The Agua Caliente Band of Cahuilla Indians is launching a $230 million bond deal to finance a new casino hotel and to pay off an old casino debt.
The tribe will use $182 million in bonds, plus $25.9 million of its own money, to build a hotel at the Agua Caliente Casino off Interstate 10. The 14-story hotel will open sometime in 2008.
The rest of the bond package will be used to pay off the $48 million that remains on a bank loan for an older casino project in Palm Springs.
The tribe has a solid A- rating from Fitch, the bond ratings firm. The grade was lowered from A, due to increased competition in the southern California tribal casino market.
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Bonds, casinos sure bet
(The Riverside Press-Enterprise 10/25)
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Agua Caliente Band to sell bonds for casino hotel
Wednesday, October 25, 2006 More from this date
Agua Caliente Band to sell bonds for casino hotel
Wednesday, October 25, 2006 More from this date
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