Western Alliance Gaming Among Lenders Recognized By Native American Finance Officers Association
Western Alliance Bank’s Gaming Group was among those recognized by the Native American Finance Officers Association (NAFOA).
Western Alliance Bank, as Lead Arranger among the lender group, assisted The Jamul Indian Village of California in refinancing debt related to the construction of its casino, which is owned and operated by Jamul Indian Village Development Corporation (JIVDC).
Through a Western Alliance-led loan restructuring plan, JIVDC reduced its interest rate burden by more than $30 million annually. The debt refinancing strategy and completion earned the Jamul Indian Village of California the Business Impact Deal of the Year Award from NAFOA.
"We are extremely honored and grateful for the partnership that allowed us - working with a group of lenders - to reduce high-interest debt and improve cash flow for the Jamul Casino," said Ashan Perera, managing director, Western Alliance Gaming. "The Tribal Council's disciplined approach combined with the efforts of the casino's management team made it possible for the restructuring to become a reality."
Despite pandemic-related challenges in 2020, the initial Jamul Casino Refinancing Transaction closed in January 2021. However, due to Jamul Casino's performance later that year, JIVDC exercised its option to increase the loan from $130 million to $200 million, enabling JIVDC to move the high-interest debt over to low-interest debt and improve cash flow.
According to NAFOA, the deal's structure will be pivotal for tribal leaders looking to refinance their projects in the future.
Learn More about the Western Alliance Gaming Group:
Western Alliance Bank
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. Western Alliance Bank includes six legacy bank brands — Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank — that continue to be part of the company’s heritage. Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2024, Western Alliance Bancorporation again was #1 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list.