Jamul Indian Village Development Corporation (JIVDC) – owner of California’s Jamul Casino – has secured its financial future after completing a refinancing of its operations in concert with a syndicate of commercial financial institutions under the leadership of Western Alliance Bank.
As a result of the deal, JIVDC was able to rid itself of its cumulative high interest pre-development debt, thereby consolidating its financing into one low-interest loan. The group was also able to completely pay of its high interest rate loan.
The financial future of the company is considerably more stable now that the refinancing has been completed. The deal took just three months to negotiate and finalize.
The other lenders in question besides Western Alliance Bank were US Bank, Nevada State Bank, KeyBank, First-Citizens Bank & Trust Co. and Columbia State Bank.
JIVDC and Tribal Chairwoman Erica M. Pinto commented: “As a greenfield project, we were initially unable to obtain low-interest financing in the bank market. In only five short years, the casino’s outstanding performance has allowed us to refinance all of our pre-development debt and set ourselves up for continued reinvestment and future success.”
These comments were echoed by Western Alliance Gaming Managing Director Ashan Perera: “Western Alliance Bank, together with a syndicate of lenders, were able to assist Jamul Casino with the first phase of its refinance in 2021, despite the sizable difficulties brought about by the pandemic.
“The management team and the JIVDC’s disciplined approach made the 2022 final global refinance a reality. We are extremely honored and grateful for the partnership.”
