Proceeds to Fund Hotel Construction and Refinance Existing Debt
JAMUL, Calif., April 3, 2023 /PRNewswire/ — 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 (the “Tribe”), closed on $515 million of Senior Secured Credit Facilities (the “Credit Facilities”) with a syndicate of commercial banks led by KeyBanc Capital Markets Inc. 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 says, “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.”
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.
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
- 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.
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 since time immemorial. The Tribe utilizes revenue and resources from the Jamul Casino to fund educational opportunities, health care, and housing initiatives for its members, as well as finance projects that benefit the surrounding community. 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 and self-reliance. 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, 46 live table games, a dedicated poker room, and various restaurants, bars and lounges. Jamul Casino supports 1,200 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
[email protected]
SOURCE Jamul Indian Village Development Corporation
