Chukchansi Tribe pays $24M every year for $250M gaming debt

The Picayune Rancheria of the Chukchansi Indians in California is required to make two payments of $12 million a year in order to fulfill its obligations on $250 million in gaming debt, The Sierra Star reports.

The tribe made a partial payment of $10 million this spring amid an ongoing leadership dispute. It took a lawsuit in New York state court on behalf of the bondholders for the rest of the money to be paid.

The second payment of $12 million is expected to go more smoothly. As part of a court order, the two rival factions say they will be able to fulfill their obligations even as they are unable to settle their dispute.

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Chukchansi makes $2.6 million bond payment (The Sierra Star 8/6)
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