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Shingle Springs Band makes big strides in finances at casino

Filed Under: Business Deals | California | Compacts
More on: debt, economy, lakes entertainment, revenue sharing, shingle springs
   

Red Hawk Casino. Photo Courtesy Shingle Springs Band of Miwok Indians

The Shingle Springs Band of Miwok Indians of California has refinanced its casino debt and bought out its gaming management contract.

The tribe announced a restructuring of about $524 million in gaming debt. The tribe secured a $245 million bank loan and $260 million in bonds, according to a press release.

The restructuring enabled the tribe to buy out its management contract Lakes Entertainment. The tribe paid about $57.1 million to end the relationship and pay off remaining debts to the company.

"The tribe is finally in a position to benefit from its own gaming operation," Chairman Nicholas H. Fonseca said in a press release. "That is the way it is supposed to work, and in fact, federal law requires it."

"We are proud to have been involved in the development and management of this first-class casino property and we wish the Shingle Springs Tribe continued success," Lakes President and Chief Financial Officer Tim Cope said in a press release.

The tribe opened the Red Hawk Casino in 2008. It struggled due to the national economic recession but revenues have been improving.

The tribe negotiated a new Class III gaming compact that lowers the revenue sharing rate at the casino.

Get the Story:
Shingle Springs Band of Miwok Indians and Shingle Springs Tribal Gaming Authority Refinance Debt for Red Hawk Casino and Buy Out Management Contract of Lakes Entertainment, Inc. (Shingle Springs Band 8/29)
Press Release: Lakes Entertainment Announces Receipt of Debt Payment from Shingle Springs Band of Miwok Indians (Lakes Entertainment 8/29)

Related Stories:
Shingle Springs Band takes more control of finances at casino (08/13)

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