Industry News
Jamul Indian Village Development Corporation Completes $515 Million Financial Transaction
On March 29, 2023, the Jamul Indian Village Development Corporation (JIVDC), owner and operator of Jamul Casino and a wholly-owned enterprise of the Jamul Indian Village of California (the Tribe), closed on $515 million of Senior Secured Credit Facilities (the Credit Facilities) with a syndicate of commercial banks led by KeyBanc Capital Markets Inc. The other lenders included Western Alliance Bank, Nevada State Bank, U.S. Bank, PNC Bank, CIT Bank, and Columbia State Bank. Proceeds from the Credit Facilities will be used to refinance existing debt, fund hotel construction, and pay transaction-related fees and expenses.
JIVDC and Tribal Chairwoman Erica M. Pinto said: âWe are thankful for the partnership with KeyBanc and appreciate their approach, flexibility, and collaboration. The terms of this transaction will allow us to focus on our long-term financial stability and new projects that will continue to provide benefits for the Tribe.â
âKeyBanc Capital Markets, together with a syndicate of lenders, are dedicated to providing financial solutions required by Tribes and their gaming entities. Jamul Casinoâs management team and JIVDCâs effective leadership made this financial goal a reality. We are proud to be part of the continued success of JIVDC, Jamul Casino, and the Tribe as well,â Ben Rechkemmer, Managing Director at KeyBanc, said.
Procopio, Cory, Hargreaves & Savitch LLP (Procopio) provided legal counsel for the JIVDC, and FSA Investment Group acted as the JIVDCâs financial advisor. Procopio is an AMLaw 200 full-service business and litigation law firm, and FSA Investment Group is a financial advisory and investment firm.
This is the third significant financial transaction the JIVDC has completed in recent years. The Tribe refinanced their property in 2021 and again 2022. The Tribeâs success in completing these transactions is due in part to Jamul Casinoâs:
- Strategic location in a well-populated area with favorable demographics
- Modern facility with state-of-the-art amenities
- Impressive player database growth with strong trends
- Best in-class management team, led by President and General Manager, Mary Cheeks.
âItâs very rewarding to see Jamul Casinoâs success recognized by this team of lenders. It speaks to the vision of our Tribal Board, the Property leadership team, the dedication of our staff, and the loyalty of our guests. This comes at an exceptional time as we begin building a beautiful new hotel connected to the Casino,â Ms. Cheeks said.
JIVDC is adding to its property by developing a new 16-story hotel, which will feature 200 rooms, including 52 suites, a rooftop pool and jetted hot tub, a spa and salon, a fitness center, a restaurant and lobby bar, and a banquet room. The hotel is being built to achieve AAAâs Four Diamond designation.
Industry News
Navajo Gaming Honors 186 Team Members for Employee Milestones
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
âNavajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAAâs coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature âNavajo Beef,â and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nationâs beautiful scenic transformation,â Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
Industry News
The International Association of Gaming Advisors (IAGA) Announces 2024 International Gaming Summit in Washington, D.C.
The International Association of Gaming Advisors (IAGA) will hold its 41st International Gaming Summit Monday, May 27 through Thursday, May 30, 2024 at The Ritz-Carlton Washington, D.C.
As a premier event that brings together leaders from all global gaming sectors, the Summit will provide operators, suppliers, attorneys, investors, bankers, regulators and other advisor delegates with an unparalleled opportunity to meet and discuss the most important issues facing gaming.
âWe are looking forward to holding this yearâs 41st Annual International Gaming Summit in Washington, D.C., and are pleased to announce an agenda that includes a specific focus on some of the key sports betting issues the rapidly expanding US market is facing. As part of this focus, we will bring together representatives from global sports betting operators, regulatory agencies, professional sports leagues and other experts to discuss how the industryâs sports betting stakeholders can better work together to ensure a sustainable, responsible sports betting environment that is built on best practices lessons learned from other markets,â John Stawyskyj, President of IAGA, said.
âBeyond our sports betting focus, our diverse agenda includes discussions on other issues of importance including the growing impact of fraud and cyber breaches on regulated operators, a look into the federal and state lobbying process, an update on whatâs happening in other gaming markets outside North America, a deep dive into new technologies and how they might impact gaming and more. I look forward to welcoming our delegates to Washington and participating with them in lively discussions about these critical issues and more,â Stawyskyj added.
Industry News
Marker Trax Appoints John Henderson as Senior Vice President of Operations
Marker Trax, a leader in cashless payment solutions for the gambling industry, has announced the appointment of John Henderson as its senior vice president of operations.
As the company continues solidifying its cashless payments sector leadership position, Henderson joins the team to play a key role in leading strategic planning efforts, executing new operator and customer initiatives, directing pursuit of key performance indicators, and ensuring overall product and technology quality control. He reports directly to, and will work closely with, Marker Trax President Charlie Skinner.
Henderson is a seasoned, energetic industry veteran who brings to Marker Trax more than four decades of success in delivering technology-based business solutions, leading innovation-forward companies seeking to increase their industry footprints and to solidify their market shares.
âWeâre cementing our leadership position in the cashless space, and John is the right leader, at the right time, to help guide us there. He has tactical expertise, and a long track record of success in the IT space. More than that, though, heâs always eager to innovate â which aligns perfectly with our philosophy and goals. Weâre lucky to have him on board,â Charlie Skinner, President of Marker Trax, said.
Immediately prior to joining Marker Trax, Henderson served as chief information officer at WorldStrides, a global leader in educational travel services, and helped the company navigate a business and IT transformation program. Henderson has also held client partner roles at Accenture, IBM, and Cognizant, and has served numerous global brands including Choice Hotels, Hilton Hotels, MGM Resorts, Wynn, Disney, and Royal Caribbean.
âEvery step of his career, Johnâs shown natural aptitude for client relationship management and large-scale systems integrations, and a keen, tactical eye for optimizing performance at all levels of an operation. At Marker Trax, weâre increasing our market footprint through continual innovation, and Johnâs tactical leadership will be of tremendous benefit to reaching our goals,â Skinner said.
Hendersonâs addition caps a prolific run of recent accomplishments for the company. It recently unveiled its innovative consumer product, Moolah Play, secured renewed commitment from partner and global payments leader Euronet Worldwide Inc., and is introducing its cashless credit technology into more markets around the country.
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