The Shingle Springs
Band of Miwok Indians of California is racking up more debt at the Red Hawk Casino.
The tribe owes $66 million to Lakes Entertainment Inc. But the casino has been doing so poorly that the tribe hasn't been making payments.
The tribe's contract with Lakes also guarantees a $500,000 minimum profit from the casino each month. But the casino isn't generating enough money so the tribe has borrowed another $1 million from Lakes to pay for government services.
In addition to the debt with Lakes, the tribe owes $450 million in construction bonds and a $77 million loan for fixtures, The Sacramento Bee reported.
Get the Story:
Red Hawk Casino operator signals bigger revenue slump
(The Sacramento Bee 5/12)
Related Stories:
Lakes
Entertainment takes a big hit on Shingle Springs casino (3/31)
California
Shingle Springs Band failing to see mininum profit at casino
Thursday, May 12, 2011
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