In Oklahoma and the Cheyenne and Arapaho Tribes has reportedly secured a $10 million Bank of America loan that it intends to utilize in order to help expand its Lucky Star Casino venue in the small city of Watonga.
According to a Wednesday report from The Cheyenne and Arapaho Tribal Tribune newspaper, the federally-recognized tribe revealed that its agreement with the financial services giant also includes a revolving credit facility worth up $5 million alongside the ability to increase the initial principal by a further $30 million to give it a potential $45 million in aggregated redevelopment cash.
The Cheyenne and Arapaho Tribes is responsible for five Lucky Star Casino-branded facilities spread across western Oklahoma and reportedly broke ground on the planned extension of its Watonga property in April. The tribe purportedly detailed at the time that the project is to encompass the construction of a five-story hotel complete with some 80 rooms, a restaurant and a 300-person conference facility alongside the expansion of its existing gaming floor to make room for up to 400 more slots.
The Cheyenne and Arapaho Tribal Tribune reported that the tribe is hoping to begin welcoming guests to its larger Watonga facility from next summer to kick off what Tribal Governor Reggie Wassana described as ‘the start of many possibilities for a brighter future’ for both the Cheyenne and Arapaho Tribes and its neighboring communities.
The tribal leader reportedly told the newspaper that Bank of America had conducted its own due diligence on the Lucky Star Casino expansion and determined that the project would produce the correct amount of projected revenues. He moreover purportedly explained that the newly-enlarged venue is to allow his the Cheyenne and Arapaho Tribes to solidify and further develop its prominent position in Oklahoma’s gambling market and ‘provide additional employment opportunities’ as well as an ‘economic life’ to the wider region.
“I’d like to thank all of the legislators who have supported this project over the past year and to all of our tribal members who attended and participated in all of the public hearings where the contract and financing resolutions for this project were presented and passed by our legislators. Some special thanks go to our casino management and to all the casino workers who make positive things happen for the tribe every day due to their hard work.”
Cheyenne and Arapaho Tribes secures Bank of America expansion loan