COARSEGOLD, CA – The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casino (CGRC), has announced the redemption of the remaining balance of $9.7 million in Secured Notes due 2028. CGRC’s strong business performance and CEDA’s conservative financial decision-making have resulted in an over 90 percent decrease in debt outstanding since early 2021 and will free up valuable resources for reinvestment in its businesses and its community.
“The repayment of all of the outstanding Notes represents a giant step for CEDA,” said Janet Bill, Chairperson of CEDA. “Going into the debt restructuring, the CEDA Board held steadfast in its primary goal to be debt free as soon as possible. We are thankful to our employees and management team for making Chukchansi Gold the region’s best resort casino, and to our valued customers for their loyalty and continued patronage. They have enabled us to meet a crucial step in strengthening our balance sheet, positioning us to maintain the region’s highest quality resort casino experience while allowing the tribe to expand its economic development initiatives in the region.”
Chukchansi Gold’s strong business performance coupled with CEDA’s conservative financial management decisions have enabled it to redeem all of the $193 million in notes, issued in 2021 as part of a successful debt restructuring, seven years in advance of their final maturity date.
“CEDA’s restructuring transaction has proven to be a huge success for the tribe, and the unprecedented early retirement of its notes reflects the commitment of its leadership to set a clear and unburdened path to economic self-sufficiency for its community,” said Frank King of Stuyvesant Square Advisors, the firm that serves as financial advisor to CEDA.