46° 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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