Indian nation already operates in partnership casinos with Caesars
Following a vote by the Tribal Council Thursday, May 6, the Eastern Band of Cherokee Indians will pursue a new casino project in partnership with a publicly traded gaming company, possibly Caesars Entertainment.
The resolution, submitted by Principal Chief Richard Sneed, provides information on the project, named “Project Commonwealth,” stating that a partnership between a company of “long-standing relationship” with the newly created EBCI Holdings LLC, the tribe’s commercial gaming vehicle, would bring in new gaming opportunities in the proximity of existing casinos in Cherokee and Murphy, in North Carolina.
The resolution passed last week authorizes the communication of the Commonwealth Project stating that the Cherokee and the unnamed publicly traded gaming company have been in discussions about developing a casino together, and the next step is for the tribe to present a proposal containing additional details about the potential endeavour.
The “Project Commonwealth” also states that the tribe would have a “large” equity stake in the project, which would be a greenfield project requiring the construction and ownership of a new facility. Completing it would require debt financing, the terms of which are still being developed.
Cherokee and Caesars partnership
In related news, the Eastern Band of Cherokee Indians also announced the creation plans to retain all 700-plus employees at the Caesars Southern Indiana casino in Elizabeth, under EBCI, which was established to diversify the tribe’s holdings in the commercial gaming and hospitality business as opportunities present themselves throughout the United States and elsewhere.
The Caesars purchase is EBCI’s first casino outside North Carolina and expects the Indiana Gaming Commission to approve its ownership this fall of the casino. EBCI added that it will retain the Caesars loyalty program and also intends to retain the casino’s current employees, including general manager Brad Seigel, who said: “Caesars Southern Indiana is a beautiful facility with a well-established brand and a superb team of hundreds of local employees already in place. We want to keep the same friendly, fun, familiar environment for our guests.”
