- Details
- By Brian Edwards
- Finance
Jamul Indian Village Development Corporation has refinanced $425 million of senior secured debt tied to the Jamul Indian Village’s gaming and resort operations in San Diego County, according to transaction details released by the lead arranger.
The refinancing, which closed on Nov. 25, consists of a $200 million revolving credit facility and a $225 million term loan. Proceeds were used to refinance existing debt and pay related fees and expenses. The borrower is a wholly owned enterprise of the Jamul Indian Village of California, a federally recognized tribe.
KeyBanc Capital Markets Inc. served as left lead arranger, joint bookrunner and administrative agent. The transaction follows a series of financings between KeyBanc and the tribal enterprise over the past several years, including refinancings and construction-related debt tied to the expansion of the Jamul Casino property.
The refinancing comes after completion of a major capital project that shifted the property from a standalone casino to an integrated casino resort. In August 2025, Jamul Indian Village Development Corporation opened a 16-story hotel tower connected to the existing casino via a climate-controlled sky bridge. The development added 200 rooms, including 52 suites, along with meeting and banquet space, retail, a full-service spa and salon, a fitness center and an 11,000-square-foot rooftop pool deck.
“This all-new hotel represents a proud moment in our tribe’s journey and further supports our continued dedication to self-sufficiency,” Erica M. Pinto, chairwoman of the Jamul Indian Village, said in a statement at the time of the opening.
Construction of the hotel tower was financed through a $515 million senior secured credit facility that closed in April 2023, also led by KeyBanc. That transaction refinanced existing obligations and funded development of the hotel, following earlier refinancings completed in 2021 and 2022, according to prior Tribal Business News reporting.
The original Jamul Casino opened in 2016 at a cost of $430 million and features nearly 1,700 slot machines, live table games and a dedicated poker room, along with multiple food and beverage venues. Tribal officials have said the expanded resort supports more than 1,400 permanent jobs in the region.
The refinancing follows completion of the hotel tower and aligns the enterprise’s capital structure with the expanded resort asset.
