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Navajo casino finds lender23 July 2007ARIZONA -- As reported by the Navajo Times: "...[Navajo] President Joe Shirley Jr. announced this week that the tribe has reached an agreement with one of the biggest banks in the country - JP Morgan Chase - to supply a $100 million line of credit to develop casinos. "The first is planned for Church Rock Chapter a few miles east of Gallup. Others will follow in the future, according to the news release. "The proposal still needs approval from the Navajo Nation Council but the deal will clear the way for the tribe itself to develop the Church Rock casino instead of going outside to find a developer with the financial clout to do the project. "...Shirley said the bank also is offering a very low interest rate, lower than the tribe could get if it took out a standard loan..." |