COARSEGOLD, CA – The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casino (CGRC), recently announced the repayment of the remaining balance of $26.2 million to Western Alliance Bank, which will fully retire its obligations under its bank loan. CGRC’s strong business performance and CEDA’s conservative financial decision-making have resulted in a 100 percent decrease in debt outstanding since early 2021 and will free up valuable resources for reinvestment in CEDA’s businesses and community.
“The repayment of all CEDA’s debt represents the culmination of years of effort by our leadership team to take control of our tribe’s economic future,” said Janet Bill, Chairperson of CEDA. “Going into the debt restructuring, a process that began in 2018, 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 become debt free years in advance of expectations. By shedding our debt, we are securely positioned to not only maintain Chukchansi Gold as the region’s highest-quality resort casino but to also empower our 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, and as of now, repay the remaining balance of its $30 million bank loan that were part of a successful debt restructuring to become debt free.
“CEDA’s restructuring transaction has proven to be a huge success for the tribe and the unprecedented early retirement of both its notes and bank loan reflects the unwavering 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. “CEDA’s business success and careful stewardship of its finances following a very challenging period are testimony to the strength of its leadership and management teams; their efforts represent positive role models for Indian Country businesses across the nation.”