Funds secured to build Illinois' 10th casino
Midwest Gaming & Entertainment has closed on $295 million in debt financing for its casino project in Des Plaines, Ill.
Midwest Gaming, which is investing $150 million of its own funds, is planning to break ground on the state’s 10th and last casino licensee next week.
The long-awaited $445 million casino is anticipated to open in late summer 2011.
Simultaneous with the debt closing, Midwest closed on a $120 million senior secured credit facility consisting of a $110 million delayed draw term loan facility and a $10 million revolving credit facility -for which Credit Suisse, Goldman Sachs and Macquarie Capital were the joint lead arrangers and joint book-runners.
Macquarie Capital the exclusive financial advisor to Midwest Gaming.