The Inn of the Mountain Gods Resort and Casino in New Mexico.
The Mescalero Apache Tribe of New Mexico refinanced about $260 million in gaming debt, President Danny Breuninger said. In 2005, the tribe borrowed $200 million to build the new Inn of the Mountain Gods Resort and Casino. After the recession hit in 2008, the tribe was unable to make interest payments and faced a default. "The tribe was threatened with lawsuits, but by standing firm was able to work out a very favorable refinancing deal," Breuninger wrote in a letter to tribal members, The Ruidoso News reported. He said the tribe paid down some of the debt and completed refinancing last fall. "Today, with the most recent refinance deal completed, the Inn owes $110 million less than it did three years ago," Breuninger wrote. "It has locked in interest rates that are lower than almost any other Indian casino in the country. Perhaps most importantly, it allows greater payments to the Tribe." In related news, Breuninger said the tribe continues to negotiate a new Class III gaming compact with the state. The current deal expires June 2015. Get the Story:
Many Mescalero initiatives underway (The Ruidoso News 4/16)
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