Port Madison Enterprises buys White Horse
February 25, 2010 · 4:38 PM
SUQUAMISH — Port Madison Enterprises now has one more tool in its arsenal to attract tourism: the White Horse Golf complex near Kingston.
Port Madison Enterprises, the business arm of the Suquamish Tribe, announced the purchase of White Horse late Thursday afternoon.
"A golf course has always been included in our business model. It allows PME to further diversify the kinds of businesses we operate and ensures steady growth," PME CEO Russell Steele said in a news release.
While the golf course side of the the operation has historically done well since opening in 2007, the housing development it is linked to has struggled in a slumping real estate market.
The beleaguered development has had a rough time since November, when then-owner Bob Screen filed for Chapter 11 bankruptcy protection. He owed more than $5 million to American Marine Bank. The golf course shut down for a few days, then reopened under the bank's management.
American Marine Bank was taken over by federal regulators Jan. 29 and is now operated by Columbia Bank.
"The Suquamish Tribe is excited by today's acquisition of the White Horse Golf Course and landholdings," Suquamish Tribal Chairman Leonard Forsman said in a news release. "PME adds another enterprise that complements its current business roster and greatly increases tribal land ownership in our homeland."
Port Madison Enterprises will continue to work with Touchstone Golf Management for course operations at White Horse and plans to offer resort golf packages, the release states.