One More Step For Casino Proposal In Sumner County, Kansas
The casino development process has been anything but smooth in the state of Kansas. The first time through the process, three of the four developers chosen to run state-owned casinos pulled out of their deals.
That set in motion a second wave of applications that started last year. On Tuesday, the state moved one step closer to finalizing a deal in Sumner County when the Kansas Lottery Commission approved a proposal from Foxwoods Development Company.
Yes, that is the same Foxwoods that is successfully running a casino resort in Connecticut. The group was the only proposal that Sumner County ended up with after two other developers pulled their proposals.
The current economy has made it difficult for casino developers to secure financing for new projects.Foxwoods will not be contributing any equity to the Chisholm Creek Casino Resort, they will just be the co-manager of the casino.
Lakes Entertainment, who pulled their bid on Monday, will supply seventeen percent of the financing and will become a partner in the project. Clairvest Group Inc. will finance thirty-three percent, and Och-Ziff Real Estate Acquisitions LP will finance the other fifty percent.
August 25, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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