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Navajo president: Tribe's credit in jeopardy

WINDOW ROCK, Arizona -- As reported by the Arizona Daily Times: "A $100 million line of credit to finance the Navajo Nation's debut into the casino industry could be jeopardized if the tribal council doesn't expedite approval of the funds, President Joe Shirley Jr. told council delegates Monday in his State of the Navajo Nation address.

"Shirley's appeal came on the heels of the council's decision Friday to refer the matter to the Budget and Finance Committee. It was the second delay in Navajo casino development in two weeks, and it pushes a decision back 60 days.

"...Without the line of credit, the Nation can still move forward with gaming development through a management agreement, but the cost to the Nation would be significantly higher, Shirley said.

"Under a management agreement, the Nation would have to pay an outside developer 30 to 40 percent of the gross revenues for seven years, and approval for the process could take as long as two years..."

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