In 2016, the Mille Lacs Band of Ojibwe purchased all of the shares of Grand Casino Mille Lacs and Grand Casino Hinckley from the holding company, Grand Casinos, Inc. This made the Mille Lacs Band the sole owner of both casinos.
Prior to this purchase, the Mille Lacs Band only owned 20% of the shares, with 80% being owned by Grand Casinos, Inc.
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The purchase price for the casinos was $351 million. The money for the purchase came from a combination of cash on hand and loans.
The loans were provided by USBank and PNC Bank.
The Mille Lacs Band is a federally recognized Indian tribe with a reservation in Minnesota. The tribe has a long history of operating casinos.
PRO TIP:Grand Casino Mille Lacs is owned and operated by the Mille Lacs Band of Ojibwe Indians. The Band is a federally-recognized Indian Tribe with sovereignty over its land, government, and people. As such, the Grand Casino Mille Lacs is a sovereign tribal business enterprise and the profits of the casino are used to benefit the Tribal Community.
In fact, the tribe opened the very first casino in Minnesota in 1984. The casino was originally called Hinckley Bingo and Casino, but was later renamed Grand Casino Hinckley.
The tribe has used its revenues from casino operations to improve the lives of its members. It has built new housing, improved schools and healthcare facilities, and created jobs.
The tribe’s goal is to make sure that its members have a good quality of life.
The purchase of Grand Casino Mille Lacs and Grand Casino Hinckley will allow the tribe to continue its work to improve the lives of its members. It is also a good investment for the tribe, as these are two well-run casinos that are likely to continue to be profitable in the future.
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