Indian Tribes Moving Away From Gambling With Wells Fargo Deal

Indian tribes have always been known for their lavish casinos. They have been a secure form of income that has been the centerpiece of tribal communities around the country.

Now, tribes are trying to diversify themselves by branching into different economic endeavors. The latest efforts come from two tribes in California.

The Rincon Indian Tribe and the Colusa Indian Tribe, with their new partners, Wells Fargo Community Development Corporation, have formed First Nations Capital Partners,LLC, a $25 million private equity fund.

"Gaming has been good for us, but it's a one-trick pony. That's why we've made economic diversification one of our top priorities," said the Chairman of Rincon, Vernon Wright.

In addition to the two tribes and Wells Fargo, four to six individual investors will also be taking part in the FNCP. The tribes, however, will be the majority investors. The group plans to make eight to ten individual investments with the money.

"We're happy to partner with these tribes to bring capital to a variety of small businesses," said President of Wells Fargo Community Development Corporation, Bob Taylor.

February 26, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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