 Jul 2010 | Tribe Obtains Financing to Complete Construction of Gun Lake Casino Casino Project, Jobs Secure under $165 Million Loan Bradley, Michigan – Today the Gun Lake Tribe (Tribe) announced it has finalized financing to complete construction of the Gun Lake Casino (casino). The funds will enable construction activity to reach full capacity. Jobs at the construction site have increased with hundreds more to be created upon the casino's opening. "Securing this loan is another significant achievement in our tribal government's effort to become economically self-sufficient. This development ensures badly needed jobs and services for our tribal citizens, and our neighbors in the local community," said D.K. Sprague, Tribal Chairman. The $165 million loan was arranged by Goldman Sachs. The loan interest rate is twelve-percent (12%) and is for a term of five years. The Tribe does have the option to pay off the loan any time after the third year. "With this loan, we are confident we can quickly build a state-of-the-art facility that will be competitive with any casino in Western Michigan. We look forward to providing a great entertainment experience," said Sprague. The Tribe has already made considerable progress on building the casino. The facility is enclosed and the on-site waste water treatment plant is under construction. Roadwork to enhance freeway access to the site is nearly complete. This includes widening of 129th Avenue and exit lanes off U.S. 131. Construction activity is operating at full capacity and will remain at this level until the project is complete. The Tribe anticipates a grand opening by early 2011, and will publicly announce a definitive opening date in the near future. A total of 750 construction jobs will be created over the course of construction. Tradesmen currently on site include plumbers and pipefitters, electricians, carpenters and sheet metal workers. The Tribe has overcome many delays caused by well-funded opponents, and then a sharp downturn in the economy. Despite numerous obstacles the Tribe has consistently achieved progress on opening the casino in every arena whether legal, political or economic. "Today we can say, once and for all, the Gun Lake Casino is coming to West Michigan," said Sprague. Phase I of the Gun Lake Casino will now feature 1,400 slot machines rather than 1,200 as originally planned.  |
