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.

The Agua Caliente Band of Cahuilla Indians will be thefirst tribe in the state to finish a new casino andthe first with two casinos under rules approved byCalifornia voters with the passage of Proposition 1A,which amended the state constitution to allow adramatic expansion of Indian gambling acrossCalifornia.

The new financing adds to the more than $1 billion inIndian gaming finance transactions that have beencompleted by the Minneapolis-based investment banker,including about $130 million in financing fortribal-owned casinos in California. Miller & Schroederspecializes primarily in fixed income investmentbanking, and has about 200 employees in nine officesin seven states.

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