.@indianz declination letters foster development and help support strong tribal governments
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.
Related Stories:
Jamul
Indian Village debuts casino to large crowds and traffic (10/11)
Jamul
Indian Village ready to open doors to long-awaited casino (10/5)
Erica
Pinto: Jamul Indian Village planning to debut casino 'soon' (08/26)
Eight
tribes push for passage of new gaming compacts in California (08/10)
California
governor reaches five more Class III gaming compacts (08/05)
Jamul
Indian Village sees favorable ruling on gaming ordinance (06/10)
Jamul
Indian Village wins county approval for gaming agreement (04/14)
Jamul
Indian Village still waiting for decision on gaming contract (03/14)
Jamul
Indian Village slated to open $390M casino in July 2016 (11/30)
Construction
worker dies at site of Jamul Indian Village casino (09/02)
New leader of
Jamul Indian Village cites benefits of $360M casino (8/26)
Another
lawsuit seeks to block Jamul Band from $360M casino (05/29)
Judge
again refuses to stop Jamul Band from building casino (05/20)
Jamul
Band finishes excavation work for $360M gaming facility (12/17)
Jamul
Band continues work on $360M casino after victory in court (08/28)
Judge
won't block construction of Jamul Indian Village casino (04/24)
Jamul
Band rejects claim about burial ground at casino site (04/23)
Judge
hears arguments in lawsuit against Jamul Band casino (04/17)
Lawsuit
claims remains were removed for Jamul Band casino (04/16)
Raymond
Hunter: Casino means self-sufficiency for Jamul Band (03/10)