53° CLOUDY, River Rock expansion becomes victim of credit crunch
Last Modified: Thursday, October 2, 2008 at 4:37 p.m.
The Dry Creek Pomo tribe has dropped plans to finance expansion of its River Rock Casino in Alexander Valley because of tight credit conditions, the tribe said Wednesday.
The tribe’s River Rock Entertainment Authority said it has terminated an offer to purchase $30 million of its existing debt, part of a package aimed at raising $126 million for the first stage of casino expansion.
Earlier this year, the tribe said it would build a $300 million Tuscan-themed casino and 255-room resort hotel with meeting rooms, spa, restaurants, shops, gardens and terrace plaza.
“As current disruptions in the credit markets do not permit completion of this financing at this time, the Authority has decide to terminate the offer to purchase and to postpone the other transaction until the market conditions improve,” the tribe said in a statement.
River Rock’s temporary casino has 35,500 square feet of gaming space with 1,600 slot and video poker machines, 22 table games and a restaurant.
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Comments
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October 2, 2008 10:56:20 am
RE: Link
This is great news! In your face River Rock!!
October 2, 2008 11:04:49 am
Waaaaaaaa! Too bad an earthquake doesn't take it out in the meantime.
October 2, 2008 11:16:13 am
Well, will our House of Representatives save the Bailout Bill on Friday or will our economy nosedive to greater depths? Every individual and every business are very close to wipe-out! Hopefully, voters will seriously think about reelecting their nonperforming representatives and senators!
October 2, 2008 11:43:35 am
I'm not anywhere near wipe-out and personally think we should let all of the banks fail and all of the losers who took out mortgages they couldn't afford to go homeless. They made their bed, now let them lie in it.
October 2, 2008 12:15:43 pm
Proof that every cloud has a silver lining!
When I saw that proposal, it made my blood boil. How is it that every monstrosity anybody builds within fifty miles of a grape vine has to be a "Tuscan villa?" What's the connection, besides grapes? Then again, I guess you couldn't do much with a "California farm house" styled mega-casino, could you? I guess they thought it was cute, building a casino resort with a little "chapel" in the middle. Maybe next time around they'll go for a replica of the Dome of the Rock mosque?
I admit it... I voted for Indian casinos way back when I thought letting impoverished native Americans operate gambling houses on their desolate barren reservation lands would somehow make up for the shabby treatment they'd endured. Instead, we find they are simply shills for the Nevada gambling industry. Time to turn it around!
October 2, 2008 12:41:50 pm
The casinos are just one of many examples of "if you give them an inch, they'll take a mile."
The marijuana prop. is another case in point. It's just led to all kinds of people growing "their own" turning hundreds into drug dealers.
On another note, Prop. 187, failed, which would have restricted resources going to illegals, but that one was overturned. Another good example of an inch turning into a mile. Look at our schools hospitals, jails, courts, prisons, and oh, yes, the housing/mortgage crisis!
Oh, and how about domestic partnerships. That wasn't enough now we are faced with the traditional definition of marriage being perverted to be two same-sex people. Vote YES on Prop. 8 and at least stop the insanity with regard to gays getting "married."
When are we going to wake up!!! Stupid liberal voters quit voting your quality of life and your future away!!! Can't you see it's the LIBERAL/SOCIALISTS in our government and our country that are taking us down?Vote for a true maverick team and some real reformers!VOTE FOR MCCAIN/PALIN and let's get back on the RIGHT track!
October 2, 2008 12:59:28 pm
I agree, years ago my husband and I bought our starter home, then moved up to where we are now. We sacrificed a lot. We saw people during the best of economic times have a good time, and thumb their nose at the future. Anyone, who didn't buy a home when they were 200,000, and were able, were not very smart. A friend of ours, bought his first home at the height of the market. He was playing with himself, as he watched us buy our homes. He makes more money than us, and is now stradled with a mortgage for a 545,000 home. He NOW wants to short sale it, because he is tired of paying for something that is worth 100,000 less than he paid. He's an ENGINEER! I do not want to pay for his bail out, and that's what we'd be doing. The market in time, will correct itself. We will have hard times, but it will force home prices down, and then people can afford to buy, and in time, we will recover. YES it will be painful, but isn't it better to take our lumps, rather than pass it on to our Children??? (I have dogs). Bedsides, I love Amsterdam, I will buy her ONE pair of stilettos, and sweetie, that will have to do!
October 2, 2008 1:01:45 pm
yeh!!!! as someone else here said, I hope the whole place goes down in a heap during an earthquake. What an eye sore to our beautiful Sonoma County counrtyside!! So many of the casino's buses bringing people in from all over the Bay Area to spend their welfare and SS $$.
There IS karma.
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