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Casino offers bonds to pay for expansion

Wednesday, Dec. 11, 2002 | 9:25 a.m.

VERONA, N.Y. -- The Oneida Indian Nation is selling $125 million in bonds to help pay for part of the $308 million expansion of its casino-resort complex.

An investment rating review by Moody's Investors Service also for the first time provides a more concise figure on what the tribe's Turning Stone Casino takes in each year from its gaming operations, which is estimated at $152 million annually.

Nation spokesman Mark Emery declined comment today about casino revenues.

The nation plans to raise $125 million through the sale of bonds and also will open a $150 million revolving line of credit to finance the expansion.

The money would pay for 31,000 square feet of additional gaming space, 568 new multi-game machines, 387 additional hotel rooms, two additional golf courses, a 5,000-seat multi-use events center and a 2,400-space parking garage, Moody's said.

The proposed expansion would be completed in phases over a 2 1/2-year period.

The existing complex includes the casino, a convention center, a showroom, a 285-room luxury hotel and two golf courses.

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