is this a casino-based, native american version of a westgate sort of development?
The key differentiator is the reservation land. The US government stipulates that reservations are essentially sovereign territory. Therefore, a state cannot govern or tax American Indians within reservation boundaries. It's why these casinos can exist in the first place - gambling is actually illegal in the state of Arizona unless by specific exemption (i.e. lottery), but reservations are not subject to those laws.
It would end up as an "entertainment district" like Westgate, but unlike Westgate there would be one owner of the entire concern reaping all of the benefits, and the only fiduciary responsibility they would have is to the tribe, not the state or federal government.
Being Vegas where slots are everywhere, I would not be surprised to see them in the arena.
I think I would be - like you mentioned about TNSE and their gambling ops outside of MTS Centre, proximity is fine so long as the actual gambling does not take place within the actual arena confines. Vegas will likely be the same - the new arena is right on the Strip, so if you want to gamble you can do it next door. I would guess that the NHL would encourage a potential Salt River arena operator to let patrons just get their gambling fix at the very close-by casino as they do the Spring Training fans that show up at their ball field.
It may be a while until this can happen in US and Canada, but I do think sports gambling is going to be legalized more in the US soon.
I think you're right, but I also think that opening up betting windows in the actual arenas and ballparks are much further down the road, if it ever happens. Too much stigma connected to sports betting, particularly with MLB.
But Im wondering if total benefits from the arena to the tribe - both direct (via event revenues) and indirect (via spill-over at the casino and resort) - would surpass the cost of actually building that arena and adding it to the whole development. Ie., is it a good investment?
Personally, I think it is. Very few other business ventures are more profitable than operating a casino; but with that being said, there is still a seediness connected to casinos and legal gambling that turns a lot of people off. It's why Vegas has shows, roller coasters, and other distractions to "spruce up" that seediness. In Arizona, it's even worse - because gambling and casinos can only be found on reservation land, people need to have more motivation to go out there unless they're gambling/gaming addicts. The Spring Training facility is a fantastic investment because the Arizona League is one of the biggest sporting draws of the year - but it only happens for a couple of months a year.
A multipurpose arena with a professional sport as the anchor tenant immediately gives a whole lot of people reasons to be out at the reservation that otherwise they'd never consider. So to me, a half-billion-dollar investment to create what could end up being the most state-of-the-art entertainment venue in the entire Valley - including downtown - is definitely worth pursuing. I would bet they have the nest egg to fund it, too.