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Miller & Schroeder Arranges $70 Mil Loan For California Casino Developers

MINNEAPOLIS-The casino is the first of many anticipated in the Palm Springs area. An Indian gaming finance company to back Agua Caliente Band expansion plans.

By Jim McCartney | Updated on September 26, 2000

MINNEAPOLIS-Miller & SchroederFinancial, one of the nation’s largest Indian gamingfinance companies, has closed a $70-milliondebt financing transaction with the Agua Caliente Bandof Cahuilla Indians to complete a new casino to beoperated by the band in Rancho Mirage, CA.

The new Agua Caliente Casino, scheduled to open in May2001, is a 138,000-sf facility that will feature 950class III slot machines, 40 table games, a 15,000-sfentertainment and bingo room, a 450-seat buffet areaand two leased restaurants. The facility is to belocated on Interstate-10 near Palm Springs. The bandwill manage the casino itself.

The Agua Caliente tribe has announced plans to spendat least $150 million to overhaul and expand its SpaCasino, opened in 1995 in downtown Palm Springs, aswell as $80 million to build the new Rancho Miragecasino.

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