The JIV are trying to spin this latest news as a good thing, but if two major Gaming companies have lost over $100 million on your casino before you've been open a year, well, I have a hard time seeing how that could be a good thing.
Lakes Entertainment took a $57 milllion hit on that. Lakes Entertainment, its first financial backer, walked away from it too when they judged that the project was not going to be profitable. They see the writing on the wall - the casino isn't making a profit after a year.īy the way, this is the SECOND major casino company to walk away from the Jamul Indian Village. Basically, Penn National Gaming, which owns a slew of casinos across the country (including the Tropicana in Las Vegas) is cutting its losses and walking away from this deal. All this could have been avoided if they had a Buffet
