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.
Western Alliance Gaming, a national banking group within Western Alliance Bank, Member FDIC, focuses on lending and deposit solutions for the diverse gaming industry across the United States. For the gaming industry, which blends the needs of commercial and industrial (C&I) and real estate lending, this team of experts offers tailored solutions for mergers and acquisitions, expansions and capital projects. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. The bank 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. Serving clients across the country wherever business happens, Western Alliance Bank operates individually branded, full-service banking and financial services divisions and has offices in key markets nationwide.