The Tribe's 278,000 square foot gaming facility is located on the Tribe's reservation in El Dorado County, about 35 miles east of Sacramento, Calif. 'The Tribe's contractual relationship with Lakes ended today, but it remains business as usual,' said Yolanda Tayaba, Chairperson of the Shingle Springs Tribal Gaming Authority, the tribal governmental agency that operates Red Hawk Casino.

While the refinance will have a favorable financial impact on the Tribe and its Red Hawk Casino, the termination of Lakes will have no effect on the operation of the gaming facility, which opened in December 2008. Fonseca. 'That is the way it is supposed to work, and in fact, federal law requires it. What it means is that the Red Hawk Casino will be financially stronger, and the Tribe will be able to use gaming revenues to support its government in meaningful ways, for the betterment of its people.'

'The Tribe is finally in a position to benefit from its own gaming operation,' said Tribal Chairman Nicholas H. The transaction, combined with the buyout of Lakes Entertainment, enables the Tribe to recover substantial financial relief under its recently-amended state compact which strikes a fair balance between the Tribe and the state.

The refinance transaction enabled the Tribe to buy out its management contractor, Lakes Entertainment, Inc., for approximately $57.1 million, which is far less than would be owed by the Tribe had the company performed the contract over its full term. PLACERVILLE, CA-(Marketwired - Aug 29, 2013) - The Shingle Springs Band of Miwok Indians, a federally recognized tribal government that owns and operates Red Hawk Casino through its Shingle Springs Tribal Gaming Authority, refinanced the Tribe's existing debt today, paying off approximately $524 million in debt and payment obligations, and securing a $245 million bank loan and $260 million in bonds.

Red hawk casino debt