Jamul, CA, January 27, 2021 – The Jamul Indian Village Improvement Company (JIVDC), proprietor and operator of Jamul On line casino®, introduced that it closed a mortgage with a syndicate of economic banks led by Western Alliance Financial institution and Nevada State Financial institution. The opposite lenders related to the refinance had been Columbia Financial institution and CIT Financial institution.
“Western Alliance Financial institution is devoted to discovering the monetary options required by tribal gaming entities, and lots of others within the on line casino gaming trade,” stated Ashan Perera, Managing Director of the Gaming group for Western Alliance Financial institution. “The profitable completion of this refinancing plan provides important advantages to JIVDC, Jamul On line casino, and the Tribe as nicely. We’re exceedingly proud to be a part of their continued success.”
JIVDC and Tribal Chairwoman Erica M. Pinto acknowledged, “This refinance will permit us to place ourselves for long-term monetary success. It’s extraordinary that in a brief three-year interval since taking up administration of the on line casino we’ve been in a position to rework operations and set up ourselves as one in every of East San Diego County’s high locations for meals, enjoyable, gaming, and leisure.”
This deal was initiated in 2019 however was sidetracked because of the pandemic. Nonetheless, because of its potential to function safely and efficiently, Jamul On line casino was in a position to entice lenders to this transaction. Different elements contributing to this outcome embody:
- Strategic location in well-populated space with favorable demographics
- Trendy on line casino with state-of-the-art facilities
- Spectacular participant growth development with sturdy traits
- Finest in-class administration group, led by President and Basic Supervisor, Mary Cheeks
“It’s very rewarding to see Jamul On line casino’s success acknowledged by the monetary market. We stay up for the years forward with these extremely regarded establishments,” stated Mary Cheeks.
Procopio, Cory, Hargreaves & Savitch LLP (Procopio) offered authorized counsel for the JIVDC and FSA Funding Group acted because the JIVDC’s monetary advisor. Procopio is an AMLaw 200 full-service enterprise and litigation legislation agency, and FSA Funding Group is a monetary advisory and funding agency.
About Jamul Indian Village of California (JIV or Tribe)
JIV is one in every of 13 federally acknowledged tribes which are a part of the Kumeyaay Nation, with roots in east San Diego County going again 12,000 years. The Tribe makes use of income and assets from Jamul On line casino to fund instructional alternatives, well being care, and housing initiatives for its members, and tasks that profit the encompassing neighborhood, by a tribal-state gaming compact with the State of California signed in 2016. For extra details about JIV, please go to jamulindianvillage.com.
About Jamul Indian Village Improvement Company
The Jamul Indian Village Improvement Company is a completely owned subsidiary and instrumentality of the Jamul Indian Village, a federally acknowledged sovereign Indian nation and was established to advance the Tribe’s targets of self-sufficiency by offering for the final welfare of tribal members. The Improvement Company owns and operates Jamul On line casino and pursues different financial growth ventures on behalf of the Tribe.
About Jamul On line casino
Opened in 2016, the Jamul On line casino is situated in Jamul, California, San Diego County, and is owned and operated by Jamul Indian Village Improvement Company (JIVDC), a completely owned enterprise of the Tribe. The $430 million, award-winning on line casino options almost 1,700 slot machines, 41 dwell desk video games, and a devoted poker site and numerous eating places, bars and lounges. Jamul On line casino helps greater than 1,000 everlasting jobs within the area and is the closest on line casino to downtown San Diego which is the eighth-largest metropolis in america by inhabitants. For extra details about Jamul On line casino, please go to www.jamulcasinosd.com.