Happy Thanksgiving from GGB; Newsletter Returns December 4

U.S. Tribe Exits Fiji Investment

An American Indian tribe, the Snoqualmie, appears to have lost its $1.5 million investment in a casino in Fiji. The tribe has pulled out of the Pacific island project, saying its developer has defaulted on a loan from the tribe.

An American Indian tribe has pulled out as an investor in a casino in the South Pacific island of Fiji.

Jaime Martin, communications and public relations officer for Washington state’s Snoqualmie Tribe, said the developer, One Hundred Sands, was granted an exclusive license to build and operate casinos in the country but has defaulted on repaying a US$1.5 million loan from the tribe, which resulted in their decision to end their involvement.

One Hundred Sands Chairman Larry Claunch said the company managed to secure funding through its CEO and investment partner Tim Manning.

“The project is moving forward quickly,” he said.