Now that the Jamul Indian Village in San Diego, California, has finalized its arrangement with Penn National Gaming Inc. (PENN) regarding the construction and operation of a casino, Lakes Entertainment Inc. (LACO) has modified its arrangement with the tribe.
LACO, which previously had a deal with Jamul for a new casino, terminated that arrangement in March, 2012. However, it had advanced the tribe some $57.5 million on the previous deal.
As of now, LACO has entered in an arrangement with both the Jamul and Penn National where by the total debt outstanding currently is $60 million. Interest on the debt will accrue at 4.25% after the Penn Casino opens.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].