When this magical deal was signed about a year ago several portions certainly got my attention. I'm generally in favor of casinos but am a NIMBY who is against a bad deal. On aspect that hit me right away was the CPI not starting from the moment the deal was signed. I'd posted on it at several sites included the shuttered CFO site.
The developers are in no hurry to build. Why should they be? Bond market and credit market is a joke. Revenues are down at casinos as discretionary spending diminishes and gas prices rise. Casino biz is in a real flux until the eventual economic upturn happens. Say it is 2013 and a washed up entertainer or sports celebrity is ready to glad hand the customers. The gin mill doors are officially opened and the money starts to roll in. Seven mil depreciated over a five year period at who knows what for inflation. Five percent and we'd be lucky. I ran the figures last year at 3% and it amounted to 6.3 mil in 2013 when adjusted. If it goes to 2015 then even less.
On a recent visit several Lakota Sioux all said the same thing at the same time: "Watch out for the developers." Middleboro will lose and the Wamps will certainly lose the longer a delay takes place.
Now...what about those room revenues?