The operators of the Snoqualmie Casino have bought out the 10-year contract of the executive who helped found the gaming destination.
The tribe-owned Snoqualmie Entertainment Authority bought CEO Michael Barozzi’s contract for $14 million in a deal announced Thursday, Feb. 17. Barozzi was brought on board more than two years ago by the tribe to develop the casino from the ground up. If Barozzi had stayed in place, he would have received upwards of $23 million in pay and bonuses.
Tribal Administrator Matt Mattson told the Record that the Snoqualmies’ relationship with Barozzi changed due to tensions within the tribe about how much control he had over the casino.
For some tribal council members, “there was a lingering sense that the tribe needed to have a little more say,” Mattson said. “Do we have a forced marriage, or do we try to come up with an amicable solution that respects his expected earnings over the next eight years?”
“The tribe is wrestling with membership and issues of governance. Most other tribes had decades to work out structures prior to getting into the gaming business. We’re dealing with this all at once,” he added.
Barozzi was a driving force behind assembly of the casino’s staff and management team.
“He very much has his fingerprints on the preparations” for the destination, Mattson said.
The tribe is now conducting a national search for Barozzi’s replacement. Compensation will depend on experience, but Mattson said that with Snoqualmie Casino up and running, a new CEO probably won’t receive as deal quite as generous.