Jamul Indian Village Development Corporation secures $515m funding
The Jamul Indian Village Development Corporation (JIVDC) has closed on $515m of senior secured credit facilities.
KeyBanc Capital Markets led a group of banks, including Western Alliance Bank, Nevada State Bank, US Bank, PNC Bank, CIT Bank and Columbia State Bank to complete the transaction.
The credit facilities will be used to develop a new 16-story hotel that will be connected to the Jamul Indian Village’s pre-existing property, Jamul Casino.
Erica M. Pinto, JIVDC and Tribal Chairwoman, 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.”
Jamul Casino opened in 2016 and is a wholly owned enterprise of the Jamul Indian Village.
The property features 1,500+ slot machines, 46 live tables, a poker room and additional hospitality features.
Ben Rechkemmer, Managing Director at KeyBanc, said: “KeyBanc Capital Markets, together with a syndicate of lenders, are dedicated to providing financial solutions required by Tribes and their gaming entities.
“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.”
The Jamul Indian Village is a federally recognised tribe of the Kumeyaay Nation, with long-standing roots in the area of Dan Diego County.
The JIVDC was created to assist in the Jamul Indian Village becoming entirely self-sufficient, with Jamul casino supporting 1,200 permanent jobs in the region.
Revenue from Jamul Casino is used to fund financial projects within the community, as well as health and educational needs.
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