Operator News
US – Jamul Indian Village Development secures $515m for hotel development
By Phil - 5 April 2023
On March 29, 2023, the Jamul Indian Village Development Corporation (JIVDC), owner and operator of Jamul Casino and a wholly-owned enterprise of the Jamul Indian Village of California, closed on $515m of Senior Secured Credit Facilities with a syndicate of commercial banks led by KeyBanc Capital Markets.
The other lenders included Western Alliance Bank, Nevada State Bank, U.S. Bank, PNC Bank, CIT Bank, and Columbia State Bank. Proceeds from the Credit Facilities will be used to refinance existing debt, fund hotel construction, and pay transaction-related fees and expenses.
JIVDC and Tribal Chairwoman Erica M. Pinto said: “We are thankful for the partnership with KeyBanc and appreciate their approach, flexibility, and collaboration. The terms of this transaction will allow us to focus on our long-term financial stability and new projects that will continue to provide benefits for the Tribe.”
“KeyBanc Capital Markets, together with a syndicate of lenders, are dedicated to providing financial solutions required by Tribes and their gaming entities,” said Ben Rechkemmer, Managing Director. “Jamul Casino’s management team and JIVDC’s effective leadership made this financial goal a reality. We are proud to be part of the continued success of JIVDC, Jamul Casino, and the Tribe as well.”
This is the third significant financial transaction the JIVDC has completed in recent years. The Tribe refinanced their property in 2021 and again 2022. The Tribe’s success in completing these transactions is due in part to Jamul Casino’s strategic location in a well-populated area with favorable demographics, modern facility with state-of-the-art amenities, impressive player database growth with strong trends and best in-class management team, led by President and General Manager, Mary Cheeks
“It’s very rewarding to see Jamul Casino’s success recognized by this team of lenders. It speaks to the vision of our Tribal Board, the Property leadership team, the dedication of our staff, and the loyalty of our guests,” Ms. Cheeks states. “This comes at an exceptional time as we begin building a beautiful new hotel connected to the Casino.”
JIVDC is adding to its property by developing a new 16-story hotel, which will feature 200 rooms, including 52 suites, a rooftop pool and jetted hot tub, a spa and salon, a fitness center, a restaurant and lobby bar, and a banquet room. The hotel is being built to achieve AAA’s Four Diamond designation.
