"In gambling, the house never loses - unless the house happens to be owned by the Ho-Chunk Nation, operators of one of the most profitable Indian casinos in the country.

Despite estimated annual casino profits of more than $100 million and cash flow of nearly $200 million, the tribe is heading toward bankruptcy unless it makes dramatic changes, warns a confidential financial review by the accounting firm of Virchow, Krause & Co.

Just how bad is it?

Already, the tribe has taken on its biggest political sacred cow - the per-capitas.

In April, the payments were slashed by nearly one-third, reducing the quarterly checks from $3,250 to about $2,300. Talk on the reservation suggests more cuts might be coming."

Get the Story:
Spivak & Bice: Report paints riches-to-rags peril for tribe (The Milwaukee Journal-Sentinel 5/8)

Relevant Links:
Ho-Chunk Nation - http://www.ho-chunknation.com