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North Carolina Tribe Breaks Ground on Expansion

CHEROKEE, North Carolina – As reported by the Asheville Citizen-Times: "The Eastern Band of Cherokee Indians on Monday broke ground on a new hotel tower, and this time the tribe is expanding its gaming business without financial support from Harrah's Entertainment.

"Tower II will more than double the number of rooms offered at Harrah's Cherokee Casino and Hotel.

"It will be connected to the current 15-story, 252-room hotel, which opened 18 months ago and was financed with Harrah's credit. The tribe borrowed $60 million for the new hotel and has taken over the existing debt on the entire gaming complex. The total debt on the business, with the new hotel included, is $175 million.

"…Harrah's, under a management agreement the tribe expects to renew this year, operates the casino and hotel for the Eastern Band. The tribe owns the business and pays Harrah's a fee for its services.

"…Pat Dennehy, Harrah's Cherokee Casino's general manager, said he expects the new hotel will be full as soon as it opens. Last month, the current hotel had a 100-percent occupancy rate…"

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