Ione Band of Miwok Indians closes on project financing for Acorn Ridge Casino
Acorn Ridge Casino was said to have an expected opening date of early 2026.
Key Points
- GLPI provided a $110m delayed draw term loan facility to the Tribe that will be used to develop the property
- The Tribe has an option at the end of the Loan term to satisfy its obligation by converting the outstanding principal into a long-term lease
The Ione Band of Miwok Indians has announced that the Tribe closed on a $110m delayed draw term loan facility from Gaming and Leisure Properties (GLPI) that will be used to develop its new gaming facility in California, Acorn Ridge Casino.
“This transaction represents the first time that a REIT has provided both project financing and/or a long-term lease option to a Tribe for purposes of direct investment in a gaming asset on Tribal trust lands,” Ione Tribal Chairperson Sara Dutschke said.
“The Tribe is pleased to have found a partner in GLPI who placed their trust in the Tribe, supporting our efforts toward self-determination and self-sufficiency through the financing of the construction of Acorn Ridge Casino, a Tribal enterprise two decades in the making.”
GLPI offered the Tribe an option at the end of the Loan term to satisfy its obligation by converting the outstanding principal into a long-term lease with an initial term of 25 years and a maximum term of 45 years.
“We are proud to be part of this innovative financing structure and hope that our work with GLPI to successfully bring this transaction to a close provides new long-term financing opportunities for tribes across the nation,” Dutschke said.
The Tribe held a groundbreaking event on October 24 to celebrate the planned casino and the elevated experience it will now be able to offer the area.
Good to know: GLPI announced its third quarter financial results for 2024, including a record revenue of $385.3m generated throughout the period
“We appreciate the opportunity to assist the Ione Band of Miwok Indians with construction financing for the development of Acorn Ridge Casino,” GLPI Chairman and CEO Peter Carlino said.
“We believe this lease structure offers tribes an efficient alternative to access long-term capital in Indian Country, and in this instance, the long-term lease could potentially be used to expedite the expansion of Acorn Ridge.”
Acorn Ridge Casino has an expected opening date in early 2026, according to the Tribe, and will offer slots as well as table games to patrons.
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