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Shingle Springs Band set to end relationship with casino firm

Filed Under: Business Deals | California | Compacts
More on: debt, lakes entertainment, shingle springs

Red Hawk Casino. Photo Courtesy Red Hawk Casino.

The Shingle Springs Band of Miwok Indians in California plans to end its gaming agreement with Lakes Entertainment.

The tribe will pay $57.1 million to Lakes by the end of the year to settle outstanding debts. Once that happens, Lakes will no longer manage the Red Hawk Casino, which has not been performing as well as expected ever since it opened in 2008.

"The tribe is fully confident in its ability to operate and manage Red Hawk Casino. We have an excellent, experienced executive team led by General Manager Bryan deLugo," Chairman Nick Fonseca said in a press release.

"Lakes and the Shingle Springs Tribe have worked together to reach a mutual agreement regarding the prepayment of the debt owed by the Tribe," Lakes President and Chief Financial Officer Tim Cope said in a press release.

The tribe recently signed a new Class III gaming compact that lowers the revenue sharing rate paid to the state.

Related Stories:
Shingle Springs Band wins state approval for new compact (05/31)

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