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The completion date of Michigan’s Gun Lake Casino maybe delayed if the tribe is unable to obtain further funding.
The Gun Lake Tribal Gaming Authority has reported that they are currently seeking to secure a $160 million loan to finish construction on the 83,000 square foot gaming facility that broke ground last September.
The Gun Lake Tribe of Pottawatomi Indians, also known as the Match-E-Be-Nash-She-Wish Band had planned the casino to open later this summer, ahead of schedule, however with the current cash crisis, unnamed sources close to the operation said completion will likely be the end of February.
“To date, the tribe’s partners have provided interim financing to fund construction costs,” said James Nye, spokesman for the Gun Lake Tribe “This arrangement will continue until full financing closes to provide funds to complete construction.”
According to published reports, Goldman Sachs Group Inc. is heading up arrangements for the loan. The goal of a $160 million first-lien term loan would repay an existing loan of $42.2 million, plus provide $86.6 million to complete the project. Another $21.5 million would be an interest reserve, with $9.7 million set aside for fees and expenses.
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