One more thread of South Dakota’s tawdry EB-5 story has reached an uninformative end, as the Tentexkota wheeler-dealers behind the Deadwood Mountain Grand casino and hotel have reached a confidential settlement with their Chinese cash-for-green-card investors:
Dale Morris, Tentexkota’s managing member, reached settlements with the Chinese investors as well as with seven other men who guaranteed the loan, according to Kasey Olivier, a Sioux Falls lawyer who represented Tentexkota.
Those seven included Kenneth “Big Kenny” Alphin, a member of the country music duo Big & Rich, as well as Timothy Conrad, Michael Gustafson, George Mitchell, Marc Oswald, Ronald Wheeler and Dwight Wiles.
“I can’t give you the terms of the settlement,” Olivier said. “I can tell you they have reached an agreement to settle. The parties have amicably resolved the agreement and were excited to move forward” [Tom Lawrence, “Deadwood Mountain Grand Lawsuits Settled,” Black Hills Pioneer, 2019.05.29].
Lawrence notes that, in addition to $32.5 million in EB-5 visa investment funds, the Deadwood Mountain Grand needed a $1.7-million grant from the Deadwood Historical Preservation Society and a subsidy of $550,000 a year for fifteen years from the city of Deadwood to get off the ground. Even after all that support made possible by government favors, Tentexkota tried skipping out on repaying the loans that EB-5 czar Joop Bollen said were guaranteed.