Tribal leaders say the global pandemic has been the clearest sign that tribal governments with casinos can't depend solely on slot machines and poker rooms to support future generations.
MASHANTUCKET, Conn. — When the COVID-19 pandemic shuttered Foxwoods Resort Casino in Connecticut for three months in 2020, its owners, the Mashantucket Pequot Tribal Nation, had to reckon with decades of relying heavily on gambling as the tribe's main source of revenue.
Some tribes, with and without casinos, have gotten involved in a wide range of non-gambling businesses, such as trucking, construction, consulting, health care, real estate, cannabis and marketing over the past decade or longer while others have been branching out more recently. WWC Global CEO Jon Panamaroff applauded the Mashantucket Pequots' casino and hospitality business but noted that it can be subject to the"ups and downs of the market," making it important to branch out economically. A member of the Sun'aq Tribe of Kodiak, Alaska, he credited the Mashantucket Pequots' tribal leaders with doubling down on diversification efforts during the pandemic instead of"shying away and trying to hunker down.
"Tribal economies are at an inflection point because gaming markets are maturing across the U.S.," said Dawson Her Many Horses, head of Native American banking for Wells Fargo and an enrolled member of the Rosebud Sioux Tribe of South Dakota."As casino revenues flatten, tribes will be looking for new business opportunities in other industries."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Casinos and consulting? Pandemic spurs tribes to diversifyHit hard by COVID-19 shutdowns, Native American tribes with casinos are taking a closer look at diversifying their portfolios to help keep their sovereign nations economically strong for future generations
Read more »
Casinos and consulting? Pandemic spurs tribes to diversifyMASHANTUCKET, Conn. (AP) — When the COVID-19 pandemic shuttered Foxwoods Resort Casino in Connecticut for three months in 2020, its owners, the Mashantucket Pequot Tribal Nation, had to reckon with decades of relying heavily on gambling as the tribe's main source of revenue.
Read more »
Study: The COVID-19 Pandemic Prematurely Aged Teens’ BrainsFor teens, the virus arrived during a crucial window in their brain’s maturation.
Read more »
Study Shows Number of Ohio Uninsured Children Could Increase With Loss of Pandemic-Era CoverageStudy shows number of uninsured Ohio children could increase with loss of pandemic-era coverage
Read more »
Austin Beutner and Shari Tarver Behring: Lessons from the pandemic about how to improve educationWhile much of the conversation about schools repeats the narrative about learning loss, it’s time for the focus to shift to what schools can do about it.
Read more »
Warner Bros. Discovery sues Paramount over airing of ‘South Park’ pandemic episodesWarner Bros. Discovery Inc. is suing Paramount saying it aired new 'South Park' episodes about the COVID pandemic despite Warner's exclusive rights.
Read more »