Cahuilla Indians Get Financing for Casino
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The Agua Caliente Band of Cahuilla Indians has obtained $140 million in bank financing to build a $95-million casino in Palm Springs and repay construction loans for the Rancho Mirage gambling hall it opened in 2001, attorneys for the tribe said.
The funding from eight banks, including Bank of America, Bank One and National City Bank, illustrates the “tremendous change in acceptability” that Indian casinos have achieved since they were legalized in 1989, said Whittier Law School gambling expert Nelson Rose.
With no access to traditional funding, early tribal casinos were forced to pay 30% interest for money to build, Rose said.
The new casino, Spa Resort Casino, is expected to open this year.
From a Times Staff Writer
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