The Eastern Band of Cherokee Indians reported record casino profits and a loan approval worth 4275 million in a span of two days. They will use the loan to expand the Valley River casino. On December 1, tribal members will get checks worth $8,840 from third-quarter casino profits.
In December 2020, tribal members got $4,889. However, it was the time when COVID-19 restrictions were in place. As a result, the latest check was 22.5 percent higher than the $7,214 check received in December 2019, which was the last record number.
According to online casino Korea reports, the record profits were due to lower operational and higher revenues. Also, casinos closed entirely from March 18 to May 12 in 2020. It was the first time the tribe had closed the casino in 23 years.
Record Casino Profits
The two Cherokee casinos performed well in the fiscal year ending on September 30. When compared to the previous year, Cherokee was responsible for 65 percent of the increased tribal distribution.
According to online casino reviews, half of the casino profits go to tribal operations. The other half is divided between members of the tribe. The tribe distributes checks in June and December. Tribal distributions in 2021 are 45 percent higher than the previous year and 17 percent higher than in 2019.
The higher per capita distributions came despite a 0.79 percent increase in the number of members of the tribe. In 2020, the distribution had 16,014 shares. It increased to 16,140 shares in December 2021. According to live dealer casino sources, the distribution in December 2018 was 15,708 shares.
The distribution increase didn’t include the success of the Cherokee Convention Center. In its first month, the facility hosted 28 events. Also, its hotel tower maintained a 97 percent occupancy rate. However, the casino is having a hard time hiring workers. As a result, there are around 500 positions available.