Nambe Pueblo pays off remaining funds owed to gaming developer

Thursday, May 5, 2016

The Nambe Falls Casino in New Mexico. Photo from Facebook

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Nambe Pueblo in New Mexico has paid off $500,000 owed to a gaming developer, according to the firm.

The tribe was working with Full House Resorts on a project that never came to fruition. The parties eventually reached a $500,000 settlement and the second and final payment was received this year, the company said in a press release.

"In July 2015, the Company reached a settlement with the Nambe Pueblo tribe related to funds previously advanced by the Company to Nambe Pueblo as part of a development agreement and a security and reimbursement agreement from 2005," the press release stated. "In consideration for the release of any future claims and other items as defined within the settlement agreement, Nambe Pueblo was expected to pay a total of $500,000 to the Company. The first installment of $250,000 was received in July 2015. The remaining $250,000 balance was received in the first quarter of 2016."

The tribe went on to open the Nambe Falls Casino in January. The facility is much smaller in size than the one that had been envisioned when Full House was on board.

The casino is less than a mile south of the Buffalo Thunder Resort, a much-larger facility run by Pojoaque Pueblo. Pojoaque also operates the Cities of Gold just 5 miles away.

The Camel Rock Casino, owned by Tesuque Pueblo, is less than 3 miles away. Santa Clara Pueblo and Ohkay Owingeh also operate casinos along the same highway in the northern part of New Mexico.

Federal Register Notice:
Indian Gaming; Tribal-State Class III Gaming Compacts Taking Effect in the State of New Mexico (December 29, 2015)