Coyote Valley Shodakai Casino construction stopped (Mendocino)
June 14, 2008
MENDOCINO COUNTY, CA - Members of the Coyote Valley Band of Pomo
were told in a meeting June 7th there were no investors to fund further
construction of their new $50 million casino. The project is now stalled pending
new financing. Construction began on the casino last November but stopped in
February. There are no workers at the site, only a concrete foundation, pipes,
and piles of dirt.
Financial adviser Denise Jasper of Marshall Bank told the meeting she had
solicited offers from forty investors but received no proposals. "You cannot
control the market," she said and suggested the project be scaled down and wait
six months for a change in the market.
As an alternative tribal leaders are talking to C.W. Heintz, a finance and
development company in Sacramento, about a $70 million funding package.
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