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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