What's it take to start a small time and cheap casino?

Not in Las Vegas, there's too much competition. I'm talking about the Northeast since there's only 2 casinos.. Mohegan Sun and Foxwoods.

I'm assuming you have to purchase land from the Indian reservations and continue from there? After that it shouldn't cost that much to have 10 or so random gaming tables and a few slot machines. The betting limit would be low to cater to the locals and bums with dreams.