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Grand Soleil Resort Casino avoids foreclosure again

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December 7, 2009

NATCHEZ - Two Mississippi banks agreed Friday to postpone a foreclosure sale scheduled for tomorrow after the Grand Soleil Resort Casino arranged new financing from a private lender in California for its $100 million hotel construction project.

The Lac du Flambeau tribe owns 28% of the Grand Soleil and has loaned it about $25 million. The majority is owned by Big River Enterprises.

The Grand Soleil project includes a hotel, a bed and breakfast and future land-based casino. It was initially an $80 million development at a riverboat casino, but twice it has been on the verge of foreclosure.

"It's tough to get conventional financing; you have to go to the private sector," said William Bayba, who is overseeing construction of the Grand Soleil Resort Casino. "There's money on the sidelines. It's not cheap money, but it's something we could live with."

He would not name the lender or disclose details of the deal, but he did say the closing will be December 16th and the new financing will pay of the banks and provide $30 million in new loans.

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