Penn Gaming parts ways with tribe; SEC filing cites concerns over unpaid loans
By Miriam Raftery
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.
The JIVDC press release describes the transition as a “natural next step toward economic self-sufficiency for JIV.” Penn Gaming’s filing with the Securities and Exchange Commission on February 27, 018 does affirm that the decision for Penn’s local entity, San Diego Gaming Ventures LLC, to cease management of the casino effective May 28, 2018 is a “mutually agreed” upon decision.
But the filing also indicates serious financial difficulties, including outstanding loans that Penn suggests it may be unable to collect. The filing states: