Seneca Sinks Casino Partner

A costly divorce between New York’s Seneca Nation and a group of casino backers could prove to be a cautionary tale for investors already increasingly skittish about taking on new Indian Country deals.

The Seneca quietly parted ways over the summer with Rotate Black, a Midwest-based gaming company that had spent years spearheading the tribe’s latest attempt to open a Catskills casino a short drive from New York City.

On the surface, the deal appears to be favorable for Rotate Black, which will get payments of $21m over several years, according to documents filed with the federal Securities and Exchange Commission.

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