The Chukchansi Tribe of California, closed on an offering made through Merrill Lynch to refinance its $310 million bond in two tranches.  The first is due by 2012 in Floating Rate Senior Notes, while the remaining $200 million is due by 2013 in 8% Senior Notes.  The closing was very good news for the tribe and surrounding areas, translating into a green light for the tribe to make word on the proposed expansion of their Chukshansi Gold Resort and Casino.

In addition to providing millions to the expansion, new funds will be used to refinance what could be considered very high interest rates on prior construction of the tribes casino resort.  Many tribe leaders, as well as faithful gamblers, have been looking forward to the addition of a spa facility and more rooms to the casino, which has been poised to offer fine leisure and gambling operations ever since the Chukshansi Gold first opened.

Now that all is said and done, it is official that the new construction will begin in early 2006, which will ultimately bring hundreds of construction and outsourced jobs to the local economy, as well as permanent jobs for needed casino employees.  The completion of the upgrade is projected to be done by early 2007.

Tribal Chairperson, Joyce Burel, commented how pleased the tribe was to be accepted into the investment and finance circle, if you will, and how the tribe is confident it will become an independent entity as it continues to expand and develop in the near future.