Openings and Closings
Gun Lake Tribe hints at expansion after refinancing casino debt

The Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, also known as the Gun Lake Tribe, has refinanced $165 million in casino-related debt.

The tribe incurred the debt during the development and construction of the Gun Lake Casino. The original loan was due July 20, 2015.

“We are very pleased to have secured favorable terms to refinance our existing debt. This shows a lot of confidence in our operations and optimism for a bright future, not only for our citizens, but the local economy," Chairman D.K. Sprague said in a press release. “As a result of the financial markets improving, and the Gun Lake Casino exceeding expectations, the Tribe was able to significantly reduce its cost of borrowing.”

Refinancing will allow the tribe to focus on a potential expansion of the casino. There aren't specific plans, however.

"At this time, we do not have definitive plans to expand, but with this refinancing, it is now possible,” said John Shagonaby, CEO of the Gun Lake Tribal Gaming Authority.

KeyBank’s Native American Financial Services division led the refinancing process, the tribe said.

Get the Story:
Expansion of Gun Lake Casino 'now possible' after $165 million debt refinancing (MLive 7/19)
Gun Lake Refinances $165 Million in the ‘Post-Patchak’ Era (Indian Country Today 7/20)