Business & Tech
Santa Ysabel Casino Owes County More Than $3 Million
Santa Ysabel Resort and Casino filed for bankruptcy in early July. See who they owe money to.
Santa Ysabel Resort and Casino, which sits about 25 miles from Ramona off Highway 79, owes more than $3 million to the county and $40 million to Yavapai-Apache Nation (YAN).
The casino, which is known as "San Diego's Craft Beer Casino," filed for Chapter 11 bankruptcy on July 2. Legal documents show that the corporation owes large amounts of money to creditors, including the YAN; IGT, which provided the gaming machines for the casino; San Diego County; the State of California; and more.
The Iipay Nation-owned casino opened in 2007 during the lull in the our economy. According to a US. Bankruptcy Court document, Santa Ysabel Casino was funded with a loan from JP Morgan for about $26 million and a loan from YAN for about $7 million.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
A pre-petition bank account was created by the casino with Borrego Springs Bank with funds reaching $70,000. San Diego County levied upon the account and the $70,000 is frozen pursuant to the order of the San Diego Superior Court, according to legal documents.
Santa Ysabel Resort and Casino was originally intended to be both a resort and a casino, but when the recession hit, the corporation couldn't afford construction and costs of the resort. Without the hotel revenue, the establishment wasn't able to pay back its creditors.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
The casino has approximately $1.3 million of general unsecured trade debt.
The 37,000 square-foot space was a place of employment for more than 120 people, making it the largest employer in Santa Ysabel.
Here's a look at some of the creditors to which Santa Ysabel Resort and Casino owes money:
Name of Creditor Address Nature of Claim Money Owed Yavapai-Apache NationP.O. Box 118
CampeVerde, AZ, 86322
All Debtor's personal property $40,514,558.45 IGT9295 Prototype Dr.
Reno, NV 89521
Gaming machine 9,485,696.06 San Diego County, Office of County Counsel 1600 Pacific Highway, San Diego 92101 Borrego Springs Bank Account $3,030,284.26 IGT9295 Prototype Dr.
Reno, NV 89521 Participation and wide area progressive fees $767,900.58 State of California Gambling Control 2399 Gateway Oaks Dr., Sacramento 95833 quarterly payments on gaming fees $146,851.05 Global Power Group, Inc. 12060 Woodside Ave., Lakeside generator $44,360 Aristocrat Dept. 9540, Los Angeles 90084-9540 software service contract $102,603.11 CBS Outdoor P.O. Box 33074 Newark, NJ 07188-0074 billboard signage $101,745 Konami Gaming Inc. Dept. 8405, Los Angeles 90084 8 gaming machines $93,277.98 Cox Media Lockbox 50456 Los Angeles 90074 television advertising $20,920 John Farkash P.O. Box 576 Rancho Santa Fe 92067 former office space lease $8,910 Sysco San Diego, Inc. 12180 Kirkman Rd., Poway 92064 creditor filed UCC-1, which debtor disputed $4,852.81Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
