From the Grand Rapids Press, via Pechanga:
WAYLAND TOWNSHIP — The Gun Lake Casino is back on track through a $165 million loan arranged by Goldman Sachs and announced Tuesday.
Work on the 83,000-square-foot Allegan County gaming facility off U.S. 131 had slowed as the Gun Lake Band of Pottawatomi and its backers faltered in their ability to secure the loan in time to continue construction in time to meet their original plan to open this fall.
The five-year, 12 percent loan, which can be paid off after the third year, means the casino should be able to open sometime in early 2011, according to a statement released by the tribe. A specific opening date is expected to be announced soon.
“We’re going to shoot for January,” said John Shagonaby, chief executive of the Gun Lake Tribal Gaming Authority. “It’s all an estimate at this point. Once we get a couple of months into construction, we’ll be able to have a better idea.”
The delay was the latest in a string of setbacks for the tribe, which spent more than 10 years dealing with regulatory and court challenges only to emerge into a dicey economy that resulted in plans for the casino being scaled back when they were announced last year.
Mark Bugnaski / GazetteKristine Albers checks new decks of cards at The Four Winds Casino in New Buffalo in August. By mid-to-late 2009, southwest Michigan could have two more casinos.
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