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...everyone has fared well from Berman's business ventures. In the mid-'90s, his firm, then called Grand Casinos Inc., invested heavily in a hyped Las Vegas casino and resort, Stratosphere, that ended up in bankruptcy court nine months after a ballyhooed opening. Stockholders lost millions. As for Berman, he unloaded a block of stock before it plummeted. Disgruntled shareholders sued, claiming they had been misled over potential profits. The suit was settled for $9 million, but in the agreement Berman denied the charges...

Author: /time Magazine | Title: Indian Casinos: Who Gets The Money? | 12/16/2002 | See Source »

...apartheid-era white government for blacks to inhabit. Kerzner, who began his career as an accountant, opened the first hotel-casino in 1977 in Mmabatho, the capital of the homeland of Bophuthatswana, about 150 miles from Johannesburg. That year he began planning what would become the opulent Sun City resort-casino-entertainment-theme-park complex. When it opened in 1979, Sun City--with four hotels, a 6,000-seat arena and a 46-acre manmade lake for water sports--became a favored destination for whites in Johannesburg and Pretoria who wanted to escape their nation's moral restrictions and gamble...

Author: /time Magazine | Title: Indian Casinos: Who Gets The Money? | 12/16/2002 | See Source »

...knows how to compete for government favors. He earned his fortune as a contractor constructing huge infrastructure projects for the Malaysian government. In the mid-'60s while building a hydroelectric dam in the country's Cameron Highlands, he dreamed of developing a resort and casino in the area, which is easily accessible to Kuala Lumpur, the capital. Even though Malaysia is a predominantly Muslim country and Islam forbids Muslims to gamble, he secured the government's approval in less than a day. In the more than three decades since, his exclusive agreement for what is still Malaysia's only casino...

Author: /time Magazine | Title: Indian Casinos: Who Gets The Money? | 12/16/2002 | See Source »

...secure government approval for a reservation and casino. Palmer and two fellow Floridians, Robert Roskamp and Philip Kaltenbacher, onetime chairman of the New Jersey State Republican Party, formed a company called SRQ Inc. to develop and manage the casino. They envision it as a glitzy Las Vegas--style resort complex designed to replicate the state capitol building. If the BIA approves the plan and takes the land into trust, Palmer's group would convey the property to the Upper Lake Band. In return, SRQ would manage the casino for seven years and take 30% of its annual net profits...

Author: /time Magazine | Title: Indian Casinos: Who Gets The Money? | 12/16/2002 | See Source »

...whistle-blowers and other legitimate claimants. The fewer tribe members, the larger the cut for the rest. Some tribes are booting out members, while others are limiting membership. Among them: the Pechanga Band of Mission Indians in Riverside County, Calif., whose new Las Vegas--style gaming palace, the Pechanga Resort & Casino, is expected to produce well over $100 million in revenue...

Author: /time Magazine | Title: Indian Casinos: Wheel Of Misfortune | 12/16/2002 | See Source »

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