YORKTON - It was a big win for the Painted Hand Casino Friday as a celebration marking the final payment on the facility.
“Today is a gathering to celebrate the milestone of paying in-full the mortgage on the Painted Hand Casino building,” read M.C. Justin Holness.
“It’s such an honour to be up here,” said YTC Tribal Chief Isabel O’Soup, adding it was a memorable event that was possible through the efforts of so many through the development of PHC. “. . . It’s really apparent all the time and effort that went into this.”
Heather Bear, Vice- Chief with FSIN said casinos such as PHC are so important for Saskatchewan First Nations because of the economic benefits they provide.
“They create jobs for our people,” she said, adding that is important in terms of bringing “prosperity to our people.”
Across the province some 1700 are employed at First Nations casinos.
Mary Culbertson. Treaty Commissioner of Saskatchewan said the creation of First Nation casinos was very much about creating a better tomorrow.
“They weren’t thinking about today. They were thinking about the future,” she said, adding the effort dovetailed into First Nation’s . . . “inherent right to self determination.”
Like Bear, Culbertson also focused attention on the casinos creating jobs which teach skills that allow First Nation new opportunities citing her own past where a job at PHC allowed her “to feed my kids,” and eventually become a lawyer and the province’s first female Treaty Commissioner.
Holness noted the facility was actually paid off early, which is good news financially.
“The PHC Holdings Ltd. Mortgage for the building shell which is home to the Painted Hand Casino operations was for $12 million dollars over a 15 year term,” he explained. “The PHC Holdings LP Board of Directors exercised their pre-payment option on the loan and was able to pay off the mortgage in 14 years with a calculated interest saving on the loan of $1 million.”
PHC Holding Ltd. Is a seven partner Limited Partnership that consists of the six First Nations of the Yorkton Tribal Council; Cote First Nation, Keeseekoose First Nation, The Key First Nation, Kahkewistahaw First Nation, Zagime Anishnabek (Sakimay) First Nation and Ocean Man First Nation. The Yorkton Tribal Council Administration Inc. Is the seventh partner of the Partnership Agreement. All seven partners have equal shares in the Partnership Agreement.
The story of the Painted Hand Casino at its current location in Yorkton actually dates back nearly two decades.
“In 2004, the Yorkton Tribal Council Chiefs formed a Casino Development Working Group to do the leg work of setting up a new casino location and building with the intent of expansion of the original Painted Hand Casino that was located in downtown Yorkton across from City Hall,” explained Holness.
“The vision of the new casino was not to be a square warehouse box but a Vegas Style Casino.”
Holness said the vision was to create a facility which would be viable over the long term.
“Be it noted that all agreements were negotiated and developed to withstand the test of time and possible changes over a period of a 25-year time frame which coincided with the Sask. Provincial Government – Sask Liquor and Gaming Authority Framework Agreement for First Nations Gaming Operations in the province of Saskatchewan,” he shared.
The development of the casino was very much a co-operative process starting with the member First Nations.
“The YTC Chiefs who are the shareholders of PHC Holdings Ltd. has been supportive of the board of directors and have provided direction when called upon,” said Holness. “They were the leadership that had the vision to develop First Nations casino operations in the Province of Saskatchewan under the management and supervision of Saskatchewan Indian Gaming Authority (SIGA).”
Financing of the new casino was of course critical, and was not secured without a bump in the road.
“It is important to note that arrangements for financing took a little twist when the estimated costs for the construction of the building shell went from $10M to $12M and the financial institution that had agreed to finance at $10M backed away from the deal,” said Holness.
“This was when Concentra Financial stepped up to the plate and were able to secure the core lending funds from Credit Unions in Yorkton and the surrounding area. Special tribute to those credit unions that had faith in the Painted Hand Casino project and put up the funds through Concentra Financial for the $12M loan over a 15-year-term at a fixed interest rate over the term of the loan.”
These Credit Unions were: Crossroads Credit Union – Canora, SK, Foam Lake Credit Union – Foam Lake, SK, Cornerstone Credit Union – Tisdale, SK, and Cornerstone Credit Union – Yorkton, SK by and through Concentra Financial Commercial Operations Branch.
“If our credit union leaders had not put faith in this project to lend the money for its development, we would not be here today,” said Holness.
One of the most important elements of the project was the input from the elders and senators of the Yorkton Tribal Council.
“During the interior/exterior design phases of the casino, the interior architects consulted with the elders and senators on three separate occasions and after each meeting, the architects made the suggested changes that were brought up and discussed at these meetings,” read Holness.
“Everything was on the table for discussion; designs on the carpet, types of pictures and interior decor, waterfall as center piece on gaming floor, exterior border at top of building, statue out-front of the building, teepee poles on the front canopy entrance and the band logos on the front of the building.”
