{"id":780,"date":"2025-09-02T14:10:53","date_gmt":"2025-09-02T14:10:53","guid":{"rendered":"http:\/\/www.chuckwardrealestate.com\/?p=780"},"modified":"2025-09-22T12:10:13","modified_gmt":"2025-09-22T12:10:13","slug":"gaming-leisure-providing-225-million-in-financing-for-caesars-california-tribal-casino","status":"publish","type":"post","link":"http:\/\/www.chuckwardrealestate.com\/index.php\/2025\/09\/02\/gaming-leisure-providing-225-million-in-financing-for-caesars-california-tribal-casino\/","title":{"rendered":"Gaming &amp; Leisure Providing $225 Million in Financing for Caesars California Tribal Casino"},"content":{"rendered":"<ul>\n<li><strong>Gaming &amp; Leisure providing $225 million for Caesars Republic Sonoma County<\/strong><\/li>\n<li><strong>Blended interest rate is 12.79% at a cap rate of 9.75%<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced Tuesday that it&#8217;s reached an agreement with Caesars Entertainment (NASDAQ: CZR) and the Dry Creek Rancheria Band of Pomo Indians to extend $225 million in financing for Caesars Republic Sonoma County.<\/p>\n<figure id=\"attachment_361618\" aria-describedby=\"caption-attachment-361618\" data-style=\"width: 430px\" class=\"wp-caption alignright\"><img loading=\"lazy\" class=\"wp-image-361618 size-post-thumbnail-430xAUTO lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"\" width=\"430\" height=\"323\" data-src=\"http:\/\/www.chuckwardrealestate.com\/wp-content\/uploads\/2025\/09\/sononma2-430x323-1.jpg\"><figcaption>The River Rock Casino in Sonoma County, Calif. Gaming &amp; Leisure Properties is extending $225 million to transition the property to Caesars Republic. (Image: Sonoma County Tourism)<\/figcaption><\/figure>\n<p><strong>That project is located on the site of what is now the River Rock Casino in Sonoma County, Calif. Last month, Caesars and the Dry Creek Rancheria commenced construction on a new tribal casino hotel in Healdsburg, Calif., that when completed in summer 2027, will bear the Caesars Republic name. Located in California wine country, Caesars Republic Sonoma County will have more than 100 rooms, four restaurants, 1,000 slot machines, and 28 table games, among other amenities.<\/strong><\/p>\n<p>&#8220;GLPI will initially act as a lender to the project, with a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%, and a term loan B of $45 million, with a current yield to maturity of 13.95%,\u201d according to a statement issued by the real estate investment trust (REIT).<\/p>\n<p>The blended interest rate on the financing extended by Pennsylvania-based <a href=\"https:\/\/www.casino.org\/news\/former-analyst-santarelli-joining-gaming-and-leisure-properties\/\">Gaming &amp; Leisure<\/a> is 12.79% at a cap rate of 9.75%. Dry Creek Rancheria and the REIT have a 45-year lease agreement at a total price of \u201cno less than $112.5 million.\u201d<\/p>\n<h2>Gaming &amp; Leisure Extending Tribal Casino Footprint<\/h2>\n<p>The deal with Caesars and Dry Creek Rancheria expands Gaming &amp; Leisure\u2019s presence in the tribal casino real estate space.<\/p>\n<p>Last October, the REIT provided <a href=\"https:\/\/www.casino.org\/news\/ione-band-of-miwoks-sacramento-area-casino-on-track-after-18-year-battle\/\">the Ione Band of Miwok Indians<\/a> with a $110 million delayed draw term loan facility for construction on a new tribal casino near Sacramento, Calif. That transaction was the first involving external financing for an Indian Country gaming venue.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>GLPI remains active in identifying additional opportunities in tribal gaming where partnerships can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships,\u201d said the REIT when it delivered second-quarter results in June.<\/p>\n<\/blockquote>\n<p>The landlord\u2019s commercial gaming tenants include <a href=\"https:\/\/www.casino.org\/news\/ballys-lands-chicago-casino-funding-in-2b-deal-with-glpi\/\">Bally\u2019s<\/a>, Boyd Gaming, Caesars, and Penn Entertainment. The REIT owns the property assets of 68 casinos across 20 states.<\/p>\n<h2>Caesars Expanding Tribal Casino Reach, Too<\/h2>\n<p>With the Dry Creek Rancheria partnership, Caesars is also expanding its tribal casino management footprint. Currently, the gaming company manages several tribal casinos under its Harrah\u2019s brand. Two of those venues are located in California, with another pair in North Carolina and a single property in Arizona.<\/p>\n<p><strong>Under the terms of commercial\/tribal agreements, the tribes pay yearly management fees to commercial counterparts to run their casinos and, in some cases, licensing fees to use recognizable brands such as Caesars Republic and Harrah\u2019s.<\/strong><\/p>\n<p>Speaking of Caesars Republic, it\u2019s the freshest label in the parent company\u2019s portfolio. There\u2019s a nongaming venue in Scottsdale, Ariz. bearing that name, and the operator <a href=\"https:\/\/www.casino.org\/news\/caesars-investing-160-million-to-overhaul-harveys-lake-tahoe\/\">is spending $160 million<\/a> to transition Harveys Lake Tahoe into Caesars Republic Lake Tahoe.<\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/providing-225m-in-financing-for-caesars-california-tribal-casino\/\">Gaming &#038; Leisure Providing $225 Million in Financing for Caesars California Tribal Casino<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gaming &amp; Leisure providing $225 million for Caesars Republic Sonoma County Blended interest rate is 12.79% at a cap rate of 9.75% Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced Tuesday that it&#8217;s reached an agreement with Caesars Entertainment (NASDAQ: CZR) and the Dry Creek Rancheria Band of Pomo Indians to extend $225 million in financing for Caesars Republic Sonoma [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"_links":{"self":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/780"}],"collection":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=780"}],"version-history":[{"count":2,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/780\/revisions"}],"predecessor-version":[{"id":783,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/780\/revisions\/783"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media\/782"}],"wp:attachment":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=780"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}