Casino news source: Community Property News - http://www.cpnonline.com
Indian Casino-Resort Planned near Fresno
March 29, 2007
By Tonie Auer, Southwest Correspondent
Plans for a casino resort near Fresno, Calif., are in the works as a deal was inked between American Vantage Cos. and the Big Sandy Rancheria Tribe of Western Mono Indians. A dollar amount or timeline for the project were not released.
American Vantage subsidiary Brownstone L.L.C. signed the development agreement and credit agreement with the tribe, which has been working on developing a resort, casino and spa since 2004, according to the tribe’s website. The Big Sandy Band of Western Mono Indians embarked on the vision of creating Big Sandy Rancheria Resort, Casino & Spa at that time. The tribe already operates the Mono Wind Casino in Auberry, Calif., about 10 miles northeast of the proposed project site.
At Brownstone's recommendation, the tribe has identified and is seeking a nationally-recognized investment banking firm as its financial partner. Seattle-based Group West Cos. will be working on master planning, architectural/engineering and interior design for the project.
Brownstone will develop the project with RFG Gaming and Hospitality L.L.C., which is a multidisciplinary company offering incorporated finance, architecture/interior design, construction and operation. RFG has more than 30 years of corporate experience in resort hotel casino development and operations.
From 1989 through 1999, American Vantage has provided consulting services to Native American tribes, principally in California, in connection with the development, expansion and operation of tribal gaming facilities.
American Vantage is in various stages of discussion on gaming projects that are both tribal and non-tribal. Also, the company continues to pursue other potential mergers and acquisitions, joint ventures and other development strategies and opportunities in non-gaming sectors.
For the tribe, another gaming institution may mean better opportunities for prosperity, according to a report done by the Center for California Native Nations at The University of California-Riverside. The report states that tribal governments with gaming have fared better than non-gaming tribes, with gaming tribes’ per capita average income increasing 55 percent between 1990 and 2000 as opposed to 15 percent on non-gaming reservations. The communities where gaming occurs tend to have a better economy too, according to a study by the University of Chicago’s National Opinion Research Center. That study found that communities closest to casinos experienced a 12 percent to 17 percent drop in welfare payments, unemployment rates and unemployment insurance after the introduction of casino gaming. NORC also found that communities with casinos have 43 percent higher earnings in their hotel and lodging sectors than those communities farther from casinos. |
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