The note is due 2015, according to a released statement by Full House Resorts. Representatives from Full House did not return a phone call seeking comment. The yield for the note sale was reportedly 13.9%.
Nearly a year ago, the Michigan Supreme Court ruled that the Nottawaseppi Huron Band of Potawatomi Indians could build a $275-million casino here, with plans for 2,500 slot machines, 90 table games, 20 poker tables and restaurants. It will also have a total of 2,500 parking spaces, including a 2,078 space parking garage.
Construction is expected to begin within the next month. Clark Construction Co. will be the construction manager. The casino is scheduled to open in the summer of 2009.
Full House owns 50% of the joint venture Gaming Entertainment Michigan LLC, which will oversee construction and manage the casino. Gaming Entertainment Michigan will manage the casino for a seven-year period and will receive a 26% management fee, according to the released statement.
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