The Jamul Indian Village of California last week completed a 0 million refinancing that will allow it to pay 4 million to Penn National Gaming, which advanced it the funds to build the recently opened Hollywood Casino Jamul—San Diego.
For the last four years Penn has provided about $331 million in financing to plan and build the project and to purchase tribal debt. The tribe plans to use the money to repay the funds Penn advanced, the retire tribal debt and use the remainder for working capital.
Penn is continuing to provide financing of $108 million and $15 million that will be due in 2022 as well as an additional $5 million for incremental project costs.
Penn National President and Chief Executive Officer Timothy J. Wilmott said, “We intend to use the approximately $274 million of proceeds we are receiving to reduce borrowings under our credit facilities and further strengthen our liquidity position.”
