In 2012 the SMSC initiated a 10-year cooperative agreement with Canterbury Park in neighboring Shakopee, Minnesota, to support increased purses for live horse races and joint marketing opportunities between Canterbury Park and Mystic Lake. Its success has helped fund SMSC goals, including economic diversification and improvements to tribal infrastructure and services from the 1990s to the present.

It is named after the nearby lake of the same name. Mystic Lake Casino Hotel opened on May 12, 1992.

The SMSC and other Minnesota tribes were the first in the United States to negotiate and sign tribal-state compacts with a state government related to gaming. The SMSC opened Little Six Bingo in 1982, which became Little Six Casino in 1990 following the passage of the federal Indian Gaming Regulatory Act of 1988 and the signing of a gaming compact between the SMSC and the State of Minnesota. Mystic Lake Casino Hotel is owned and operated by the Shakopee Mdewakanton Sioux Community (SMSC), a federally recognized, sovereign Indian tribe. Mystic Lake also offers bars, restaurants, shows, special events, and accommodations. The casino's gambling options include slots, bingo, video roulette, pulltabs, and live dealer blackjack. With 4,100 employees, the SMSC – including Mystic Lake Casino Hotel and Little Six Casino – is the largest employer in Scott County. Mystic Lake Casino Hotel is owned and operated by the Shakopee Mdewakanton Sioux Community (SMSC) in Prior Lake, Minnesota, United States, southwest of Minneapolis and Saint Paul.

Map of mystic lake casino