(PRESS RELEASE) - The Snoqualmie Indian Tribe announced today that it closed on a $330 million financing for the construction and opening of Casino Snoqualmie. The casino will be located on the Tribe's trust lands in the Snoqualmie region of King County, Wash., about 26 miles east of metropolitan Seattle. The casino will be located a third of a mile off the I-90 highway, the state's busiest east-west thruway. The casino will offer 51,000 sq. ft. of gaming space, 1,400 video lottery terminals (with the ability to add 300 machines, subject to demand), 52 table games, a 15-table poker room, five restaurants and four bars including a cigar lounge and wine bar, and a 1,000-seat events center.
The financing was underwritten by Bear Stearns, a worldwide investment banking and securities trading and brokerage firm. In connection with the financing, the Snoqualmie Entertainment Authority issued senior secured $200 million fixed-rate notes due 2015 and $130 million floating-rate notes due 2014. Casino Snoqualmie is anticipated to open in the fourth quarter 2008.
"Today marks a proud day in our history as a Tribe and marks an important milestone in our journey to achieve economic development and secure a better future for our children," said Chief Jerry Enick of the Snoqualmie Tribe. "After a 46 year struggle to achieve our Federal recognition as a Tribe, and another 8 years to achieve today's historical event, the Tribe looks forward to many more triumphs in the years to come."
"We are pleased at the overwhelming reception that this project has received from the investment community," said Michael W. Barozzi, CEO of the Snoqualmie Entertainment Authority. "We look forward to offering a level of entertainment and service to our customers that is unparalleled in the Northwest."
The people known today as the Snoqualmie Tribe have lived in the Puget Sound region since time immemorial, long before the early explorers came to the Northwest. The Snoqualmie Tribe currently has approximately 650 members. The Tribe is governed by a Tribal constitution and elected Council. The Tribe's governing structure includes building codes, health codes and other standard governmental functions.
The Snoqualmie Entertainment Authority is responsible for the financing, construction, development and opening of Casino Snoqualmie. The Snoqualmie Entertainment Authority is an entity owned by the Snoqualmie Indian Tribe.
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