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Navajo casino hits snag

5 October 2007

ARIZONA -- As reported by the Arizona Times: "The drive to get the first Navajo Nation casino up and running has hit another snag.

"The Navajo Nation Council last week decided to table the financing proposal that had passed through three committee hearings without a hitch and was expected to get council approval with equal ease.

"The plan would extend a $100 million line of credit to finance the construction and startup of two casinos, a temporary facility to be followed by a permanent building, in Church Rock Chapter.

"In tabling the proposal, delegates said they just needed more time to study it in detail, particularly the fine print about how any loans would be repaid should the casinos fail to generate the expected cash flow.

"Robert Winter, CEO of the Navajo Nation Gaming Enterprise, said after the vote that a short delay won't affect his plans since the council has indicated that the matter will come up again for a vote in as early as the fall council session, scheduled to start Oct. 15.

"...The council did confirm five members on the gaming enterprise board of directors, enough for a quorum, so the board can start voting on issues such as approval of a site for the first casino.

"However, Winter said that construction of the temporary casino and selection of a construction company will have to wait until the line of credit is approved..."

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