Feds approve tribal compact
Sacramento Business Journal - by Mark Anderson Staff writer Nov. 17, 2008
The Bureau of Indian Affairs approved the state of California’s amended gambling compact with the Shingle Springs Rancheria Band of Miwok for Red Hawk Casino, which opens Dec. 17.
The amended compact runs through 2029 and allows the tribe up to 5,000 Las Vegas-style slot machines.
The tribe will share revenue with the state on a sliding scale percentage of net win, from 20 percent to 25 percent. The Shingle Springs Band will also contribute $4.6 million annually to the Revenue Sharing Trust Fund, which pays tribes that don’t have gaming.
“We are pleased the amendment to the compact has been approved,” said Tim Cope, president of Lakes Entertainment inc.(Nasdaq: LACO), the Minneapolis-based company that will manage and operate the casino for the tribe.
The casino will open with 2,000 slot machines, 75 table games, a high-stakes room and 10 food and beverage operations.