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(AsiaGameHub) – California’s Morongo Band of Mission Indians has refinanced its outstanding debt using a $350 million senior secured credit facility. This facility consolidates prior liabilities tied to its casino, the Morongo Casino Resort & Spa, and other business operations into one unified structure.
Morongo Band of Mission Indians Completes Casino Operations Refinancing
KeyBanc Capital Markets (KBCM) acted as joint lead arranger, joint bookrunner, and administrative agent for the deal. The bank highlighted that this marks its first syndicated transaction for the tribe. The financing package includes a $288 million revolving credit line and a $62 million term loan. The funds were utilized to pay off existing taxable and tax-exempt bonds and notes, in addition to covering costs associated with the transaction.
This deal represents KBCM’s fourth engagement with Morongo since 2004 and its first syndicated execution for the tribe. The firm was selected to handle the financing due to its expertise in Native American Financial Services, strong debt capital markets capabilities, and long-standing partnership with the tribe.
Operated and owned by the Morongo Band of Mission Indians, the Morongo Casino Resort & Spa ranks among the largest tribal gaming destinations in the United States. It has also led the way in innovation, becoming California’s first cashless casino back in 2020.
Its 286,000-square-foot gaming area boasts close to 3,900 slot machines, over 70 table games, and two high-limit gaming lounges. The 27-story resort offers 310 rooms and suites, 15 well-regarded restaurants, a resort-style pool with private cabanas, a full-service spa, and the adjacent 36-hole championship Morongo Golf Club at Tukwet Canyon.
Implications of the Refinancing for the Casino
For tribal finance executives and lenders, this transaction underscores that established tribal enterprises with steady cash flows and long-term financial partnerships continue to have access to bank capital. Such deals are typically used to simplify capital structures, extend debt repayment periods, and maintain liquidity.
The tribe employs more than 3,000 people and, per its own estimates, generates nearly $3 billion in regional economic impact—easily making it one of the largest employers in Riverside County. The refinancing allows the tribe to manage its current obligations while sustaining day-to-day operations and funding future investments.
In other California casino-related news, the state’s cardroom industry is facing an existential threat as new regulatory changes could ban them from offering player-dealer blackjack games, a core staple of these venues.
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