The Picayune Rancheria of the Chukchansi Indians in California has defaulted on its gaming-related debt.
The Chukchansi Economic Development Authority announced yesterday that it failed to make an interest payment that was due on November 15. The amount was not disclosed. ""Chukchansi Gold is a premium resort destination that continues to generate positive cash flow," the authority said in a press release. "However, we have not been immune from the global economic downturn and significant central California economic forces (including approximately 15% unemployment and home foreclosures that are two to three times greater than the national average), which have impacted our operations, just as they have affected many operating in the gaming industry as well as many other businesses in the region." The tribe plans to restructure its debt. Services at the Chukchansi Gold Resort & Casino will not be interrupted, the authority said. "Chukchansi Gold will continue to operate uninterrupted by the restructuring process, and we will provide our guests with the same level of service, value and entertainment choice they have come to expect and enjoy," the authority said in the press release. Get the Story: