Banco Santander has initiated a search for investors regarding the Iowa Tribe of Oklahoma’s new casino project, according to a Bloomberg news report.
Sources close to the matter told Bloomberg that Banco Santander “is sounding out investors on a debt deal” and that a term loan “could range between $200m and $250m, according to the initial terms.”
Pricing discussions are “in early stages,” according to the Bloomberg report. Sources indicated that a loan could be offered “as wide as nine percentage points over the Secured Overnight Financing Rate,” although details regarding financing details are subject to change.
Spokespeople from both the Tribe and from Santander have declined comment on the matter.
The Iowa Tribe selected Caesars Entertainment as the new resort’s management partner last year. The Tribe’s new casino development will be located between Tulsa and Oklahoma City and will operate under the Harrah’s brand.
Since the brand’s formation in Reno, Nevada in 1937, Caesars Entertainment has expanded over the years to include facilities that operate under the Caesars, Harrah's, Horseshoe and Eldorado brand names.
The company recently donated a $3.1m grant to several non-profit organizations around the country through its Caesars Foundation giving platform.
Among the recipients were the Boys & Girls Clubs of America and the Arbor Day Foundation. This year, Caesars has formed a new partnership with the Arbor Day Foundation and said that the collaboration “aligns closely with the Company’s pursuit of environmental sustainability through tree planting in forests and neighborhoods with the greatest need.”
Along with the grant, Caesars gave a $1m gift through its Caesars Makes Change program to the Boys & Girls Clubs. The company launched its Caesars Makes Change program in 2022 as a way for casino guests to contribute to charitable causes.
