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Michael J. Malik, Sr., unable to get a Michigan gaming license is about to get most lucrative Indian Gaming deal |
Malik and the Shinnecock have yet to receive all of the approvals they would need to develop and operate a casino off-reservation in New York. And Malik and his partner Marian Ilitch (Mrs. Michael Ilitch), have failed to win approvals for similar projects in Michigan and California despite more than a decade trying. In fact, it's been more than a decade since Malik was successful opening any new Indian casino.
Malik is reportedly using expected negotiations with New York Governor Andrew Cuomo to pressure members of the Shinnecock Indian Nation into accepting a contract that was reportedly drafted by his Michigan-based attorney Lance Boldrey.
It's more likely that Malik needs such agreements in hand to secure additional or new funding for the casino syndicate that's financing his schemes. You can be sure that Malik and Marian and Michael Ilitch aren't using millions of their own cash to finance the schemes. A look at the other deals done by the Ilitches suggests theirs are all about leverage and financing, not about using cash.
Through a letter dated Dec. 12, 2011, leaders of the Shinnecock Nation have given three-day notice to tribal members that they expect to vote on Thursday, Dec 15, 2011, on matters to move forward and finalize the deal with Gateway Casino Resorts, LLC. The letter indicated that tribal leaders have met with Elders Council, Tribal Council, and the community at large through noticed Community Meetings and attempts to suggest those meetings included discussions about issues related to the contract, gaming and the term sheet. Reports are those meetings didn't include any such discussions and that such have taken place in closed door, back room deal sessions which is typical fashion for those behind Gateway Casino Resorts.
Term Sheet: Shinnecock Nation & Gateway Casino Resorts
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