BIG GOLD — The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casinotoday announced the repayment of the remaining balance of $26.2 million to Western Alliance Bank, which will fully cancel its obligations under its bank loan. Chukchansi Gold’s strong business performance and CEDA’s prudent financial decision-making have resulted in a 100% decrease in outstanding debt since the start of 2021 and will free up valuable resources for reinvestment in its businesses and community.
Janet K.Bill, the CEDA President said, “Repaying all of CEDA’s debt represents the culmination of years of effort by our leadership team to take control of our tribe’s economic future. Going into debt restructuring, a process that began in 2018, CEDA’s Board of Directors has remained committed to its primary objective of being debt free as soon as possible. We thank our employees and management team for making Chukchansi Gold the best resort casino in the area, and our valued customers for their loyalty and loyalty. They freed us from debt years ahead of expectations. By getting rid of our debt, we are well positioned to not only maintain Chukchansi Gold as the highest quality resort casino in the region, but also to enable our tribe to expand their economic development initiatives in the region. .
Chukchansi Gold’s strong trading performance, coupled with careful financial management decisions by CEDA, enabled it to redeem all $193 million of notes issued in 2021 and, effective this week, to repay the remaining balance of his $30 million bank loan that was part of a successful debt restructuring to get himself out of debt.
“CEDA’s restructuring transaction has proven to be a huge success for the Tribe and the unprecedented early withdrawal of its notes and bank loan reflects its leadership’s unwavering commitment to charting a clear and burden-free path forward. economic self-sufficiency for its community. CEDA’s business success and careful management of its finances after a very difficult period is a testament to the strength of its leadership and management teams; their efforts represent positive role models for Indian Country businesses to across the country,” said Frank King of Stuyvesant Place Advisorsthe company that serves as financial advisor to CEDA.
About the Picayune Rancheria of the Chukchansi Indians
The Picayune Rancheria of the Chukchansi Indians is a federally recognized Indian tribe based in Coarsegold, California. The tribe owns and operates several businesses across Chukchansi Sovereign Enterprisesa federally chartered economic development corporation under section 17, including the Chukchansi Crossing Gas Station and Travel Center, Chukchansi Insurance, Inc., Chukchansi Crossing Restaurant Inc. and Willow Glen Smoke Shop. The tribe also owns and operates the Chukchansi Gold Resort & Casino, in Coarsegold, California.
Chukchansi Economic Development Authority
The Chukchansi Economic Development Authority (CEDA) is a 100% owned company by the Picayune Rancheria of the Chukchansi Indians, a federally recognized Indian tribe based in Coarsegold, California. CEDA owns and operates the Chukchansi Gold Resort & Casino in Coarsegold, California. Since its opening in 2003, the Chukchansi Gold Resort & Casino has been voted #1 for 14 years as the best casino by the People’s Choice Awards, welcomes more than 130,000 guests per month and employs more than 1,200 people, paying approximately $50 million in payroll and benefits for the local economy. every year.
This press release contains forward-looking statements based on current expectations. These forward-looking statements include all statements other than those made solely with respect to historical facts. Many risks, uncertainties and other factors could cause actual results to differ materially from those expressed in the forward-looking statements. CEDA undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements as a result of new information, future events or otherwise.