Moody’s said the Hollywood Jamul will benefit by being the closest casino to downtown San Diego, a distance of 20 miles. The casino company has a seven-year management contract with the tribe that pays Penn 30 percent of pre-tax profits and a 1.5 percent licensing fee for the Hollywood name. Moody’s assigned a B3 rating to the project’s $460 million in debt, which will be used to finance the project and repay Penn National.
Penn National is funding development of the resort and will manage the property for the Jamul Indian Village. The $390 million Hollywood Casino Jamul in San Diego is expected to open in July. Moody’s Investors Service has praised a San Diego-area Indian casino being developed by Tropicana owner Penn National Gaming, which is a key property in the regional gaming company’s western push. Penn National CEO Tim Wilmott, seen in 2013.
