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The Coquille Economic Development Corporation (CEDCO) today closed on a $44 million finance package that moves forward the planned expansion of The Mill Casino • Hotel.
CEDCO and Coquille Tribe officials joined with representatives of Umpqua Bank and Sterling Savings Bank to create a financial partnership that will allow The Mill to increase the size of the casino while adding a considerable number of new hotel rooms.
"The Coquille Tribe welcomes the participation of our community and regional financial partners as we move our core business to the next level," said Coquille Tribal Council Chairman Edward Metcalf. "This project will create a true destination for visitors to the Bay Area and an important resource for the Tribe and our neighbors."
According to CEDCO CEO Brady Scott, the significance of the project goes beyond casino space and hotel rooms.
"Because The Mill Casino • Hotel forms the foundation for all of our Tribally-owned businesses, its success is vital to the success of our economic and community development efforts," Scott said. "Our financial partnership for this project with two community banks reflects the value of The Mill's continued growth and success to the overall well-being of the Bay Area communities."
Bogue Morgan, senior vice president and manager of the Coastal Commercial Banking Center of Umpqua Bank, said, "Umpqua Bank is pleased to take the lead in financing this project and will continue in this role to see the project through to completion. We also appreciate the willingness of Sterling Savings Bank to step in and help with the financing. We look forward to working with everyone on this exciting expansion project."
Mark Johnson, senior vice president and manager of the Eugene Corporate Banking Center at Sterling Savings Bank added, "Sterling Savings Bank is pleased to be able to support the Coquille Indian Tribe and the Bay Area Community. The expansion of The Mill will provide many opportunities for economic development in the areas of tourism and employment. Sterling is excited about the growth that this project will bring."
The project plan calls for enlarging the gaming floor and hotel lobby while adding hotel rooms. The Mill's General Manager Larry Close said the project will help the facility keep up with growing demand as well as changes in the marketplace.
"We have always taken pride in being a warm and comfortable place to play and be entertained," Close said, "and this is a unique environment in the world of casino gaming. This project will allow us to add new gaming and entertainment options without sacrificing the comfort of our guests or the quality of service they have come to expect."
Close said he expects construction work to begin before the end of the year.
CEDCO, which develops and manages businesses for the Coquille Indian Tribe, is committed to taking a proactive, positive role in the well-being of Oregon's South Coast. Among the largest employers in Coos County, Oregon, CEDCO manages The Mill Casino • Hotel along with business ventures in assisted living, organic cranberry farming and telecommunications.
CONTACT: Ray Doering, Communications Coordinator, (541) 756-8800 ext 243, rdoering@themillcasino.com. |
