Have you ever walked into a casino and wondered why there would be any poverty on any Indian reservation where casino gambling has become the dominant business...
Well, check this out.
Station Casinos is the company which will be "managing" the casino for the Gun Lake Band in Michigan...
And, even considering this agreement, Michigan's Democratic, labor backed Governor, Jennifer Granholm, signed away the rights of casino workers who will go to work in a smoke-filled casino at poverty wages with no rights under Michigan or Federal labor laws...
Oh, and the Governor anticipates such an agreement will help Michigan's economic woes after the State gets an even smaller take from the "house" than the Gun Lake Band...
See what will be left for the "sparrows" by the time the Fertitta Family and the Kansas City Mob get done with their job...
STATION CASINOS INC
Form:8-K Filing Date:4/20/2005
Gun Lake Tribe
Pursuant to a Memorandum dated April 18, 2005, the Office of the
Secretary of the United States Department of the Interior (the "DOI") authorized
the conveyance of approximately 145 acres of fee land located on Highway 131
near 129th Avenue, approximately 25 miles north of Kalamazoo, Michigan (the
"Property"), into trust for the Match-E-Be-Nash-She-Wish Band of Pottawatomi
Indians, a federally recognized Native American tribe commonly referred to as
the Gun Lake Tribe ("Gun Lake"), subject to the publication of notice and
expiration of the 30-day waiting period required by law.
As previously disclosed in its Annual Report on Form 10-K for the year
ended December 31, 2004, Station Casinos, Inc. (the "Company") owns a 50%
interest in MPM Enterprises, LLC, a Michigan limited liability company ("MPM").
MPM and Gun Lake are parties to amended and restated development and management
agreements, each dated as of November 13, 2003, pursuant to which MPM will
assist Gun Lake in developing and operating a gaming and entertainment project
to be located on the Property. The amended management agreement provides for a
term of seven years from the opening of the facility and provides for a
management fee of 30% of the project's net income. Pursuant to the terms of
MPM's amended and restated operating agreement, the Company's portion of that
management fee is 50% of the first $24 million of management fees earned, 83% of
the next $24 million of management fees and 93% of any management fees in excess
of $48 million.
The proposed project, as currently contemplated, would include up to
2,500 slot machines, 75 table games, a buffet and specialty restaurants.
Construction of the project includes the conversion of an existing
192,000-square foot building into the casino and entertainment facility.
Development of the proposed project and operation of Class III gaming are
subject to certain governmental and regulatory approvals, including, but not
limited to, the governor of the State of Michigan signing Gun Lake's state
gaming compact, the DOI completing the process of taking the land into trust on
behalf of Gun Lake and approval of the management agreement by the National
Indian Gaming Commission. No assurances can be given as to when, or if these
government and regulatory approvals will be received.
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Station Casinos, Inc.
Date: April 20, 2005 By: /s/ Glenn C. Christenson
Glenn C. Christenson
Executive Vice President, Chief
Financial Officer, Chief Administrative
Officer and Treasurer
We need a "21st Century Full Employment Act for Peace & Prosperity.”
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We need a “*21st Century Full Employment Act for Peace & Prosperity*.”
The time has come to fulfill the dreams and promises that were intended to
be part ...
11 years ago
