expects to receive a $194 million payment from the Federated Indians of Graton Rancheria
in California, the company said in a press release today.
Station has been financing the tribe for the last nine years. Their relationship began after the tribe was restored to federal recognition by an
act of Congress in 2000
As part of its casino bid, the tribe is taking on $800 million in debts. Financing will close August 22, after which Station expects to receive its $194 million.
We congratulate the Graton Tribe on reaching this important milestone and we thank Chairman Greg Sarris for his trust and leadership over the past decade that we have been working together. Chairman Sarris played a critical role in obtaining the financing. We believe this is the largest new construction financing in the history of Native American gaming," Marc Falcone, the executive vice president and chief financial officer at Station Casinos, said in the press release.
The tribe began construction in late June. The casino is expected to open in late 2013.
Get the Story:
Press Release: Station Casinos Announces Second Quarter 2012 Results
(Station Casino 8/15)
Graton Rancheria will take on $800M in
debts for gaming project