Through this transaction, the JIVDC has been able to retire all high-interest pre-development debt while consolidating financing into a single low-interest loan. As a result of the refinancing funds, the JIVDC has been able to pay off its high-interest rate loan and as such has significantly reduced the interest rate of all its debt.
Commenting on the development, JIVDC and Tribal Chairwoman Erica M. Pinto said: "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.
"The terms of this refinancing will allow us to pay off our debt quickly and focus on our long-term financial stability, and new projects that will continue to provide benefits for the tribe."
Pinto noted that as an organisation, the JIVDC is thankful for the partnership with Western Alliance Bank, and appreciates the flexibility and approach to business shown throughout the collaboration despite challenges that faced last year due to the Covid pandemic.
This is the second refinancing achieved by the JIVDC in just over a year. The initial one took place in 2021 and because of pandemic-related issues, the transaction took around a year to complete. This latest 2022 refinancing was achieved in just three months with a significant reduction in interest rate.