Navajos set to build first casino in New Mexico

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Leaders of the Window Rock tribe of the Navajo Nation announced Thursday that they were planning to build their first-ever casino in Church Rock, New Mexico.

Construction is slated to start in April, with the casino hoping to open this fall.

According to a story from the Phoenix Business Journal:

“It’s actually a great strategy for the Navajo Nation. To be able to finance your own development, and earn a higher return on that loan than on existing investment returns,” said Bob Winter, interim CEO of Navajo Nation Gaming Enterprise, in a released statement.

Tribal gaming is already big business in neighboring Arizona. Gross gaming revenue from Arizona’s Indian casinos in 2007 hit $1.94 billion, up 8.6 percent from 2006, according to Arizona Department of Gaming. Gross gaming revenue is the difference between gaming wins and losses, before deducting casino operating costs and expenses.

Whole thing here.