Lac du Flambeau Band's loses on casino boat deal

Friday, November 13, 2009  

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.

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LdF band allegedly loses millions after plans for casino boat sink (The Lakeland Times 11/13)