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Gaming Officials Present Tribe with $5 Million in 1st Payment of Casino Profits

Posted: Jul 02, 2012

 The Navajo Gaming Enterprise on Friday presented the Navajo Nation with its first share of casino profits.

In a ceremony at the Quality Inn in Window Rock, gaming officials presented a $5 million check to Navajo Nation officials to be used to befit the Navajo people.

Quincy Natay, chairman of the gaming enterprise board, said the check was made possible by an action by the Navajo Nation Council's Budget and Finance Committee to reduce the enterprise's interest payment for tribal loans from 18 to 15 percent.

If this did not happen, the $5 million would still have gone to the tribe but it would have gone as interest for the enterprise's more than $100 million in loans and would have stayed in the tribe's investment account. The enterprise probably would not have been able to distribute profits to the tribe until 2015 or 2016. 

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