September 26, 2012
Plans for a new casino are being made by the Little Traverse Bay Bands of Odawa Indians.
The tribe has put $970,000 into a fund that would cover the costs for consultation and preconstruction fees. The tribe plans to build a satellite casino that would be located in Mackinaw City. It will occupy the former King's Inn hotel on Nicolet Street.
When completed, the casino will operate 550 gaming machines. There will also be a small deli for visitors to enjoy.
This will be the second casino that is operated by the tribe. The first opened in 2007 in Petoskey. That casino operates 1,300 game machines as well as table games. $40 million is still owed from construction debts from that casino. In order to pay off the debt and have the money to pay for the new casino, the tribe is planning on refinancing both of the casinos. If approved, the debt could be paid off by 2018.
If the Mackinaw City casino project is completed, it is estimated to create 80 new jobs to the area. Additionally it will also earn $5 million in revenues annually.
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