The Federated Indians of
Graton Rancheria of California spent $100 million for its 254-acre casino site back in 2005.
The deal amounted to what seemed like a hefty $393,700 per acre. But now that the casino is under construction, local land prices are reaching an average of about $850,000 per acre, The North Bay Bohemian reports.
Station Casinos, the tribe's partner, is responsible for many of the land buys. The company has paid over $17 million for 20 acres in the area near the Graton Resort and Casino, the paper reports.
Even more land will be purchased in order to widen a road to the casino. The Santa Rosa Press Democrat, which has reported on the casino, and one of its reporters own land or have interests in land that could be sold for the project.
The casino is expected to open by November or December.
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