Press Release
SAN DIEGO, CA -- The San Pasqual Band of Indians has reached an agreement with Sealaska Corporation to help finance
construction of its new gaming facilities in North County.
The funding agreement paves the way for completion of the tribe's 40,000 square foot temporary casino scheduled
to open in spring of 2001, and also provides financing for construction of its 300,000 square-foot permanent, Mediterranean
village-style luxury resort-casino overlooking Lake Wohlford.
The arrangement between the San Pasqual Band of Indians, Sealaska Corporation and First Nation Gaming represents
a first of its kind agreement to fund, develop and manage a casino project of this magnitude. This unique agreement
brings together three separate tribal nations for distinct geographical areas: the Tlingit and Haida Indians from
Southeast Alaska, the Tunica-Biloxi tribe in Louisiana, and the San Pasqual Band of Indians, whose territory is
just east of Escondido, California.
``I am excited that three tribal nations are able to work together and create economic opportunities that will
benefit each of our tribes,'' said Allen Lawson, Tribal Chairman for the San Pasqual Band of Indians. ``Although
our tribes are different in many ways, we were able to formulate a winning business strategy by working together.''
``This investment is an important milestone in our company's initiatives to diversify and broaden our revenue sources,''
said Robert W. Loescher, President and CEO of Sealaska Corporation. ``We recognize a tremendous potential in this
new investment into the entertainment industry in Southern California.''
Based in Juneau, Alaska, Sealaska Corporation is one of 13 Regional Native corporations formed under the Alaska
Native Claims Settlement Act of 1971. Sealaska is the largest private landowner in the southeastern region of Alaska,
and has over 16,000 Alaska Native shareholders. Sealaska's primary investments are in forest products, plastics,
financial markets and mineral exploration and development. The entertainment industry investment is a new area
for the company.
First Nation Gaming, based in Lafayette, Louisiana, is a Native American-owned company developing and managing
Native American Casino facilities. First Nation Gaming is a tribally controlled company 51% owned by the Tunica-Biloxi
Tribe of Louisiana, and 49% owned RR Gaming of America, LLC.
``Our involvement with the San Pasqual tribe didn't just begin with negotiating the financing, we are with them
every step of the way insuring their casino will provide a superior entertainment experience,'' Rodney Savoy, CEO
of First Nation Gaming said.
``We are very excited to work with other Native American tribes and find ways that we can all achieve our long-range
visions for economic independence,'' Chairman Earl Barbry, Sr. of the Tunica-Biloxi tribe said. ``This landmark
agreement will offer economic growth and broader economic opportunity, and will strengthen the self-determination
of each of our Tribal Nations''.
According to Albert Kookesh, Sealaska's Chairman of the Board, Indian tribes across Alaska and the United States
could soon be creating partnerships and economic opportunities based on their individual tribal strengths. ``This
is just the start of a new era of expansion for Native American enterprise,'' he said.
Terms for the financing were not disclosed, however plans for the permanent luxury resort and gaming facility include
200 rooms and villas, an 18-hole championship golf course, five restaurants, a day spa, and equestrian facilities.
At a total cost of approximately $180 million, the lake-view resort will be the most anticipated and expensive
casino development in the North County.
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Contact:
Sealaska Corporation
Robert W. Loescher, 907/586-9233
or
San Pasqual Band of Indians
Allen Lawson, 760/749-3200