Choctaw Resort Development Enterprise Announces Closings of $150,000,000 7 1/4% Senior Notes and $143,750,000 Senior Secured Credit Facility and Repurchase of 9 1/4% Senior Notes

Business Wire, Nov 4, 2004

CHOCTAW, Miss. -- Choctaw Resort Development Enterprise (the "Enterprise"), a business enterprise of The Mississippi Band of Choctaw Indians, a federally recognized Indian Tribe (the "Tribe"), today completed its offering of $150,000,000 aggregate principal amount of 7 1/4% Senior Notes due 2019 and entered into a new $143,750,000 senior secured credit facility.

In connection with closing, the Enterprise repurchased over $195,000,000 in aggregate principal amount of its outstanding 9 1/4 % Senior Notes due 2009 which were tendered in its previously announced tender offer. Less than $5,000,000 in aggregate principal amount of its 9 1/4% Senior Notes remain outstanding. The tender offer is scheduled to expire at 12:00 midnight, Eastern time, on November 10, 2004, unless extended or earlier terminated.

The repurchase of the 9 1/4% Senior Notes was funded by the net proceeds from the notes offering and a portion of the borrowings under the Enterprise's new senior secured credit facility. Borrowings under the new senior secured credit facility were also used to repay all outstanding borrowings under the Enterprise's existing credit facility.

Company Information

The Mississippi Band of Choctaw Indians established the Choctaw Resort Development Enterprise to operate the Silver Star Hotel and Casino and to develop and operate the Golden Moon Hotel and Casino. The Enterprise markets the Silver Star and the Golden Moon, together with related amenities, as the Pearl River Resort. The Pearl River Resort is located on the Tribe's 35,000-acre reservation situated primarily in east central Mississippi.

Forward Looking Statements

Certain information included in this release and other materials filed or to be filed by the Enterprise with the Securities and Exchange Commission contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934. Such statements include information relating to plans for future expansion and other business development activities as well as other capital spending, financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Enterprise. These risks and uncertainties include, but are not limited to, those relating to development and construction activities, dependence on existing management, leverage and debt service, domestic or global economic conditions, pending litigation, changes in federal tax laws or the administration of such laws and changes in gaming laws or regulations (including the legalization of gaming in certain jurisdictions).