Pokagon Team to Finance New Four Winds Casino Resort
The Pokagon Gaming Authority, a wholly owned, unincorporated instrumentality of the Pokagon Band of Potowatomi Indians, has successfully closed its financing of $305 million in Senior Notes due 2014. The proceeds from the notes will be used to partially finance the construction of Four Winds Casino Resort. "We are excited to have completed our senior note financing," said Tribal Chairman John Miller.
"We are also very pleased that the financing was well received by investors. With this financing, we can complete the construction of the 51-acre casino development as we have envisioned it.
"We look forward to working with the Pokagon Band in developing a successful enterprise," said Tim Cope, President and CFO at Lakes Entertainment, Inc. "Four Winds Casino Resort will provide first class gaming entertainment. "Four Winds Casino Resort, strategically located north of State Highway 239 and east of Interstate 94 at Exit 1 in New Buffalo Township, will be the only land-based casino within 150 miles.
All competing casinos in northern Indiana and Illinois are riverboats, including the Blue Chip Casino owned by Boyd Gaming, located just 11 miles away in Michigan City, Indiana. Historically, land-based casinos have a marketing edge over competing boats.
June 25, 2006
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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