Operator News
US – Eastern Band of Cherokee Indians sets its sight on two commercial casinos in a new jurisdiction
By Phil - 25 April 2022
The Tribal Council at the Eastern Band of Cherokee Indians, based in North Carolina, has approved plans to build two new out-of-state casinos.
The ‘new business and investment opportunity’ has been called ‘Project Thoroughbred’ and will see the tribe invest $25m for a share of 44 per cent in commercial gaming opportunities.
Cory Blankenship, EBCI Secretary of Finance and a board member of EBCI Holdings, said: “It allows us to go into a new state with a gaming property under a partnership agreement so the tribe’s not on the hook 100 per cent. We will actually have a 44 per cent equity stake. We’re not the only ones seeking this opportunity, but it appears that we are in the lead because of the reputation of the Eastern Band and because we have a 30-year track record of being responsible in this industry. I think that we’ve got a really good shot at this, and it is time-sensitive.”
He added that it was ‘a good opportunity’ to operate two casinos in a new area at a ‘relatively low cost of entry.’
The tribe already owns Harrah’s Cherokee Hotel and Casino in Cherokee, and Harrah’s Cherokee Valley River Casino & Hotel in Murphy, North Carolina.
