A Navajo Nation Council committee approved legislation to seek a $100 million loan credit line with JP Morgan Chase.

The bank wants to lend the money to the tribe for gaming projects. Derrick Watchman, a JP Morgan executive who is a tribal member, said the tribe's assets of $2 billion were solid backing for the credit line.

The tribe is looking to build several casinos in Arizona and New Mexico. The tribe is also looking at Class II gaming in Utah.

The credit line legislation awaits approval by the full Navajo Nation Council.

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Gaming money OK’d (The Gallup Independent 8/30)