After years of debate, the Federated Indians of Graton Rancheria of California, also known as the Coast Miwok Tribe, finally won approval for its casino project in May. But the tribe's proposal for a $1 billion gaming facility is in doubt due to the downturn in the national economy. Station Casinos, the tribe's partner, has seen a decline in revenues and lacks financing to begin work on the project. "The capital markets are basically closed to gaming operators at the moment, for two reasons: The bank crisis and, second, the cost of capital," Peggy Holloway of Moody's Investors Service told The Santa Rosa Press-Democrat. "Station doesn't have any excess cash, or liquidity to fund new projects." Station says it is still committed to the casino but can't say when construction will start. Get the Story:
Rohnert Park casino plan dealt setback by economy (The Santa Rosa Press-Democrat 10/28)