Boyd Gaming announced last month that it would issue $500 million in bonds with an 8 percent interest rate to help finance the Wilton Rancheria’s proposed casino resort in Elk Grove, California.
Boyd, which operates several properties, will manage the casino, if it is built. Boyd said it hopes to net about $492 million from the bond sale to be used for future expansion, refinancing of debt and corporate operations.
The estimated price of the casino has been said to be about $400 million at various public meetings held by Elk Grove Mayor Gary Davis and the Wilton Rancheria when the project was first proposed two years ago. An additional $100 million has been added to that estimate.
Since then the tribe has obtained a state tribal gaming compact from Governor Jerry Brown and 36 acres was put into trust for the tribe in the Elk Grove Outlet mall by the Bureau of Indian Affairs.
A spokesman for the tribe has said recently that construction could begin this summer, although a lawsuit by casino watchdog Stand Up for California has challenged the land into trust decision.
