The Snoqualmie Tribe of Washington says an internal memo that said gaming revenues are falling far below expectations is inaccurate but officials won't provide details about business at the Snoqualmie Casino.
The tribe opened the facility in November 2008. A memo prepared by a consultant said the casino only brings in $250,000 a month, far lower than the $1 million a month that had been anticipated.
“Just like all industries over the past year, the global recession has certainly hurt us, but we’re on an upward trajectory,” tribal administrator Matt Mattson told The Snoqualmie Valley Star. “Overall, the tribe’s pleased with the casino’s first year.”
The tribe borrowed $375 million through a seven-year loan to build the casino, the newspaper reported. Ron Allen, the president of the Washington Indian Gaming Association, said the large amount and short term of the loan poses problems.
“Part of their challenge is that they have a larger than normal debt load that they are trying to handle,” Allen told the paper. “The financial environment forces the tribe into the short term lending structures with a higher debt load schedule.”
Get the Story:Snoqualmie Casino struggles in first year (The Snoqualmie Valley Star 12/4)
