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Bond Rating Assigned to California Indian Casino

3 July 2002

NEW YORK --Bond rating agency Standard & Poor's this week assigned a BB- rating to Chumash Casino & Resort Enterprise, an Indian casino in Santa Ynez, Calif. S&P also assigned the rating to the company's proposed $150 million senior unsecured note offering due in 2010.

Proceeds from the proposed sale will be used to help fund the construction of an expansion and repay existing indebtedness. S&P's outlook on the enterprise remains stable.

The casino's strong performance and solid demand is driving a casino floor expansion, including more table games, as well as a 105-room hotel, S&P said. The new expansion is expected to open in early 2005.

The property is 175 miles form the nearest federally recognized Indian tribe and Indian casino. Other tribes' operations do not significantly affect the Chumash casino, as most customers come from within 50 miles, S&P said.

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