Saturday, March 3, 2018

JAMUL CASINO UPDATES



IS SAN DIEGO'S CASINO INDUSTRY OVER SATURATED?

The San Diego Union-Tribune-6 hours ago

This is a pretty illuminating article in today's San Diego U-T: Some excerpts... then read it all for yourself. My takeaway is that If JIV thinks it can self-manage itself into a profitable business they may be seriously deluded. But we've seen those kinds of JIV decisions for a long time now. So much opportunity squandered. Greed is usually self-destructive.
On Tuesday, the developers and operators of Hollywood Casinoin Jamul, Penn National Gaming, declared in a Securities and Exchange Commission filing that it was pulling out of a management contract with the Jamul Indian Village tribe, citing a loss of $77.9 million on a $94 million loan... 
While most new casinos need about a year to “really start clicking,” Palermo said, “Jamul was a very problematic project in a lot of ways and got off to a pretty rocky start. 
Intense community opposition and lawsuits against the casino were coupled with a limited, 4-acre footprint that prevented the building of a hotel or other amenities — even that most signature of casino offerings, a buffet. 
“It’s a bad bet, it always has been and it always will be,” said County Supervisor Dianne Jacob, who has been one of the most vociferous challengers of the Jamul casino, which, like Barona, Sycuan, Viejas and Golden Acorn, is located in her district.

Including Pechanga and Pala, a total of six local casinos have been undergoing expansions, with Barona Resort & Casino, Sycuan Casino, Valley View Casino & Hotel and Viejas Casino & Resort adding hotels, restaurants, spas, casino space and hundreds of thousands of square footage to their properties...

OTHER GRAVEYARD CASINO NEWS...

March 1, 2018 (Jamul) – In a press release issued tonight, the Jamul Indian Village Development Corporation, a wholly owned entity of Jamul Indian Village, announced termination of Penn Gaming and a transition to a new management team at the Hollywood Casino Jamul-San Diego, which will be rebranded as Jamul Casino...

FINANCIAL BACKERS CUT TIES WITH JAMUL INDIAN VILLAGE CASINOThe San Diego Union-Tribune-Mar 1, 2018
The financial backers of the controversial Hollywood Casino in Jamul, which opened just 14 months ago despite fierce local opposition, have announced they are cutting ties with the Indian tribe. Penn National Gaming Inc. said that the Jamul tribe is in default on a $48.5 million loan, according to documents ...


PENN NATIONAL GAMING SEVERS TIES WITH CALIFORNIA TRIBAL CASINO...

CalvinAyre.com-Mar 2, 2018
Regional casino operator PennNational Gaming (PNG) has severed ties with a California tribal casino operation after the tribe failed to honor its financial commitments. On Thursday, PNG informed the US Securities and Exchange Commission (SEC) that its ...

PENN NATIONAL TO CUT TIES WITH WEST COAST CASINO

Reading Eagle-15 hours ago
Citing $48.5 million in unpaid loans, Wyomissing-based gaming giant Penn National Gaming Inc. is severing ties with Hollywood Casino Jamul-San Diego. According to a March 1 filing with the Securities and Exchange Commission, San Diego Gaming Ventures LLC, a Penn National subsidiary, and the ...


AND SOME COMMENTS [FROM JIV] THAT HAVEN'T AGED VERY WELL:
"Our [road] improvements will go all the way down to TGI Friday’s in Rancho San Diego." 
"The tribal council right now, we are all young. My dad is the only elder.” [neglected the part about disenrolling and evicting the original elders]
"Our tribe has committed approximately $20 million toward road improvements..." We have agreed to an additional $3.7 million in road improvements requested by the County of San Diego.  
"Going forward, our tribe will contribute more than $2.75 million annually to the county for fire, life safety and public safety over the next 20 years." 
"These improvements, which have already begun with the addition of a traffic signal on Highway 94 directly in front of the casino, will continue in planned phases."

"Steve Davis is the project manager for the Jamul casino...He said the tribe would improve several intersections along state Route 94 to make the highway safer and upgrade access to the reservation. The tribe realizes the project will have its impacts and is committed to mitigating those impacts, he said."

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