San Pasqual Tribe Sets New Gaming Lending Standard

VALLEY CENTER, Calif.--(BUSINESS WIRE)--Today, the San Pasqual Casino Development Group Inc., the gaming corporation of the San Pasqual Band of Mission Indians, owners of the Valley View Casino & Hotel, set a new standard in Native American financing. The San Diego County Tribe closed today on a refinancing of its $215 million in outstanding high-yield bonds, due September 2013, at an unprecedented low interest rate for a Native American gaming operation.

“This was made possible through the talent, dedication and joint efforts of our owners, our board of directors and our team members. With this refinancing, we have established a firm financial foundation for the future of our community.”

 “In a very tight lending environment, we received favorable terms due to the sustained growth of our business and the stability of our board of directors,” said Jennifer Bryant, CFO at Valley View Casino & Hotel. “This is an incredibly exciting day for the Tribe and Casino. We are proud that the lending community has recognized the Tribe and Casino with a financial package that is truly reflective of the strength of the operation.”

The new credit facility was funded by a syndicate of seven banks led by BofA Merrill Lynch and KeyBank NA, who were joined by Compass Bank, Comerica Bank, PNC Bank, Capital One and Manufacturers Bank. 

“The closing of today’s refinancing will have significant benefits not only for the San Pasqual Tribe but for all other Native American gaming operations across the country,” said Joe Navarro, President/CEO of the San Pasqual Casino Development Group, Inc., the Tribe’s gaming corporation. “This was made possible through the talent, dedication and joint efforts of our owners, our board of directors and our team members. With this refinancing, we have established a firm financial foundation for the future of our community.”

This is not the first time the Casino has made headlines within Native American financing. In 2009, the Casino became the first tribally owned corporation to access the economic benefits of President Obama’s Tribal Economic Development Bond program used in conjunction with the Build America Bond program in order to complete the financing of its 108-room luxury boutique hotel which opened in November 2010.

For more information about Valley View Casino & Hotel, please visit ValleyViewCasino.com.

About Valley View Casino & Hotel

Valley View Casino & Hotel, Southern California’s premier gaming destination, combines the thrill of San Diego’s only Certified Loose slots and all your favorite table games with beautifully appointed rooms, seven delicious restaurants and first-class guest service. The Casino features 2000 of the latest and greatest slot machines and 26 exciting tables including blackjack, roulette, baccarat, pai gow poker and more, as well as a complete non-smoking casino in addition to the main casino floor. Delicious dining options include the award-winning lobster buffet, the Black&Blue steakhouse and lounge, BLD’s café, Scoops gelato shop, Sweets pastry shop, Stix Asian noodle bar and Snax 24-hour snack shop. With three bars and live entertainment nightly, there’s always something fun going on at Valley View Casino & Hotel. The Casino Hotel features 12 Luxury Suites and 96 Deluxe Rooms all featuring breathtaking views and complimentary poolside breakfast. To enjoy the Casino, Hotel and restaurants, guests must be 21 or older. For more information about Valley View Casino & Hotel or to book a reservation, please visit valleyviewcasino.com or call 760-291-5500.