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Buffalo Thunder says it will weather the storm

 
February 24, 2009

POJOAQUE PUEBLO - Officials with the Buffalo Thunder Resort admit their casino has been hit very hard by the current economy, but February business is giving them new optimism. This follows the downgrading of the Buffalo Thunder Development Authority by Standard & Poor’s from B- to CCC, indicating a high risk of default.

“We have been sold out for the last three weeks,” said George Rivera, the elected Governor of the Pueblo of Pojoaque. “We’re going to weather the storm and we’re working as hard as we can to address all those issues.” The resort is benefiting from the excellent ski season. It has 20,000 room nights booked including a number of meetings and conventions.

Buffalo Thunder Resort opened in August 2008 with 395 rooms. It was funded in part with $245 million in corporate bonds. S&P said the downgrade reflects concerns that the Authority will not be able to make payments on its upcoming financial obligations because of weaker-than-expected cash flow. Rivera declined to discuss whether the Authority will miss any payments on these bonds.



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