Graton Rancheria owes $230M so far in long bid for a casino

The Federated Indians of Graton Rancheria of California owes at least $230 million so far as part of its quest to build a casino, The Santa Rosa Press-Democrat reports.

At a second day of hearings on the tribe's Class III gaming compact, Chairman Greg Sarris said the debt to Station Casinos generates $33,000 in interest every day. And the debt will grow even higher -- the tribe and Station will seek more than $700 million in bonds to build the casino.

The compact requires approval by the California Legislature before it will be sent to the Bureau of Indian Affairs for approval. A vote has yet to be scheduled on the deal but the tribe must break ground between April 15 to October 15, a condition set by the National Indian Gaming Commission, the Press-Democrat reported.

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