The compact must now be ratified by the state legislature and than approved by the federal Bureau of Indian Affairs. "We expect to receive these approvals prior to the opening of the Red Hawk Casino, which is on schedule for late fourth quarter of this year," says Mr. Tim Cope, president and chief financial officer of Lakes Entertainment Inc., which will manage the facility.
The agreement runs through 2029. The tribe will share revenues with the state based on a sliding scale percentage of slot machine revenues ranging from 20 percent to 25 percent. The tribe will also pay $4.6 million per year to a trust fund that pays non-gaming tribes in California.
The 270,000-square-foot casino will open with 2,000 slot machines, 75 table
games, a high stakes gaming room, 10 food and beverage outlets, and enclosed
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