GLPI invests $ 225 million in the Tribal Caesars Republic Sonoma County Resort -

Gaming and lesure properies, Inc. (GLPI) said on Tuesday September 2, it will set up $ 225 million to help finance a new tribal and complex casino developed by Caesars Entertainment and the Rancheria Dry Creek band from Pomo Indians.

The project, called Caesars Republic Sonoma County, will be built on the site of the current River Rock Casino near Healdsburg, California. Construction started in August and should end in the summer of 2027.

As part of the agreement, GLPI will provide a loan of $ 180 million at a fixed interest rate of 12.5%and a loan of $ 45 million with a yield of almost 14%, for a mixed rate of approximately 12.8%. When six -year loans mature, Dry Creek will rent the property to a GLPI affiliate for 45 years, paying at least $ 112.5 million. GLPI will then sublet the property to a subsidiary of Dry Creek, with an annual rent fixed at a ceiling rate of 9.75%.

Once finished, Caesars Republic Sonoma County should include a 100 -room hotel, four restaurants, three bars, a luxury spa, a swimming pool and a fitness center. The casino will include 1,000 slot machines and 28 table games. River Rock Casino will remain open during construction.

GLPI partnership with Caesars part of the “long -term tribal casino financing”

Peter Carlino, Chairman and CEO of GLPI, said the agreement is expanding business relations in the game industry. “We are proud to support Dry Creek Rancheria and set up a relationship with the tribe in our role as a main real estate financing partner for County Caesars Republic Sonoma,” said Carlino. He added that the agreement “reflects our business on work in collaboration with the best industry game operators, to allow them to achieve their growth and development objectives”.

Carlino also described the agreement to reflect the broader growth strategy of the company. “This precious partnership also validates other aspects of our growth strategy, above all, our belief and our commitment to continue the financing of tribal casino in the long-term and new market opportunities,” he said.

GLPI has teamed up with Citizens Bank, NA to assemble the financing package, with TFA Capital Partners acting as a financial advisor.

The Dry Creek Rancheria of Indians Pomo, which has run River Rock Casino since 2002, represents around 1,300 members, most of whom live in Sonoma county.

Star image: Canva / Caesars Entertainment

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