The Shingle Springs Tribe of Miwok Indians announced July 17 that they had entered into a debt termination agreement with Lakes Entertainment regarding loans, fees and management connected to the tribe’s Red Hawk Casino.
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The $57.1 million agreement would see an early end to a seven-year loan, originally set to conclude in 2015, a press release stated. To fulfill the agreement, the tribe will need to pay a lump sum of $57.1 million on or before Dec. 31. It is subject to an extension of 120 days. Upon payment, the managing agreement with Lakes will be terminated and the tribe will be free to manage the casino as it wishes.
Until then, Lakes will continue to manage the casino as per the original agreements. If the conditions of the debt termination agreement are not met, all agreements with Lakes will remain in effect until the original expiration date.
Tribe Chairman Nicholas Fonseca, who worked with Lakes Chairman Lyle Berman and President Timothy Cope, expressed his appreciation for the excellent relationship he has had with the managing company, but said he has faith in the tribe’s ability to manage.
“The Tribe is fully confident in its ability to operate and manage Red Hawk Casino,” Fonseca said. “We have an excellent, experienced executive team led by General Manager Bryan deLugo.”