Openings & Closings

New Eastern Cherokee leaders aim to pay off $550M in casino debt

Wednesday, September 30, 2015

The gaming floor at the new Harrah’s Cherokee Valley River Casino and Hotel in North Carolina. Photo from Facebook

Incoming leaders of the Eastern Band of Cherokee Indians in North Carolina are celebrating the opening of a new gaming facility but warn that the tribe must focus on paying off its debt.

The tribe spent $110 million on the Harrah’s Cherokee Valley River Casino and Hotel near the town of Murphy. The facility is expected to help pay for the tribe's $557 million budget, nearly half of which depends on gaming revenues.

But chief-elect Patrick Lambert said the tribe still owes more than $550 million for the $633 million expansion of the Harrah's Cherokee Casino Resort. He wants to focus on debt once he takes office next week.

“I think the tribe has to start looking at paying off the debt and get a savings built up, just for the inevitable competition,” Lambert, who served as executive director for the gaming commission for 22 years, told The Smoky Mountain News.

Lambert and vice chief Richie Sneed, who also wants to see the debt paid off as soon as possible, will be sworn into office on October 5.

Get the Story:
New casino to expand professional opportunities, financial security for Cherokee (The Smoky Mountain News 9/30)
New casino likely to transform Murphy (The Smoky Mountain News 9/30)
Opening day draws a crowd to new Murphy casino (The Smoky Mountain News 9/30)