CRDE Board Chairman Chief Phyliss J. Anderson signs loan package
Wednesday, July 2, 2014 5:00 AM
Tribal Chief and Chairman of Choctaw Resort Development Enterprise Board (CRDE) Chief Phyliss J. Anderson signed official refinancing documents along with representatives from Trustmark National Bank and Fifth Third Bank Wednesday morning in the lobby of the Golden Moon Hotel and Casino.
From left are Steve Ainsworth with Fifth Third Bank, Chief Phyliss J. Anderson, Tribal Council member Cyrus Ben and Craig Sosebee with Trustmark Bank.
The new loan package will be used to renovate the Silver Star Hotel and Casino and reopen the Golden Moon Hotel and Casino, among other resort-wide improvements and capital investments.
Pearl River Resort is currently celebrating its 20-year anniversary. It was in 1994 that the Tribe first opened its flagship casino, Silver Star Hotel and Casino.
Since then the Resort has expanded five times as well as expanded outwardly to include resort amenities such as the Bok Homa Casino, Dancing Rabbit Golf Club, Geyser Falls Water Theme Park and Clearwater Key Beach Club to name a few.
New renovations are well underway and sample rooms and photos will be revealed during the 20th Anniversary Celebration.
"I want to thank the many people involved in securing this low-interest loan. This deal is something every tribal member should have pride in because it is the best rates banks have ever given our Tribe. This deal clearly demonstrates banks and lenders have confidence in the work we are doing here at Pearl River Resort and on the Choctaw Indian Reservation."
The Choctaw Tribal Council adopted the resolution late last year to refinance an existing $70 million loan at the lowest interest rate ever offered to the Tribe. The resolution also included an action to secure a new low-interest loan up to $75 million for resort improvements.