JAMUL, Calif., Jan. 27, 2021 /PRNewswire/ -- The Jamul Indian Village Development Corporation (JIVDC), owner and operator of Jamul Casino®, 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:
- Strategic location in well-populated area with favorable demographics
- Modern casino with state-of-the-art amenities
- Impressive player development growth with strong trends
- Best in-class management team, led by President and General Manager, Mary Cheeks
"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 Mary Cheeks.
Procopio, Cory, Hargreaves & Savitch LLP (Procopio) provided legal counsel for the JIVDC and FSA Investment Group acted as the JIVDC's financial advisor. Procopio is an AMLaw 200 full-service business and litigation law 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 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. For more information about JIV, please visit jamulindianvillage.com.
About Jamul Indian Village Development Corporation
The Jamul Indian Village Development Corporation is a wholly owned subsidiary and instrumentality of the Jamul Indian Village, a federally recognized sovereign Indian nation and was established to advance the Tribe's goals of self-sufficiency by providing for the general welfare of tribal members. The Development Corporation owns and operates Jamul Casino and pursues other economic development ventures 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 wholly owned enterprise of the Tribe. The $430 million, award-winning casino features nearly 1,700 slot machines, 41 live table games, and a dedicated poker room and various restaurants, bars and lounges. Jamul Casino supports more than 1,000 permanent jobs in the region and is the closest casino to downtown San Diego which is the eighth-largest city in the United States by population. For more information about Jamul Casino, please visit www.jamulcasinosd.com.
Media Contact: Beth Binger
BCIpr
619-987-6658
beth.binger@BCIpr.com
