The Santa Fe New Mexican reports:Pojoaque Pueblo Gov. George Rivera on Monday acknowledged that the giant new resort opened last summer on tribal land north of Santa Fe is off to a slow start. However, he declined to discuss a financial publication's report that bondholders are concerned about Buffalo Thunder's revenues. Although he refused to talk specifics, Rivera said the giant hotel and resort is paying off its bond holders. The $245-million Buffalo Thunder resort, with 395 rooms, opened in August, offering gambling, golf, fine dining and other activities. Rivera declined to discuss a recent story in the FT.com, the online version of the Financial Times, that said Buffalo Thunder "could become the first major tribal insolvency this year" because it will be unable to meet its commercial bond payments. One bondholder told the publication that the casino reported $2 million in earnings (before interest, taxes, depreciation and amortization) during the quarter that ended Dec. 31. "The performance was a dismal start for the recently built ... resort and casino," said the bondholder and a market analyst, according to the Financial Times.
The article also said the pueblo would probably not be able to make the next $11.5 million payment, due at the end of June...
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