The Dry Creek Rancheria of California will officially enter default on its casino-related debt on Saturday.
The tribe announced that it will not be able to make an interest payment on two outstanding notes. The amount was not disclosed
“We've been constantly meeting with management of the casino, attorneys and financial advisors,” Chairman Harvey Hopkins told The Santa Rosa-Press Democrat. “It's been a long road to get here.”
Revenues at the River Rock Casino have taken a big hit due to the opening of the Graton Resort and Casino, owned by the Federated Indians of Graton Rancheria. Hopkins said the tribe has seen a decline of more than 30 percent since November.
The tribe financed the casino with $200 million in bonds. A restructuring in 2011incurred additional obligations.
Get the Story:
Dry Creek Pomos fall further behind on River Rock Casino payments
(The Santa Rosa Press-Democrat 5/29)
Related Stories:
Dry Creek Band
misses debt payment after hit in casino revenue (05/02)