"I'm not much of a casino gambler. But I'm betting early reports of how some American Indian tribes are mismanaging or misdirecting their enormous sums of casino money, here in Florida and elsewhere, are just the start of unsavory news coverage ahead.

How timely, given last week's big whoop over a new Florida law that imposes no limits on a version of poker called Texas hold 'em. That means higher wagers, bigger pots and, of course, another major economic injection into Florida's rising and tribally dominated gambling industry.

In recent weeks, the nation's three top credit rating agencies — S&P, Fitch and Moody's — have all voiced concerns over questionable financial controls by the Seminole Tribe of Florida, whose holdings include the Seminole Hard Rock casinos, hotels and related entertainment businesses. The most popular in-state casinos are in Tampa and Hollywood.

What has upset the rating agencies is the formal "notice of violation" issued last month from the National Indian Gaming Commission.

Among the commission's findings? Tribal council members authorized nearly $200,000 for the purchases of jewelry, cars and other personal expenses for certain tribal members. Those purchases violated federal gambling laws because they benefited individuals, not the entire tribe. Tribal council member Max Osceola charged $85,000 on a tribal American Express card for jewelry, audio equipment and hotel stays. The violations occurred in 2006 and 2007, but concerns about proper money management persist."

Get the Story:
Robert Trigaux: Claims of money mismanagement balloon with Florida Indian tribe casino funds (The St. Petersburg Times 7/6)

Relevant Documents:
Notice of Violation to Seminole Tribe (June 3, 2010)

Related Stories:
Seminole council member in NIGC violation report resigns post (7/1)
Law Article: NIGC and IRS put casino revenue under scrutiny (6/16)
NIGC accuses Seminole Tribe of misusing gaming revenues (6/4)