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twitterTribe nixes merger proposal
Wednesday, Oct. 15, 2003 | 11:25 a.m.
The Morongo Band of Mission Indians in Riverside County, Calif., failed to approve a proposed merger between Las Vegas-based casino developer Full House Resorts and a subsidiary of the tribe.
The completion of the merger was subject to tribal approval and therefore the deal won't proceed, said Full House.
The proposal to purchase Full House for $20.1 million, including the assumption of $2.4 million in debt, would have been unusual for an Indian tribe and would have given the tribe access to assets as diverse as a Delaware slot machine operation and a deal to develop a casino for another tribe in Michigan.
The Morongo tribe, which owns Casino Morongo in Cabazon, Calif., explored the purchase as a way to diversify its investments.
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