Again, proving that All that Glitters is not gold at Chukchansi Gold Resort in Coarsegold
Chukchansi Gold is a premium resort destination that continues to generate positive cash flow. However, we have not been immune from the global economic downturn and significant central California economic forces (including approximately 15% unemployment and home foreclosures that are two to three times greater than the national average), which have impacted our operations, just as they have affected many operating in the gaming industry as well as many other businesses in the region.
We are actively seeking to negotiate a timely restructuring of our debt, which,if successful, would provide us with increased financial flexibility and enable us to emerge a stronger business over the long term.
In addition, a sensible restructuring would provide us with the resources necessary to continue to re-invest in our property, take advantage of strategic opportunities as they arise, and maintain our role as a responsible citizen of our community. OP: Responsible citizens DO NOT strip the citizenship from their people, nor default on their loans
"During this process, we wish to assure our guests,employees and vendors that operations at Chukchansi Gold will not be affected by the financial
restructuring. Chukchansi Gold will continue to operate uninterrupted by the restructuring process, and we will provide our guests with the same level of service, value and entertainment choice they have come to expect and enjoy. From offering a premium gaming and resort experience to honoring rewards earned by our Players Club members, it is business as usual at Chukchansi Gold. OP: OF course! They can use the money they AREN'T paying on their loans. Would it be a safe bet for Players Club members to cash out NOW.
"Additionally, our employees should not expect to see any difference in their jobs, and relations with our vendors will continue unaffected. We greatly value each member of our team and each one of our vendors.
We are committed to continuing to work with them to deliver a one-of-a-kind experience to our guests and players." OP: Meaning: Cash your checks immediately. Vendors, you might get paid.
3 comments:
I wonder if that statement was written by an Indian or some lawyer they hired to do damage control. I’ll bet their lawyer is friends with John-John Marcy’s brother.
perhaps the investors should look at the fact that the PRCI CEDA board and the PRCI tribal council at picayune have never been separated, even though recommended by every legal team they ever employed...this could spell BIG financial trouble for the tribe...
(per the infamous indian country legal expert--and past head of the NIGC, and picayune legal team--harold monteau, compliments of pechanga's own victor rocha)
http://www.victor-rocha.com/articles/Bankruptcy%20and%20Debt%20Defaults%20in%20Indian%20Gaming%2005272010.htm
the disenrolled and those threatened with disenrollment should be calling the NIGC, which needs to give approval for the "reorganization" and the BIA...
more direct link to above:
Get the Story:
Harold Monteau: Bankruptcy and Debt Defaults in Indian Gaming (Pechanga.net 5/28)
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