Western Alliance Gaming and Circa Hospitality Group Announce the Successful Refinancing of Circa Hospitality Group’s $420 Million Senior Secured Debt
November 17, 2021
Western Alliance Gaming and Circa Hospitality Group, operator of downtown Las Vegas’ premier gaming properties, have announced the successful refinancing of Circa Hospitality Group’s existing senior secured debt.
Circa Hospitality Group engaged Western Alliance Gaming, a national banking group within Western Alliance Bank, Member FDIC, to serve as Joint Lead Arranger, Book Runner and Administrative Agent for its $420 million senior secured credit facilities. The senior credit facilities will provide Circa Hospitality Group financial flexibility and significant cost savings.
The successful syndication completed in October 2021 highlights Western Alliance Bank’s capital markets capabilities.
“Our goal is to provide gaming clients like the Circa Hospitality Group with the experience, industry knowledge and capital market capabilities that help them build on their success,” said Ashan Perera, Managing Director, Western Alliance Gaming. “We have a strong track record of bringing lending and cash-management strategies to support our clients by utilizing innovative and flexible capital structures.”
“Western Alliance Bank has been a great partner to my companies for many years through our banking relationship,” said Derek Stevens, CEO, Circa Hospitality Group. “When the time came to refinance, Western Alliance Gaming worked with our team to come to terms quickly, along with Comerica and Wells Fargo, allowing us to capitalize on historically low interest rates. I’m very excited about this deal and look forward to working with Western Alliance as we continue to grow our businesses.”
Western Alliance Gaming is led by gaming industry banking experts Philip Potamitis, Ashan Perera and Laura Linton.
Bank of Nevada
Bank of Nevada, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 1994, Bank of Nevada offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With 10 offices in Las Vegas, Henderson, North Las Vegas and Mesquite, along with Western Alliance Bank’s powerful array of specialized financial services, the banking division is a valued resource for Southern Nevada’s business, real estate, professional, manufacturing, municipal, gaming and nonprofit communities. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year.