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October 25, 2006
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The Agua Caliente Band of Cahuilla Indians is launching a $230 million bond deal to finance a new casino hotel and to pay off an old casino debt.
The tribe will use $182 million in bonds, plus $25.9 million of its own money, to build a hotel at the Agua Caliente Casino off Interstate 10. The 14-story hotel will open sometime in 2008.
The rest of the bond package will be used to pay off the $48 million that remains on a bank loan for an older casino project in Palm Springs.
The tribe has a solid A- rating from Fitch, the bond ratings firm. The grade was lowered from A, due to increased competition in the southern California tribal casino market.
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