Wilton Rancheria working with Boyd Gaming on casino project
Friday, March 22, 2013
The Wilton Rancheria of California has partnered with Boyd Gaming on its casino project.
According to a Form 10-Q filing with the Securities and Exchange Commission, the company purchased a development agreement with the tribe for $24.5 million. Boyd is due to receive 5 percent of gross gaming revenues, for a period of seven years, after a casino opens.
The company anticipates spending $1 million to $2 million a year in pre-development costs "for the next several years." That time frame would be consistent with the tribe following the land-into-trust process, negotiating a Class III compact and executing any local agreements.
The tribe is looking at a 160-acre site near the city of Galt. The land hasn't been purchased but presumably it would be funded by Boyd.
The tribe's federal recognition was reaffirmed
in 2009. Presumably, the tribe would be eligible for an exception in Section
20 of the Indian
Gaming Regulatory Act that applies to newly recognized tribes.
Get the Story:
Conflicts arise over proposed Indian casino
(The Elk Grove Citizen 3/22)