JAMUL, CA – The Jamul Indian Village of California (JIV) was recently honored with an award from the Native American Finance Officers Association (NAFOA). The tribe was awarded the Business Impact Deal of the Year Award at the 16th Annual NAFOA Leadership Awards luncheon during the 41st Annual NAFOA Conference in Washington, D.C. The award recognizes the JIV’s leadership, perseverance, and the structure of its debt refinance.
The Business Impact Deal of the Year Award specifically recognized the JIV’s success in refinancing debt related to the construction of its casino, owned and operated by the Jamul Indian Village Development Corporation (JIVDC). The transaction reduced the JIV Development Corporation’s (JIVDC) interest by over $30 million annually by allocating a portion of its high interest rate debt to a holding company until the entire debt could be converted to a conventional, low interest loan. The refinancing deal serves as an example for other tribal leaders looking to refinance their projects in the future.
“This recognition is a testament to the resilience, determination, and hard work of our tribe,” said Erica M. Pinto, Chairwoman of the Jamul Indian Village and Chairwoman of the JIVDC Board. “After facing numerous challenges, we have emerged stronger and more successful. The refinancing deal has not only transformed our casino’s financial standing but also paved the way for a brighter future for our entire community.”
“Given the post-COVID lending environment, Jamul Casino’s successful debt refinance speaks to the vision of our tribal board, the casino leadership team, the dedication of our staff, and the loyalty of our guests,” said Mary Cheeks, President and General Manager of Jamul Casino. “These transactions have provided new economic opportunities, such as allowing us to begin building a beautiful new hotel connected to Jamul Casino.”