The Snoqualmie Tribe of Washington is going to raise $250 million in bonds to finance a casino after its development partner backed out.
Construction on the facility was supposed to begin in June. But MGU Development decided not to pursue the project.
The tribe, however, still owes MGU $25 million for startup and other costs. The MGU bought the land for the casino for $3.8 million.
The tribe, which gained federal recognition in 1999, received approval to use a 56-acre initial reservation for gaming.
Get the Story:Tribe's partner backs out; plans for casino delayed (The Seattle Times 9/6)