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GRAND TRAVERSE BAND OF OTTAWA & CHIPPEWA INDIANS TO PURCHASE GRAND TRAVERSE RESORT

3/4/2003

World Renowned Resort to Serve as Crown Jewel in the "Traverse Bay Experience

PESHAWBESTOWN, MI, MARCH 4, 2003 - The Grand Traverse Band of Ottawa and Chippewa Indians today announced the purchase of the Grand Traverse Resort & Spa from KSL Recreation, Inc. The transaction is expected to close at the end of March.

Already among the largest employers in northern Michigan, this transaction is expected to catapult the Grand Traverse Band into a leadership position among Indian gaming operations nationally, as well as among Michigan tourist destinations. It is believed to be the first time an Indian tribe has purchased a full-service resort in lieu of building its own.

"This is an historic day for the Grand Traverse Band and its members," said Grand Traverse Band Tribal Chairman Robert Kewaygoshkum. "On behalf of our membership, I am pleased with this announcement, thankful that we have secured this world-class resort, and very enthused about our future here in the Grand Traverse area."

The Grand Traverse Band plans to maintain and improve upon the existing amenities currently offered at the Grand Traverse Resort. The agreement includes a pledge that the Band will maintain the existing Grand Traverse Resort employees on staff, something Mr. Kewaygoshkum said was "important and appropriate." The Band will retain the name Grand Traverse Resort & Spa.

Meetings with city, county, and township officials will be held in the coming days and weeks to review plans and seek input.

The Resort's existing facilities include:

424 guest rooms

236 furnished condominiums

11,000 sq.ft. spa

49,000 sq.ft. of meeting space

Three championship golf courses

100,000 sq.ft. indoor/outdoor pool, heath and spa complex

Nineteen food and beverage venues, including four restaurants

960 acres of property

3,100 sq. ft. shopping gallery

Ultimately, the Grand Traverse Band hopes to shape the Grand Traverse Resort & Spa into an unparalleled international, year-round family destination.

"Having worked in or visited virtually all the major commercial and Indian gaming operations and hotels nationwide, I can say that what this property brings us -- in concert with our vision -- is unprecedented," noted Traverse Bay Entertainment Chief Executive Officer Jeff Livingston. "The Grand Traverse Resort is the largest in the Midwest, and one of the top 20 in the United States. We will team up with an already great staff to bring the 'Traverse Bay Experience' to this superb facility." Traverse Bay Entertainment is the economic development arm of the Grand Traverse Band of Ottawa & Chippewa Indians.

Based in La Quinta, California, KSL Recreation Corporation owns and operates a geographically diverse $2 billion portfolio of some of America's most celebrated destination resorts, clubs and health and wellness spas. KSL Recreation was formed in 1992 by Michael S. Shannon and Larry Lichliter, in affiliation with Kohlberg Kravis Roberts & Company (KKR). KSL purchased the Grand Traverse Resort in 1997.

The Grand Traverse Band of Ottawa and Chippewa Indians received official recognition as a present-day tribal entity on May 27, 1980. Today, the Band provides career, health, education, social, and heritage programs to its more than 3,500 members. The organization has been in the casino gaming business since 1984. In addition to Leelanau Sands Casino in Peshawbestown and Turtle Creek Casino in Williamsburg, the Band owns and operates two hotels, restaurants, a conference center and a convenience store.