Native News Network Staff in Native Briefs. Discussion »
BRADLEY, MICHIGAN On Thursday the Gun Lake Tribe announced that it refinanced $165 million in outstanding debt incurred to develop and construct the Gun Lake Casino. The refinancing of the original loan was completed three years in advance of the scheduled July 20, 2015 maturity date.
Though the Tribe has no immediate plans to expand, it is now possible. Expanding the casino would provide new jobs.
“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,”
said D.K. Sprague, Tribal Chairman.
“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.”
KeyBank's Native American Financial Services division led the refinancing process.
“The Authority is grateful to KeyBank for being an outstanding financial partner. This relationship has allowed the Tribe to lower its interest costs and have the flexibility to consider expanding the Gun Lake Casino. 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.
Gun Lake Casino is located off Exit 61 on US 131, halfway between Grand Rapids and Kalamazoo in Michigan. The Casino features:
1,505 slot machines, 28 table games, and a food court that includes: Tim Hortons; Johnny Rockets; Cold Stone Creamery; and Villa Pizza. Sandhill Cafe is a 225 seat restaurant signature restaurant. The Casino has bars, lounges, and live entertainment at Stage 131.
Gun Lake Casino is owned by the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians and is operated by the Tribe's management partner, MPM Enterprises, LLC, owned by an affiliate of Station Casinos, Inc. and private investors from Michigan.
posted July 20, 2012 6:20 am edt