Gamers bring in enough for casino to pay off loan early
FireKeepers casino is turning out to be a rainmaker.
The Nottawaseppi Huron Band of the Potawatomi, owners of FireKeepers Casino near Battle Creek, say a $35 million loan has been paid off four years earlier than it was due. The loan was used to buy 2,680 slot machines.
The ability to pay off the loan attests to the casino’s success, says Homer A. Mandoka, tribal chairperson.
The casino’s managers also are happy. “The second quarter of 2010 saw another period of record revenue and earnings per share for Full House as FireKeepers continues to perform very well,” says Andre Hilliou, Chairman and Chief Executive Officer of Full House Resorts.
Gaming Entertainment Michigan earned approximately $22 million in management fees in the first 11 months of operations for FireKeepers.
This past February, the tribe also made its first payment of nearly $2 million for the casino’s first five months of operation to the Local Revenue Sharing Board. The payment, which is 2 percent of slot machine revenue, is paid to local governments that would otherwise lose tax revenue because the tribal casino cannot be taxed.
With 1,500 employees at FireKeepers, the Nottawaseppi Huron Band of the Potawatomi is among the largest employers in Calhoun County.
The casino also is one of the largest purchasers of local supplies. It spent roughly $10.2 million within 60 miles of the casino in its first year.
Through employment and local spending, the Tribe expects to continue to be a large regional economic contributor.
The $300 million property is located along Interstate 94 at Exit 104, midway between Chicago and Detroit. The 236,000-square-foot property has 107,000 square foot Las Vegas-style gaming floor.
The casino also has five distinct restaurants, 78 table games, a 12 table poker room and a bingo room.
Writer: Kathy Jennings
Source: Homer A. Mandoka, Tribal Chairperson
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