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FNB Excellence in Business Award Ceremony - KOAM TV 7

FNB Excellence in Business Award Ceremony

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MONKEY ISLAND – First National Bank of Vinita and Grove is hosting their second annual Excellence in Business Award ceremony on May 11, at the renowned Shangri-La Resort.

Eddy Gibbs, Shangri-La Golf Club, Resort and Marina owner, is the recipient based upon his positive economic impact this year for Northeast Oklahoma."

"This wasn't just an investment opportunity for Gibbs, it was because he wanted to restore and renovate the legendary resort," said Mark Londagin, First National Bank EVP – Business Development. "He did it in striking fashion."

Organizers say the economic impact of the newly renovated Shangri-La on Grand Lake has been monumental. For decades, Shangri-La Resort was known as the crown jewel of Grand Lake. But it fell on hard times and was being demolished until Gibbs, in 2010, invested $65 million which brought new luster to a prized jewel. The resort now employs 220 people from Craig, Delaware and Ottawa counties.

Based on payroll, revenue, guest nights, and the normal economic multipliers utilized in the industry, $80 million per year would be a conservative estimate for the economic impact annually, said Mike Williams. Shangri-La Resort Director of Communications.

"That doesn't include the substantial residential real estate development at The Gallery with its 15 new homes and The Ridge with its 38 new homes," Williams said.

All included, Williams said he wouldn't be afraid to estimate Shangri-La has almost $100 million per year economic impact on the area.

"The 1970s Shangri-La was never designed for children and families," Gibbs said.

Although the resort has one of the top five golf courses and is considered one of Oklahoma's premier golf courses, Gibbs said he didn't buy Shangri-La for the golf. "I wanted to make it different, it was for my family."

First National Bank is pleased to host this event again this year. Cherokee Casino Grove was last year's recipient and the intent is to drive developmental efforts while recognizing outstanding achievement for economic development for Northeast Oklahoma.

Shangri-La Golf Club, Resort, and Marina is located at the tip of Monkey Island on Grand Lake about 82 miles north of Tulsa.

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