The Fine Point Group Statement Regarding Buffalo Thunder Casino Resort

LAS VEGAS and SANTA FE, N.M., May 25, 2011 /PRNewswire/ -- Recently, Full House Resorts announced it had entered into an agreement with the Pueblo of Pojoaque, owner of New Mexico's Buffalo Thunder Casino Resort, to provide gaming advisory services.  Such services were previously provided by The Fine Point Group (FPG) and several of its executives.

Out of respect for the financial institutions who invested in Buffalo Thunder and who recommended FPG to Buffalo Thunder as part of its financial restructuring, FPG has remained silent as to the circumstances surrounding its terminating its arrangement with Buffalo Thunder.  Now, in light of the announcement by Full House Resorts, we believe it is necessary and appropriate to address this matter briefly.   

FPG and its executives were engaged by the Pueblo in January of this year to provide operational leadership and turnaround services patterned on FPG's recent highly successful turnaround of Detroit's Greektown Casino.  As is typical in these situations, FPG was financially incented to grow Buffalo Thunder's cash flow and, to achieve that goal, was necessarily vested with operational control of Buffalo Thunder.  FPG's executives were appointed to serve as Buffalo Thunder's CEO, CMO and COO and authorized to completely redesign the operational strategy of the casinos.   Without such operational control and management freedom, subject only to normal oversight by the Pueblo's board of directors and gaming commission, it would be next to impossible to have any realistic chance to significantly improve performance.

Unfortunately, within days of assuming their respective positions at Buffalo Thunder, it became obvious to FPG's executives that several Pueblo representatives had a far different concept of what it meant to engage a specialist whose mission was to turn around a casino that could not make its interest payments.  Despite FPG's executives' clear mandate to take operational control of Buffalo Thunder, and in direct violation of their employment agreements, these Pueblo representatives continually interfered with FPG's executives' ability to operate Buffalo Thunder for the benefit of all interested constituencies.   In addition, FPG's executives uncovered business practices they were not ethically comfortable with – and which they were prevented from ending.  Given that the essential premise of the engagement- full operational control to turn around the casino -- had intentionally been thwarted by these Pueblo representatives, FPG's executives had no choice but resign their positions for good reason.

These resignations did not relieve the Pueblo of its legal and financial obligations to FPG.  We are presently engaged in litigation with the Pueblo to vindicate our rights.  We expect a full and fair adjudication of the issues and are confident we will prevail on all fronts.  

Indian gaming is a critical economic development tool to Indian tribes, and the Pojoaque members deserve leadership whose primary interest lies with them.   The clear path to achieving profitability for Buffalo Thunder is to allow those engaged to bring professional management services to the facility to work without interference by those whose agenda FPG believes may not be consistent with those of the other tribal members.   Anything less is a disservice to them – and puts a stain on the reputation of tribal gaming as a whole.  

About The Fine Point Group

Headquartered in Las Vegas, and with offices in New Jersey, Florida, Pennsylvania, and Mississippi, The Fine Point Group is one of the gaming industry's leading full-service management and consulting firms. In just six years from its founding, the firm has completed engagements in 20 U.S. states and eight countries, and has more than a dozen, full-time, gaming experts - all of whom had years of property-level gaming expertise prior to joining the firm.  The firm's clients include Trump Entertainment Resorts, Station Casinos, Inc, Seminole Gaming, inc., and Barona Casino & Resort.  Named "one of the most sought-after consultants in the industry" by Global Gaming Business magazine, the firm specializes in asset optimization of gaming assets around the world. For more information, please visit http://www.thefinepointgroup.com.

Contact:  Chrystal Reller at [email protected]

SOURCE The Fine Point Group