The Buena Vista Rancheria of
is moving forward with a long-delayed casino in northern California after winning a big court victory.
The tribe has been pursuing the casino for more than a decade. Opposition at the local level has resulted
in four trips to two different appeals courts.
The lengthy wait has apparently inflicted a heavy toll on the project. According to International Financing Review
, the tribe is paying one of the highest interest rates ever seen on a bond package -- more than double the typical rates, the publication reported.
Still, the $205 million package, which closed on Tuesday, enables the tribe to move forward with a 71,000 square-foot casino that is expected to open in the second quarter of 2019, IFR reported. It will be known as "Harrah's NorCal," the publication said.
The deal comes after the D.C. Circuit Court of Appeals
last November rejected yet another local challenge to the project. The tribe's case was so strong that the judges didn't even bother to hold an oral argument.
Amador County, the plaintiff in the lawsuit, subsequently asked the court to rehear
the case. The request was denied in a brief order
on January 3.
The county could petition the U.S. Supreme Court
to hear the dispute. In the past, the justices have declined prior appeals in the case.
Read More on the Story:
California tribe pays sky-high yield on casino bond
(International Financing Review March 7, 2018)
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