Business Services Industry
California Banks Team Gives Loan to Indians.
Knight Ridder/Tribune Business News, March, 2003
By Jonathan Shikes, The Press-Enterprise, Riverside, Calif. Knight Ridder/Tribune Business News
Mar. 15--PALM SPRINGS, Calif.--The Agua Caliente Band of Cahuilla Indians hit its lucky number Friday when a consortium of seven banks agreed to lend the tribe $140 million to help finance the construction of its two Coachella Valley casinos.
About $90 million will be used to expand the Spa Resort Casino in Palm Springs. The remaining $50 million will pay off an existing loan the tribe received for the Agua Caliente Casino in Rancho Mirage, which opened in 2001.
"This shows that the tribes have reached a level of financial maturity wherein the resources that are available off the reservation are now available on the reservation," tribal...
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