December 23, 2009
VALLEY CENTER, CA - The San Pasqual Casino Development Group, Inc. (SPCDGI) announced it has received funding from President Obama's Build America Bond (BAB) program to finish construction of a boutique hotel addition.
Under the program the SPCDGI received $35 million in high yield bond financing for its hotel project which will open in December 2010.
"With the current challenging credit market we modified our hotel construction schedule until we could obtain financing at a reasonable rate," said Jennifer Bryant, chief financial officer at Valley View Casino. "This program helped make that happen and I am proud to have been part of the team that spearheaded this historic project."
"We hope that we serve as an example for other tribes in the nation to benefit from these programs," said Allen Lawson, tribal chairman. "It will not only help our tribe economically, it will help the entire community through the creation of new jobs and new opportunities."
"This is a great day for Valley View Casino and Valley Center, California," said Bruce Howard, general manager of the Casino. "Not only do we get to create new jobs in these tough times through the construction of the hotel, but thanks to this financing we will also be opening the doors to Southern California's finest casino hotel in December 2010."
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