Casino In The Jackson Valley Takes A Step Closer To Reality

Casino In The Jackson Valley Takes A Step Closer To Reality 

The move to construct a Casino in the Jackson Valley took a step closer to reality this week and of all places on Wall Street.   The Buena Vista Rancheria of Me-Wuk Indians, which has been planning to build a casino off Coal Mine Road for over a decade, finally sold a US 205 million dollar, five-year bond to finance the project on Tuesday.  The deal comes over a year after the tribe first attempted to tap the US junk bond market to finance the development.   Bond investors have often demanded extra compensation on debt issues from Native American tribes, due to uncertainties over whether they would be able to enforce creditor rights against a sovereign entity in the event of a bankruptcy.  The Buena Vista development faces risks of its own, including the existence or planned opening of other casinos with better amenities within a 100-mile radius.   According to financial analysts’, branding and marketing agreements with casino giant Caesars Entertainment, which will operate the casino as Harrah's NorCal, should help attract customers.  According to a note sent to investors, the 71,000 square-foot Buena Vista casino is expected to open in the second quarter of 2019 following 13 months of construction.

Written by KVGC Staff

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