Vegas Crest Casino
May 17, 2013
The Sacramento area based tribe, Shingle Springs Band of Miwok Indians, have been given approval to change their compact.
The Red Hawk casino and Resort, owned by the tribe opened in 2008. This was also the same time when the country faced the start of a recession. The original gaming compact was renegotiated last year. However, since that time the casino has faced financial difficulties.
A new compact was given approval by the state's senate. In the compact, the debt owed by the tribe will be able to be refinance. Also the tribe's business organization will be allowed to restructure. Payments towards the debt would be made over several years. later on, the casino will also pay 15% of gaming revenue to the state. The new compact would also allow for the casino to continue the employment of its 1,400 people.
The next step is for the state's Assembly to give approval.
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