SEARCH NEWS:

 

California's Mission Indians Secure $200 Million Financing for Expansion Project

Two of the largest financial institutions in the country, Bank of America and Wells Fargo, served as co-underwriters in the financing, and nine national banks and financial institutions participated in the syndication, which was facilitated by Barona's long-time gaming consultant, Venture Catalyst (VCAT) of San Diego, California.

``This is a proud moment for the Barona Tribe -- one that will go down as a milestone accomplishment in our history. We have attracted the leading financial institutions in the country to help us finance a project that will soon become a premier resort destination in southern California,'' said Clifford LaChappa, Chairman of the Barona Band of Mission Indians.

LaChappa added that this is another first for the Barona Tribe. ``Last year we secured multi-million dollar Wall Street financing for our championship golf course, and now we have secured the largest casino financing for a Tribal project west of the Mississippi.''

LaChappa attributes the success of Barona Casino to dedicated ownership, the best management team in the gaming industry, and the expert consulting services of VCAT.

Barona's gaming consultant for the past 11 years, VCAT served as the lead financing advisor in the placement of the $200 million financing. VCAT's relationship with the Barona Band of Mission Indians dates to 1991, long before the recent influx of gaming companies into the state. During this period, the original Bingo Hall has grown into the most successful and the most advanced casino in the state.

``It gives us a great deal of pride to see Barona sign on the dotted line for this multi-million dollar financing. The completion of this financing by such noteworthy financial institutions as Bank of America and Wells Fargo is a true testament to the success and leadership position of Barona Casino in the marketplace,'' said Andy Laub, VCAT executive vice president of financing. ``We have had the opportunity to help Barona grow its business over the past decade, and with this financing in place Barona is certainly well positioned to continue to lead California's Indian gaming industry for many more decades to come.''

Barona's $200 million expansion project will be completed in phases and will result in an expansive 645,000 square-foot themed property called The Barona Valley Ranch Resort & Casino. Part of the project is the Barona Creek Golf Club, which opened to the public in January of 2001. Currently, construction is moving forward on a five-level 2,270 space parking garage and a 14,000 square-foot events center both scheduled for completion in late 2001. The final phase is a 330,000-square-foot resort hotel with 400 rooms and suites, and a new 315,000 square foot ``ranch-theme'' casino. Overlooking the beauty of the Barona Creek Golf Club, the new casino and resort hotel will be complete in late 2002.

Designed by renowned architect Bergman, Walls & Associates, designers of the Paris Hotel & Casino in Las Vegas, the Mirage and Treasure Island, the new ``Barona Ranch'' theme will honor the founders of the Barona Indian Reservation who purchased the ``Barona Ranch'' in 1932. Hensel Phelps Construction Company of San Diego is General Contractor for the project.

Barona Casino is one of the most successful casinos in California, currently with 130,000 square feet of alcohol-free gaming and hospitality space. Located just 30 miles from downtown San Diego, Barona Casino offers 2,000 brand new Las Vegas slot machines, 29 table games and the ``loosest slots'' in San Diego according to Strictly Slots Magazine. The casino is owned and operated by the Barona Band of Mission Indians. For more information visit the Barona website.

< Gaming News