The Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin is out millions of dollars on a failed casino boat, The Lakeland Times reports.
The tribe owns a 28.5 percent stake in Grand Soleil LLC. The partnership planned to use the Players Riverboat III for casino in Natchez, Mississippi.
But the boat was recently sold for as little as $250,000. It was originally purchased for $2.75 million, the paper reported.
"We really didn't know that it was on the market. There had been talk about a land-based casino, but no decision had been made," President Carl Edwards told the paper.
The deal was questioned by some tribal members, who said it contributed to a tribal financial crisis last year.
Get the Story:
LdF band allegedly loses millions after plans for casino boat sink
(The Lakeland Times 11/13)
Business Deals
Lac du Flambeau Band's loses on casino boat deal
Friday, November 13, 2009
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