Morongo Tribe Secures $350M Refinancing to Streamline Casino Operations

The Morongo Band of Mission Indians from California has refinanced its existing debt with a $350 million senior secured credit facility. It combines previous obligations related to its casino, the Morongo Casino Resort & Spa, and business operations into a single structure.

Morongo Band of Mission Indians Refinances Casino Operations

KeyBanc Capital Markets (KBCM) served as joint lead arranger, joint bookrunner, and administrative agent. The bank noted this is its first syndicated deal for the tribe. The transaction comprises a $288 million revolving credit facility and a $62 million term loan. Proceeds were used to refinance existing taxable and tax-exempt bonds and notes, as well as to cover transaction-related expenses.

This transaction marks KBCM’s fourth deal for Morongo since 2004 and its first syndicated execution for the tribe. The company was chosen to arrange the financing based on its expertise in Native American Financial Services, its debt capital markets capabilities, and its long-standing relationship with the tribe.

Owned and operated by the Morongo Band of Mission Indians, the Morongo Casino Resort & Spa ranks among the largest tribal gaming destinations in the United States. It has also been at the forefront of innovation, becoming the first casino in California to go cashless back in 2020.

Its 286,000-square-foot gaming floor features nearly 3,900 slot machines, more than 70 table games, and two high-limit gaming salons. The 27-story resort includes 310 rooms and suites, 15 acclaimed restaurants, a resort-style pool with private cabanas, and a full-service spa, along with the nearby 36-hole championship Morongo Golf Club at Tukwet Canyon.

What Would This Mean for the Casino?

For tribal finance leaders and lenders, the transaction underscores ongoing access to bank capital for established tribal enterprises with reliable cash flows and long-standing financial partnerships. Deals like this are commonly used to streamline capital structures, extend debt maturities, and preserve liquidity.

The tribe employs more than 3,000 people and, according to its own estimates, drives nearly $3 billion in regional economic activity, easily making it one of the largest employers in Riverside County. The refinancing enables the tribe to manage its current obligations while continuing to support day-to-day operations and future investments.

In other casino-related news from California, the state’s cardroom industry is facing an existential crisis as new regulatory changes threaten to forbid them from offering player-dealer blackjack games, which is a staple of these venues.