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Full House Resorts announces amended compact between Huron Band and state of Michigan
Tuesday, September 15, 2009 at 11:47:27 AM
Full House Resorts announced that the Nottawaseppi Huron Band of the Potawatomi and the state of Michigan have signed an amended compact that will extend its term from 2018 to 2030 to ensure that FireKeepers Development Authority ("FDA") will have a full 20 years of gaming operations.
The amended compact follows a similar pattern to other compact renegotiations recently concluded in Michigan, and resolves a potential legal dispute between the Tribe and Michigan concerning state revenue-sharing payments. Under the amended compact, FDA`s exclusivity fee paid to the state will be reduced from 8% of slot revenue to 4% for 2009 and 2010, a sliding scale of 4 to 6% in 2011 and a sliding scale of 4 to 8% thereafter. The terms of the amended compact are retroactive to the opening of FireKeepers. The 2% payment to the local governmental entities remains unchanged.
"We are pleased that FDA and the state of Michigan have been able to reach agreement on these key compact provisions," said Andre Hilliou, Chairman and Chief Executive Officer of Full House. "The amended compact will provide significant economic protections to FDA against commercial or state-run gaming expansion in the surrounding areas of FireKeepers, and through its management agreement, Gaming Entertainment (Michigan), LLC ("GEM") will be able to share in the economic benefits realized through the amended compact."
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