๐Ÿค‘ River Rock Casino seeks to restructure debt

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Sonoma County OKs new River Rock Casino. Geyserville Up to $ million to go to government under agreement. Jim Doyle, Chronicle Staff.


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The offer by the tribal-owned casino outside Geyserville would pay bondholders a fraction of what they are owed.


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The offer by the tribal-owned casino outside Geyserville would pay bondholders a fraction of what they are owed.


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He said the casino wants to demonstrate to investors that marketing and promotions continue, along with expense reductions. The reduced staff โ€” down to 10 employees โ€” now works out of three modest modular units at the base of the hill leading to River Rock. When you follow a story, the next time a related article is published โ€” it could be days, weeks or months โ€” you'll receive an email informing you of the update. Hopkins said when it comes to the money owed bondholders, the tribe has a team of consultants and lawyers prepared to meet with a majority of the investors to discuss a resolution for the late payments. The Dry Creek Pomos also relocated their headquarters from a modern, 20,square-foot office building on Airport Boulevard, north of Santa Rosa. While revenues may be down at River Rock, Hopkins insists it will stay open. Our Network.{/INSERTKEYS}{/PARAGRAPH} The tribe has faltered before on its debts. Casino operations continue today, which is why the impacts of that gaming facility need to be mitigated. We still have income. Indian casinos in other parts of the country, from Foxwoods in Connecticut to Buffalo Thunder in New Mexico, have done the same, he said. The notes โ€” essentially the full payment of that debt โ€” are due in Hopkins would not reveal either the amount of the interest payment to bondholders that the casino missed in May or the amount of another interest payment due before the end of the year. {PARAGRAPH}{INSERTKEYS}The "Follow This Story" feature will notify you when any articles related to this story are posted. Log In Subscribe. For example, with the smaller number of patrons at River Rock, the number of slot machines was reduced by to avoid the monthly licensing fees. Log In. This tool is available only to subscribers; please make sure you're logged in if you want to follow a story. Learn more. Please enter the email address for your Disqus account to join the comments Email Continue. He said the tribe is pursuing plans for a wetlands mitigation bank there, in which developers purchase credits to offset the loss of habitat caused by their projects in other locations. The project was shelved indefinitely when the recession hit. There's also an "Unfollow" link in every email notification we send you. He also wants to serve alcoholic beverages later than 11 p. Instead, they suggested that River Rock may once more seek to restructure its debt, possibly by winning concessions from creditors in regard to the repayment of both principal and interest. You can reach Staff Writer Clark Mason at or clark. Vineyards and olive trees also are being considered for planting there. Two years ago, casino officials said River Rock was attracting 1. Hopkins said about 1, machines remain. River Rock Casino woes mount as revenue is cut in half. Your access to the comments section has been restricted. He said the tribe also wants to build as many as 45 homes there for tribal members, along with the possibility of sports fields and a fire house. A gaming consultant for other tribes said Graton has definitely had an impact on casinos along Highway , including River Rock, and some to the north in Mendocino and Lake counties, where the market is local residents and people from the Bay Area. If you no longer want to follow a story, click the "Unfollow" link on that story. Plans for a hotel have been dropped. Please enter the email address for your Disqus account to join the comments. The tribe also curtailed or discontinued programs that provided books and clothes to its schoolchildren and assistance for college tuition and housing programs. Please note: This feature is available only to subscribers; make sure you're logged in if you want to follow a story. Greg Sarris, chairman of the Federated Indians of Graton Rancheria, did not return a call requesting comment. You must be logged in as a subscriber to access the comments section. Learn why. We still have a lot of guests. Essentially, he said the expense would be prohibitive and surmounting opposition from Petaluma and other communities too daunting. He said the incentive for a tribe is essentially to protect its credit rating. Hopkins said the or so casino employees โ€” down from approximately โ€” still are being paid, along with casino vendors. Hopkins downplayed the possibility of the tribe building a more conveniently located casino there, as it once considered. The Dry Creek Rancheria Band of Pomo, which owns River Rock, blames competition from the bigger, glitzier casino to the south for cutting business in half at the older, more remote facility near Geyserville. Hopkins said River Rock is not the only casino impacted by Graton.