American Racing gets $90 million delayed draw term loan and revolver

By Susanna Moon

Chicago, Oct. 24 – American Racing & Entertainment, LLC said it has obtained $90 million of senior secured debt facilities consisting of an $80 million delayed draw term loan facility plus a $10 million revolving credit facility.

Proceeds will be used to complete a $134 million expansion of Tioga into a full-scale casino and hotel.

Wells Fargo Securities, LLC and Capital One, NA are the joint lead arrangers and joint bookrunners, with Wells Fargo Bank, NA as administrative agent.

“Getting this project financed is not only a win for us as a company, but also the Southern Tier community. It will act as an immediate catalyst for economic growth by creating over 550 jobs and attracting more people to the area,” according to Jeff Gural, chief executive officer of the company, in a press release.

“Our business is already booming so I am really encouraged to see the Tioga Expansion continue to drive visitation and improve the local economy.”

American Racing and Entertainment, LLC owns and operates horse racing, casinos, resort, and gaming facilities in New York.

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