Relevant Links:
Ho-Chunk Nation -
http://www.ho-chunknation.com
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