The Syndicate of commercial banks, whose leader is KeyBanc Capital Markets Inc, approved a $515 million credit to the Jamul Indian Village Development Corporation (JIVDC). The company already operates Jamul Casino and an enterprise led by the Jamul Indian Village of California.
Funding for the new hotel:
Apart from KeyBanc, the banks that were involved in the credit were Western Alliance Bank, Nevada State Bank, U.S. Bank, PNC Bank, CIT Bank, and Columbia State Bank, so, judging by the included parties, the project is pretty huge.
There are multiple purposes for that money: the company plans to refinance the debt from before, as well as to invest in its new hotel construction. The remaining money will be used to pay all costs associated with transactions of the money.
Erica M. Pinto, Chairwoman at JIVDC and Tribal, commented: “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.”
Key factors:
In 2021 and 2022, the Tribe already got some funding to refinance the property they own. The strategy required to complete these funds is very important, and the Tribe thought about that. One of the most important things is the carefully chosen location for the property, where people are interested in new casinos, and the demographics are favorable to the casino owners. Also, the building has to possess all the modern amenities that will make everyone comfortable.
When it comes to gaming, the player database is carefully taken care of by the amazing management team of the Tribe.
This year, the JIVDC worked hard on its new property. It is planned to build a luxury 16-story hotel. It seems that the Tribe has huge expectations from the hotel since there will be 200 rooms with 52 suites in the building. Also, a popular rooftop pool is one of the amenities that everyone will enjoy, as well as a jetted hot tub. There are some things that can be found almost anywhere, but apart from that, the customers will be able to enjoy the services of a spa center, salon, fitness center, and banquet room. And for sure, nobody will be hungry: there is a fantastic restaurant and lobby bar that will satisfy even the picky customers. The whole building will be constructed to meet the standards of AAA’s Four Diamond designation.
A fantastic casino experience:
Jamul Casino is situated in San Diego County, California. A vast number of players enjoy its services, so there are almost 1.700 slot machines and 46 live table games. For customers who prefer playing poker, there is a separate poker room. There are also many restaurants, bars, and lounges for players to relax after playing some of the casino’s thrilling games.
