US-based casino operator Jamul Indian Village Development Corporation (JIVDC) has completed a refinancing deal worth $515m to fund the construction of a new hotel and refinance existing debt.
JIVDC, an enterprise of the Jamul Indian Village of California, US, owns and operates Jamul Casino in Jamul, California, San Diego County.
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The financial transaction provides for senior secured credit facilities with a syndicate of commercial banks, which is led by KeyBanc Capital Markets and also includes Western Alliance Bank, PNC Bank, and Columbia State Bank.
JIVDC 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.”
Business and litigation law firm Procopio, Cory, Hargreaves & Savitch provided legal counsel for JIVDC, while financial advisory and investment firm FSA Investment Group was appointed as JIVDC’s financial advisor.
The transaction is JIVDC’s third after completing refinancing deals in 2021 and 2022.
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By GlobalDataJIVDC is remodelling the existing Jamul Casion to construct a new 16-storey hotel comprising 200 rooms, including 52 suites.
The hotel will also include a rooftop pool and hot tub, a restaurant, lobby bar, a fitness centre, a spa and salon, and a banquet room.
The project also includes a new 25,500ft² event centre, as well as associated parking and infrastructure. The existing second and fourth floors of the buildings will be removed, while the third floor will be expanded to accommodate the event space and associated lounge areas.
Other facilities on the third floor will include a multi-purpose/bingo hall, back-of-house area, and restrooms.
Jamul Casino president and general manager Mary Cheeks said: “It’s very rewarding to see Jamul Casino’s success recognised by this team of lenders. This comes at an exceptional time as we begin building a beautiful new hotel connected to the Casino.”
