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| In 1999 revenues increased to $447.6 million, and EBITDA had grown to over $127.2 million representing a best in the market 27% margin. This performance resulted
from fine tuning all aspects of property operations to improve profitability.
After selling Empress Entertainment and Hammond Casinos to Horseshoe Gaming for $650 million in December, some of the owners and executives formed Merit Management
Group to pursue gaming development and management opportunities.
In 2000 Merit and the Lummi Nation began developing Silver Reef Casino in Bellingham Washington. Through careful planning and execution, the casino opened on time
and on budget in April 2002. While the casino was the last to open in a crowded market the casino exceeded revenue and profitability expectations. |
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