The owner and operator of Jamul Casino in California, Jamul Indian Village Development Corporation (JIVDC), announced that it had closed a loan with a commercial bank syndicate led by Western Alliance Bank and Nevada State Bank. Columbia Bank and CIT Bank were the other lenders connected with the refinancing.
Financial solutions for tribal gaming entities
Ashan Perera, Managing Director of the Gaming group for Western Alliance Bank said: “Western Alliance Bank is dedicated to finding the financial solutions required by tribal gaming entities, and many others in the casino gaming industry.
“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.”
Long term financial 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.”
Because of the pandemic, this agreement was launched in 2019 but was side-tracked. Jamul Casino was, however, able to draw lenders to this deal because of its capacity to function safely and efficiently. Other variables contributing to this outcome include its strategic location with favourable demographics in a well-populated area.
“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 President and General Manager Mary Cheeks.
JIV is one of the Kumeyaay Nation’s 13 federally recognised tribes, with origins dating back 12,000 years in eastern San Diego County. Via a tribal-state gaming compact with the State of California signed in 2016, the Tribe uses Jamul Casino income and services to fund educational opportunities, health care, and housing programs for its members, and projects that support the local community.