Jamul Indian Village refinances $460M in casino related debt

The Tony Gwynn's Sports Pub at the Hollywood Casino Jamul in California. Photo from Facebook The Jamul Indian Village of California has completed a refinancing of its casino-related debt.

The tribe secured $460 million in connection with the new Hollywood Casino Jamul. The facility, which is the closest to downtown San Diego, debuted on October 10 to large crowds.

“We are proud to have funded the construction and opening of Hollywood Casino Jamul – San Diego, and to support the JIV in securing a post-opening financing facility that, combined with the casino operations, will help the tribe realize its goal of becoming economically self-sufficient," Timothy J. Wilmott, the CEO and president of Penn National Gaming, said in a press release.

As a result of the refinancing, the tribe repaid $274 million to Penn National for helping develop and open the casino. According to the press release, the firm has $331 million in the project.

National Indian Gaming Commission on Twitter: "Declination letters foster development and help support strong tribal governments" The tribe undertook the refinancing after receiving a declination letter from the National Indian Gaming Commission. According to the federal agency, such letters "foster development and help support strong tribal governments."

Declination letters also "help NIGC fulfill its mission by bringing stability to the industry," the agency wrote on Twitter prior to the opening of the casino.

The NIGC has approved a management contract between the Jamul Indian Village and Penn National. The firm will receive 30 percent of the net revenue and a licensing fee of 2 percent of gross revenue as part of the agreement.

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