By next summer, the Navajo Nation could have its own casino up and running thanks in part to a vote Monday by the Tribal Council that will give the O.K. to move forward and accept a $100 million loan from JP Morgan Chase.
Some of the Tribe that voted against accepting the loan were concerned with some of the details of the credit line, mainly the idea that once they accepted the loan, the Tribe would forfeit the right, or at least ask JP Morgan for permission to borrow money for other projects.
Although there was some scepticism, in the end the Tribe voted to accept the loan and begin the next step in the process that would bring them their own casino, one which is needed badly for jobs it would provide.
Securing Engineering and design contracts are the next step for the tribe, and the hope is that there can be groundbreaking some time soon and that by next summer, a casino would be built.
For the first two years of the loan, the Tribe can take out smaller increments of the $1,000,000 and just pay interest on that, saving them money for at least two years.
Gallup, New Mexico is the site for their first casino, and that location is expected to gross almost $32 million its first year. Flagstaff is the location of casino #2, and that is projected to gross $46.5 million for its first year.
The casinos come not have come at a better time for the Tribe as nearly 50 percent of the tribe is currently without work, something that is sure to change when their first casino opens its doors.