Mohawk Tribe Secures Financing for Casino Expansion

Feb 7, 2012

The Saint Regis Mohawk Tribal Council is very pleased to announce the successful completion of a $110 million financing package with Key Bank, NA to continue expansion of the Akwesasne Mohawk Casino and Mohawk Bingo Palace. Despite the slow economic recovery apparent to the greater Northern New York economy, the Saint Regis Mohawk Tribe has established the strength of both its business model and its banking relationship with Key Bank, NA, as shown through this new borrowing.

This credit facility is being used to consolidate the Tribe’s two gaming operations to one location at the current site of the Akwesasne Mohawk Casino, construct additional gaming space, develop a new 150 room hotel and re-price existing casino debt at a more favorable rate. The hotel will include a spa, swimming pool and conference/banquet space along with a high end center bar and entertainment area in the new gaming space.

“The terms of this new credit facility are very favorable to the Tribe and in times of economic downturn around the country it is a strong affirmation of the financial strength and the high quality of the tribe’s gaming operations,” said Chief Mark Garrow. “Key Bank has been a financial partner to the Tribe since the casino first opened in 1999 and has been there to help meet the needs of the gaming facilities at every turn. We are very pleased with this partnership which has helped the Tribe expand its gaming operations seamlessly as the demand increased. This new expansion will bring the Akwesasne Mohawk Casino and the Mohawk Bingo Palace under one roof and open up great new opportunities in our gaming business. It is a very exciting time in the gaming business and the new offerings will bring us to a whole new level.”

“KeyBank and the Saint Regis Mohawk Tribe have enjoyed a longstanding relationship that has benefitted the tribal members, as well as its surrounding communities,” said Mike Lettig, KeyBank’s national executive for Native American Financial Services. “We look forward to continuing our partnership, and to delivering the advice and services that lead to economic self-sufficiency and prosperity.”

“Our efforts to expand and promote the long-term success and viability of the gaming operations have drawn a very positive response from the community. This is creating immediate employment for our local contractors and is assuring long-term employment opportunities for this community and the surrounding communities now and in the future,” said Chief Randy Hart. “This is a huge investment and we are confident the economic benefits will be equally as huge for the whole region. Economic development in this area is very difficult for many reasons. We hope that this investment will trigger even more investment in the region in the many areas that will enhance the experiences of the guests we are seeing now and the greater number we will see in the future.”

The Saint Regis Mohawk Tribe had its first major expansion completed in 2009 which included new gaming space, new restaurants and bars and better back-of-house facilities. This expansion will enhance the gaming operation’s ability to market to a larger demographic. This will also increase visitation from day visitors to overnight and weekend visitors creating more of a destination-resort. “We are hoping that our expansion will spur other recreation-tourism development in the area, in turn creating even more jobs and opportunities,” said Chief Ron LaFrance.

For more information, contact David T. Staddon, Public Information Office at 518-358-2272, ext. 286.