VALLEY CENTER, Calif. - (Business Wire) Today the San Pasqual Casino Development Group, Inc. (SPCDGI), the San Pasqual Band of Mission Indian’s development arm, etched its place in the country’s financial history by being the first tribally-owned corporation to take advantage of President Obama’s Build America Bond (BAB) program. Created by the Obama administration under the American Recovery & Reinvestment Act, the program makes provisions for tribal governments who have received a Tribal Economic Development Bond (TEDB) allocation to issue taxable bonds for capital projects and to receive reimbursement for a portion of the interest payment. The program is intended to assist state and local governments in financing capital projects at lower borrowing costs and to stimulate the economy and create jobs. At the announcement of the BAB program the San Pasqual Band, owners of Valley View Casino, had already begun construction of its boutique hotel addition.

“The timing of this was perfect for us and we quickly began the application process,” said Joe Navarro, president and CEO of SPCDGI. “This is a tremendous and historic accomplishment for the tribe, our casino and the team that made it all happen.”

Through the team’s efforts, today SPCDGI received $35 million in high yield bond financing for its hotel project, making it the first tribally-owned corporation to access the economic benefits of President Obama’s TEDB allocation program.

“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 and vice president of finance 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.”

Valley View Casino, located in north San Diego County, continues to be a successful operation since opening its doors in 2001.

“We hope that we serve as an example for other tribes in the nation to benefit from these programs,” said Allen Lawson, chairman of the San Pasqual tribe. “It will not only help our tribe economically, it will help the entire community through the creation of new jobs and new opportunities.”

Valley View Casino’s hotel project will create 60 new jobs and will also employ an additional 250 throughout the construction process through sub-contractor positions.

“This is a great day for Valley View Casino and Valley Center, California,” said Bruce Howard, general manager of Valley View 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.”

Overlooking picturesque north San Diego County, the Valley View Casino Hotel will be a seven story building featuring 108 luxuriously appointed rooms and suites, a scenic pool and a 5,000 square foot event center.

For media inquiries please contact Sarah Iantosca at 760-291-5601.

About Valley View Casino

Valley View Casino currently offers 2000 exciting slot machines; table games including single-deck blackjack, double-deck blackjack, Pai Gow poker, three card poker, EZ Baccarat and roulette; delicious dining options including an award-winning buffet, the Black&Blue steakhouse and lounge, BLD’s café, Scoops gelato shop, Sweets pastry and espresso shop, and Snax 24-hour snack shop; the Main Stage bar with live entertainment; a Players Club, a high limit slot area, a VIP Lounge; Luxury Line casino transportation and a non-smoking casino and bar. The casino is currently building a luxury boutique hotel scheduled to open in December 2010. All guests must be over the age of 21 to visit Valley View Casino. For more information about Valley View Casino, visit valleyviewcasino.com or call 1-866-VIEW-WIN.

Media Contact:
Valley View Casino
Sarah Iantosca
760-291-5601
Cell: 760-535-9896
siantosca@vviewcasino.com