US – Jamul Indian Village announces refinanceBy Phil - 28 January 2021
The Jamul Indian Village Development Corporation (JIVDC), owner and operator of Jamul Casino in California, announced that it closed a loan with a syndicate of commercial banks led by Western Alliance Bank and Nevada State Bank. The other lenders associated with the refinance were Columbia Bank and CIT Bank.
“Western Alliance Bank is dedicated to finding the financial solutions required by tribal gaming entities, and many others in the casino gaming industry,” said Ashan Perera, Managing Director of the Gaming group for Western Alliance Bank. “The successful completion of this refinancing plan offers significant benefits to JIVDC, Jamul Casino, and the Tribe as well. We are exceedingly proud to be part of their continued success.”
JIVDC and Tribal Chairwoman Erica M. Pinto stated: “This refinance will allow us to position ourselves for long-term financial success. It is extraordinary that in a short three-year period since taking over management of the casino we have been able to transform operations and establish ourselves as one of East San Diego County’s top destinations for food, fun, gaming, and entertainment.”
This deal was initiated in 2019 but was sidetracked due to the pandemic. However, due to its ability to operate safely and successfully, Jamul Casino was able to attract lenders to this transaction. Other factors contributing to this result include it strategic location in well-populated area with favourable demographics.
“It’s very rewarding to see Jamul Casino’s success acknowledged by the financial market. We look forward to the years ahead with these highly regarded institutions,” said President and General Manager Mary Cheeks.
JIV is one of 13 federally recognized tribes that are part of the Kumeyaay Nation, with roots in east San Diego County going back 12,000 years. The Tribe uses revenue and resources from Jamul Casino to fund educational opportunities, health care, and housing initiatives for its members, and projects that benefit the surrounding community, through a tribal-state gaming compact with the State of California signed in 2016.