 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Credit snag at casino29 September 2008ALEXANDER VALLEY, California -- As reported by The Press Democrat: "The Dry Creek Pomo tribe in Alexander Valley announced plans in January to seek up to $600 million from investors to build a resort beside River Rock Casino and pay off existing debt. "...Shrinking U.S. credit markets and slipping casino revenues are putting a crimp in River Rock Casino's plans to build a $300 million Tuscan-themed resort in Alexander Valley. "River Rock, owned by the Dry Creek Pomo tribe, has shelved plans to raise $600 million for the expansion, saying it's 'not practicable' to finance the entire project now. "River Rock hopes to raise money in smaller amounts and build the project in stages. Earlier this month, casino officials told investors they will seek $126 million for the first phase of the resort near Geyserville. "But even that plan is coming under scrutiny on Wall Street. Two influential credit rating agencies recently raised questions about the riskiness of the project, citing the massive debt already incurred to build River Rock's temporary casino amid a decline in gaming revenue..." |