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Investors to Cash In On Colorado Tribal Casino

26 April 2004

COLORADO – As reported by the Denver Post: "Developers of a proposed Indian casino near Denver would pocket a significant share of the casino's revenues during its first 12 years of operation, according to the executive spearheading the project.

"Developers would receive 39 percent of the casino's net revenues during the first six years and 29 percent over the six subsequent years, said Steve Hillard, chief executive of Council Tree Communications, the Golden-based investment firm financing the project.

"The so-called 'Homecoming Project' was launched to help the economically depressed Cheyenne-Arapaho Tribes of Oklahoma, which are seeking to trade a claim to 27 million acres of land in Colorado for 500 acres near Denver, where the casino would be built.

"…Council Tree's team of investors, which includes four Alaska native-owned corporations and several private equity firms, has created a separate entity called the Native American Land Group to develop the $150 million casino.

"…The June contract stipulated that developers receive 15 percent of the casino's gross revenues during the first 36 months of operation and 18 percent each month thereafter for no more than 12 years.

"…The casino is expected to generate hundreds of millions of dollars in profits for the Cheyenne-Arapaho Tribes, much-needed funds for the 11,191 tribal members whose per capita annual income is $8,011, Hillard said…"

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