Snoqualmie casino finds financing

NEW YORK -- (PRESS RELEASE) -- CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it has provided a senior secured credit facility to the Snoqualmie Entertainment Authority to complete its development of the Snoqualmie Tribal Casino in Seattle, WA. Terms of the transaction were not disclosed.

Financing was completed on behalf of CIT Communications Media & Entertainment, which acted as co-lead arranger for the transaction. The proceeds of the facility will be used to purchase all essential gaming equipment and certain furniture, fixtures and equipment.

"The Snoqualmie Tribe has been working for decades to establish a premier entertainment center to support tribal economic development," said Steve Reedy, Managing Director of CIT Communications Media & Entertainment, Gaming and Leisure. "We are pleased with this financing that will provide support to the Snoqualmie Indian Tribe as it completes the development of this high-end Native American casino."

Michael Barozzi, CEO of Snoqualmie Entertainment Authority, said, "We selected CIT over other lenders because of the firm's rich knowledge and experience in the gaming business. We felt confident choosing CIT because of the team's successful track record of supporting other gaming enterprises, specifically in the Indian casino space."