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Connecticut Tribes Plans Caribbean Casino

30 June 2005

CONNECTICUT – As reported by the Connecticut Day: "The Mashantucket Pequots announced Wednesday that they plan to use proceeds from the sale of their high-speed ferries to develop a beachfront resort and casino in St. Croix in the U.S. Virgin Islands.

"The tribe said in a prepared statement that it holds a majority share in a development company that owns a 600-acre beachfront parcel in St. Croix. The minority shareholder, William and Punch Partners, arranged for $3.9 million in financing to purchase the property a year ago, according to Internet reports.

"Preliminary plans call for a beachfront hotel, marina and casino. Condominiums and a golf course also are being considered.

"The Mashantuckets this week sold two of their high speed-ferries, Sassacus and Tatobam, to Shuntak Holdings Limited, a Hong Kong-based company that plans to use the vessels to transport passengers between Hong Kong and Macau…"

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