The Lac du Flambeau Band of Lake Superior Chippewa is weighing a $50 million bond deal to refinance debt on its Wisconsin casino and finance a gaming project in Mississippi.
The bond would be financed by mortgaging fee lands on the reservation. Proceeds would be used to refinance a $22 million debt on the Lake of the Torches Resort Casino while another $28 million would go to complete a riverboat in Mississippi. The tribe has already spent $8 million on the riverboat. Without additional funds, contractors will walk off the job, a tribal attorney said. The tribe is going through a cash crisis due to lower than expected revenues at the casino and existing debt. Get the Story: