Kewadin Casinos and Former Development Partners Reach $35M Settlement Agreement
Kewadin Casinos and Former Development Partners Reach $35M Settlement Agreement
Kewadin Casinos, a group of five casinos located in Michigan, has reached a $35 million settlement agreement with its former development partners. The settlement comes after a long legal battle between the two parties over a failed development project.
The development project in question was a proposed casino and hotel complex in Lansing, Michigan. The project was a joint venture between Kewadin Casinos and two other development companies, Lansing Future LLC and Gateway Lansing LLC.
The project was first proposed in 2012, but it faced significant opposition from local residents and politicians. Despite the opposition, the project moved forward, and Kewadin Casinos invested millions of dollars into the development.
However, the project was ultimately unsuccessful, and Kewadin Casinos pulled out of the venture in 2014. The company claimed that the other development partners had breached their contract by failing to secure necessary approvals and permits for the project.
The other development partners disputed Kewadin Casinos’ claims and filed a lawsuit against the company in 2015. The lawsuit alleged that Kewadin Casinos had breached its contract by pulling out of the project prematurely.
The legal battle between the two parties dragged on for years, with both sides presenting evidence and arguments in court. However, in September 2021, the parties announced that they had reached a settlement agreement.
Under the terms of the settlement, Kewadin Casinos will pay $35 million to its former development partners. The payment will be made in installments over a period of several years.
In a statement announcing the settlement, Kewadin Casinos CEO Allen Kerridge said, “We are pleased to have reached a settlement agreement with our former development partners. This agreement allows us to put this legal dispute behind us and focus on our core mission of providing world-class gaming and entertainment experiences to our customers.”
The settlement is a significant financial blow to Kewadin Casinos, which is owned by the Sault Ste. Marie Tribe of Chippewa Indians. However, the company has stated that it will be able to make the payments without impacting its operations or services.
The settlement also marks the end of a long and contentious legal battle between Kewadin Casinos and its former development partners. While the outcome may not have been what either party had hoped for, it provides closure and allows both sides to move forward.