VEGAS CREST CASINO
December 20, 2009
REDDING – The Win-River Casino in Redding has placed its plans for a destination resort on hold due to the financial markets.
General Manager Gary Hayward said "Our credit is fine, but the loan rates we were looking at to borrow originally have changed to a point that we will take a step back. We are hoping that by midyear, next year we will be able to turn the expansion back on."
In May 2007 Win-River announced plans to spend $90 million to build a destination resort including an 8-story, 175-room hotel, a 5-story parking garage and a 2,000-seat multipurpose center.
In May 2008 the economy was declining and Win-River cut the expansion to $75 million. The revised plan included a 121-room hotel, a smaller parking garage with 800 spaces and renovation of the existing Event Center, rather than building a new one.
In August 2008 Win-River held a ground-breaking ceremony to begin expansion. They hoped to complete the parking garage by September 2009 and the entire project by 2010.
A few months ago tribal officials decided to put the expansion on hold. The casino needs to borrow $35 to $40 million for the garage, hotel and spa and to remodel the Event Center.
Until loan rates improve, Win-River will continue in January by spending $2 million to remodel its Elements restaurant, add gaming machines and update the décor. The work is scheduled for completion in October.
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