Online Casino Crawler with top online gambling news and online casino information source since 2001. Wide variety of Internet gambling tips, strategies. Don’t forget to check our complete online casino games totally free, we offer slot machines, video poker, online blackjack and much more.
Navajo Indian tribe begins construction on new casino
<< Back
construction
construction [Enlarge Image]
By Gene Koprowski
Based in Window Rock, the tribe is funding the project through a $35 million loan provided by the tribe's Land Acquisition Trust Fund.


The Navajo Nation is beginning construction of a new casino in Church Rock, N.M., one which is slated to open this fall.
 
Fast construction is planned where phases are managed and awarded throughout the construction schedule rather than upfront. Thus far, all awarded contracts have gone to Navajo vendors or joint ventures.
 
"We are extremely pleased with this outcome and grateful for the work and vision of the tribe's resource committee, budget and finance committee and the president's office support," said Bob Winter, interim CEO of Navajo Nation Gaming Enterprise, in a released statement.
 
The $35 million loan is from a fund valued at about $60 million 
 
Navajo Nation budget and finance chief Lorenzo Bates said the move is "history in the making."
 
The loan will be amortized over seven years at a rate of 11 percent, the first year of payments being interest only.
 
"To be able to finance your own development, and earn a higher return on that loan than on existing investment returns," said Winter.
 
Tribal gaming is big business in Arizona, right across the state line from New Mexico. Gaming revenue from Arizona's Indian casinos in 2007 hit $1.94 billion, up 8.6 percent from 2006, according to Arizona Department of Gaming. Gross gaming revenue is the difference between gaming wins and losses, before deducting casino operating costs and expenses.
 
Tribes contributed $92.2 million last year to the Arizona Benefits Fund, which finances education, health care and other programs for Arizona residents. Tribes contributed another $11.3 million directly to cities, towns and counties.
 
Fifteen tribes in Arizona operate 22 casinos, which include slot machines and similar electronic gaming devices, jackpot poker, blackjack, keno and off-track pari-mutuel betting.

© Copyright 2008 Online Casino Crawler This material may not be published, broadcast, rewritten, or redistributed.
[Back]

Search



“Why Gamble Online?”: There are some ways to gamble, in a land based casino or online casino. Right now we are going to give you  some reasons why it is better to do it online. More...

Partners Casino listing
Casino Tales-All about casino games, tips of your favorite online casino right here...
RSS Online Casino Crawler
Free Subscription

Bonus Codes: The nice thing about an emerging & competitive industry is that consumers tend to get courted rather nicely. What bonus did you received? Learn More...
Sun Palace Casino

Cash-Out Options: In an actual casino cardroom, the term cash out is fairly literal. Learn More…
Read more articles related with the marvelous world of Online Casinos here...


Play Vegas Casino Online
 and  join the excitement
of playing at the
number one online casino

Vegas Casino Online