Despite the struggling economy and gaming revenues falling to all time lows quarter after quarter from Las Vegas to Atlantic City, Michigan gamblers and a year old casino have hit the Jackpot.
After only one year of operation the FireKeepers Casino has brought in enough revenue from its 2,680 slot machines to pay off a loan four years earlier than originally planned.
Earlier this month the Nottawaseppi Huron Band of Potawatomi Indians made good on a $35 million loan taken out last year to purchase the machines.
“Paying off this loan four years in advance attests to the success of FireKeepers Casino,” Tribal Chairperson Homer A. Mandoka said.
According to reports from the Michigan Gaming Control Board in the first five months of operation between August 5, 2009 and December 31, 2009 the casino pulled in an estimated $96.5 million.
With 2% of the profits earmarked for a local revenue sharing board, local and county governments who are not able to tax tribal casinos will begin getting their portion of the $1.93 million generated in 2009 by the end of the month.
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