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For Immediate Release – October 23, 2006
SNOQUALMIE ENTERTAINMENT AUTHORITY ANNOUNCES CLOSING OF $85,510,000 SENIOR SECURED TERM LOAN AND COMPLETION OF LAND IN TRUST PROCESS
SNOQUALMIE, WA – The Snoqualmie Entertainment Authority (the “Authority”), a business enterprise of the Snoqualmie Indian Tribe, a federally recognized Native American Tribe (the “Tribe”), on Friday October 20, 2006 completed the private placement of a new $85,510,000 senior secured term loan (the “Term Loan”).
In connection with closing, the Tribe purchased approximately 56 acres of land located in King County, Washington. Upon transfer of the related deed to the Bureau of Indian Affairs, the approximately 56 acres was put into federal trust and was subsequently proclaimed as the Tribe’s Initial Reservation, which clears the way for development of a new casino resort to be operated by the Authority.
Jerry Enick, Tribal Chief, commented, “Today represents a historic milestone for the Snoqualmie Indian Tribe, a new beginning towards regaining self-sufficiency for current and future generations of the Tribe. Our planned development of a first class casino will provide the necessary funding for critical governmental functions including housing, schooling and the health care of our people. The development team is assembled, all regulatory hurdles have been cleared, and we are on our way to breaking ground on the casino project.”
Innovation Capital, LLC served as Placement Agent and Financial Advisor on the debt financing, which was provided by Guggenheim Corporate Funding, LLC and Plainfield Asset Management LLC.
Casino Snoqualmie will be a 165,000 square foot entertainment facility located on the I-90 corridor, approximately 26 miles east of Seattle. Opening is expected by the summer of 2008.
Snoqualmie Tribe will build casino without partner MGU
The tribe last week purchased 56 acres for the casino for nearly $51 million from a limited liability company of its former development partner, MGU Companies of Arizona, said Matthew Mattson, tribal administrator. MGU was to help the tribe develop, operate and manage the 150,000-square-foot gaming establishment. “Some issues arose between our partnership,” Mattson said, and now the tribe will do the project without MGU. A representative of MGU
could not be reached for comment. Skanska is the contractor for the gaming establishment. The architect is Bergman, Walls & Associates and the interior designer is Yates-Silverman, both of Las Vegas. Mattson estimates construction will start soon and said the mountain lodge-style casino will open in late 2007 or early 2008. The tribe received loans from Guggenheim Corporate Funding LLC and Plainfield Asset Management to buy the land, Mattson said. It needs loans for development, operation and management. “We're not looking for a development partner,” said Mattson. “We're going to continue to try to pursue financing on our own.” The casino will have 675 electronic slot machines — or what the state calls video lottery terminals — 52 floor games, poker room, a fine dining restaurant, buffet, sushi restaurant, cigar bar and entertainment lounge. The primary audience will be well-heeled people in areas near the casino, such as Bellevue and Issaquah, said Mattson. It also hopes to draw from Seattle. “Indian casinos do well in
remote locations and we have the prime location in the state of Washington,” he
said. Casino proceeds will support governmental infrastructure and tribal social, health and housing programs, and help the tribe diversify economically, Mattson said. He estimates the casino
will create a little over 700 jobs.
Links to Past Press Releases
Media Coverage of Casino Snoqualmie Project
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