The Cheyenne Arapaho and Tribes in Oklahoma have secured a massive $10 million-worth loan from Bank of America that they plan on using on expanding its popular Lucky Star Casino located in the city of Watonga. According to one report released several days ago by the Tribal Tribune news outlet, these fully federally-recognized tribes shared more details about this agreement.
As reported, the tribes’ agreement with one of the biggest financial giants will also include a credit facility worth around $5 million plus the ability to increase their initial participial by an additional $30 million which would give the tribes a big potential worth around $45 million solely from combined redevelopment cash.
The Expansion of the Lucky Star Casino Watonga Venue
The Cheyenne Arapaho and Tribes are responsible for the Lucky Star Casino venues which are located across Oklahoma. The tribes have already broke ground for their planned extension of its popular Watonga-based properly back in April this year.
At the time of, the tribes detailed that this massive expansion project for its Lucky Five Casino Watonga will include the construction of a luxurious, five-story hotel area with eighty rooms, one restaurant as well as three hundred-person conference venue. The planned expansion also encompasses redesigning the facility’s already exciting casino floor in order to more space for around four hundred new slot machines.
As reported by the Cheyenne and Arapaho Tribal Tribune, both tribes are hoping to start welcoming the very first guests to its expanded Watonga-based Lucky Star Casino sometime next summer. The same official press release by the Tribal Tribune also shares that the upcoming expansion will mean the start of many other possibilities which surely means a bright future for the tribes as well as many of its neighboring communities.
Bank of America Conducting Its Due Diligence
The Tribal Tribune’s leaders have also revealed that Bank of America decided to conduct its due diligence on the venue’s expansion and shortly after its investigation determined that the Lucky Star Casino expansion project would generate the anticipated amount of revenues as projected by the tribes.
One of the tribal leaders has also said that the expanded Lucky Star Casino Watonga venue will also allow both tribes to further develop and solidify their rather prominent position in the state of Oklahoma’s gambling industry. The leader also detailed that the envisioned expanded venue will naturally create more employment positions and opportunities as well as a brighter future and a better economic life for the entire region and neighboring communities.
The tribal leader Wassana in his official press release thanked all legislators who have supported the expansion project. He also thanked all members of the Tribal Tribune who were regular at the public hearings and who participated in the public hearings where the financial and contract resolutions for the project were generated and passed to the state’s legislators. He also shared special thanks to the tribal casino management and to all of the Lucky Star Casino workers who are the ones making positive chances happening in his community every single day. The state of Oklahoma serves as home to around one hundred and thirty tribal establishments that operate under fifteen-year compacts and one of them is the Lucky Star Casino Watonga venue.