Jamul Indian Village Development Corporation refinancing attracts multiple lenders
“As an entirely new project, we were unable to obtain financing at low interest rates in the banking market. In just five years, the exceptional performance of the Casino enabled us to refinance our entire debt of pre-development and prepare us for continued reinvestment and future success.The terms of this refinancing will allow us to quickly pay down our debt and focus on our long-term financial stability and new projects that will continue to bring benefits. benefits to the tribe,” said the JIVDC and the Tribe President. Erica M. Pinto. “We are grateful for the partnership with Western Alliance Bank and appreciate their approach, flexibility and collaboration despite the challenges we faced last year during the COVID pandemic,” added President Pinto.
“Western Alliance Bank, together with a syndicate of lenders, was able to assist Jamul Casino in the first phase of its refinancing in 2021, despite the considerable difficulties caused by the pandemic,” said Ashan Perera, Managing Director, Western Alliance Gaming. “JIVDC’s leadership team and disciplined approach made the final 2022 global refinancing a reality. We are extremely honored and grateful for this partnership.”
This transaction is the second refinancing carried out by JIVDC in just over a year. A previous refinancing completed in 2021 took about a year to close after pandemic-related delays. However, due to the Casino’s outstanding performance and continued safe operations, the 2022 refinance was completed in just three (3) months with a significantly reduced interest rate. The success of the Casino is due in part to:
- Strategic location in a well-populated area with favorable demographics
- Modern facility with state-of-the-art equipment
- Impressive growth in player database with strong trends
- Best-in-class management team, led by President and CEO, Mary Cheeks
Ms. Cheeks says, “It is very gratifying to see the success of Jamul Casino recognized by this team of lenders. This is a testament to the vision of our management team, the dedication of our staff and the loyalty of our customers.
Procopio, Cory, Hargreaves & Savitch LLP (Procopio) provided legal advice for the JIVDC, and FSA Investment Group acted as financial advisor to the JIVDC. Procopio is an AMLaw 200 full-service business law and litigation firm, and FSA Investment Group is a financial advisory and investment firm.
About Jamul Indian Village of California (JIV or Tribe)
JIV is one of 13 federally recognized tribes that are part of the Kumeyaay Nation, with roots in the east San Diego County since time immemorial. The tribe uses revenue and resources from the Jamul Casino to fund educational opportunities, health care, and housing initiatives for its members, as well as fund projects that benefit the surrounding community. For more information on JIV, please visit jamulindianvillage.com.
About Jamul Indian Village Development Corporation
The Jamul Indian Village Development Corporation is a wholly owned subsidiary and instrument of the Jamul Indian Village, a sovereign Indian nation recognized by the federal government and was established to advance the tribe‘s goals of self-sufficiency and autonomy. The Development Corporation owns and operates the Jamul Casino and pursues other economic development projects on behalf of the tribe.
About Jamul Casino
Opened in 2016, the Jamul Casino is located in jamul, california, San Diego County, and is owned and operated by Jamul Indian Village Development Corporation (JIVDC), a tribe-owned company. the $430 million, the award-winning casino offers nearly 1,700 slot machines, 46 live table games, a dedicated poker room and various restaurants, bars and lounges. Jamul Casino supports over 1,000 permanent jobs in the area and is the closest casino to the city center San Diego which is the eighth largest city in United States per population. For more information about Jamul Casino, please visit www.jamulcasinosd.com.
SOURCE Jamul Indian Village Development Corporation