Chukchansi Economic Development Authority repays bank loans

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RUGGED GOLD — The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casinotoday announced the repayment of the balance of $26.2 million Western Alliance Bank, which will repay its obligations under its bank loan in full. Chukchansi Gold’s strong business performance and CEDA’s conservative financial decision making has resulted in a 100% reduction in outstanding debt since early 2021 and will free valuable resources to reinvest in its businesses and community.

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Janet K Bill, Chairman of CEDA, said, “The repayment of all of CEDA’s debts represents the culmination of years of efforts by our leadership team to take charge of the economic future of our tribe. At the outset of the debt restructuring, a process that began in 2018, the CEDA Board stuck to its primary goal of being debt-free as soon as possible. We are grateful to our employees and management team for making Chukchansi Gold the best resort casino in the region and to our valued customers for their loyalty and continued support. They have enabled us to become debt free years earlier than expected. By deleveraging, we are securely positioned to not only maintain Chukchansi Gold as the region’s highest quality resort casino, but also to empower our tribe to expand its economic development initiatives in the region.”

Chukchansi Gold’s strong business performance, coupled with CEDA’s conservative financial management decisions, have enabled the Company to redeem all of its $193 million of debt issued in 2021 and, as of this week, the remaining balance of its $30 million bank loan Paying back US dollars was part of a successful debt restructuring to debt freedom.

“CEDA’s restructuring transaction has proven to be a great success for the tribe, and the unprecedented early repayment of both its debt obligations and bank loan reflects the unwavering commitment of its leadership to paving a clear and unencumbered path to economic self-sufficiency for its community. CEDA’s business success and diligent management of its finances after a very challenging period is a testament to the strength of its leadership and management teams; Your efforts set positive role models for Indian country businesses across the country,” said Frank King from Stuyvesant Square Advisorsthe firm acting as financial advisor to CEDA.

About the Picayune Rancheria of the Chukchansi Indians

That Picayune Rancheria of the Chukchansi Indians is a federally recognized Native American tribe based in Coarsegold, California. The tribe owns and operates several businesses through Chukchansi Sovereign Enterprisesa federally chartered Section 17 Economic Development Corporation, including the Chukchansi Crossing Gas Station & 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 wholly owned 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. Voted #1 Best Casino by People’s Choice Awards for 14 years since opening in 2003, Chukchansi Gold Resort & Casino welcomes over 130,000 guests per month and employs over 1,200 people with approximately $50 million in salaries and benefits to the local economy pay out annually.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current expectations. These forward-looking statements include all statements that are not purely historical. Numerous risks, uncertainties and other factors could cause actual results to differ materially from those projected 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, whether as a result of new information, future events or otherwise.

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