Yesterday, July 19, 2012, the Match-E-Be-Nash-She-Wish Band of Pottawatomi (“Gun Lake Tribe”) announced that it refinanced $165 million in outstanding debt that was incurred to build its Gun Lake Casino in west Michigan.  The debt refinancing was completed three years in advance of the scheduled July 20, 2015 maturity date.

The refinancing process was led by KeyBank’s Native American Financial Services division.  “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.

“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,” stated D.K. Sprague, Gun Lake 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.”

The 82,000 square foot Gun Lake Casino is located off of U.S. 131 between Kalamazoo and Grand Rapids, and features 1,450 slot machines, 28 table games, a 225 seat café, food court, and other entertainment amenities.

 

The Michigan Gaming Newsletter would like to thank Scott Nuyttens and Peter Stern for their contributions to this issue.

 

 

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