GLPI advances Tribal partnership with Caesars Republic Sonoma County

Operator will provide structured financing for the new resort in Healdsburg, California.

Gaming and Leisure Properties has announced a $225m commitment as the lead real estate financing partner for Caesars Republic Sonoma County

Under the agreements with Caesars Entertainment and the Dry Creek Rancheria Band of Pomo Indians, GLPI will initially provide a delayed draw term loan of $180m at a fixed rate of 12.50%, along with a term loan B of $45m yielding 13.95%. 

The blended interest rate is expected to be approximately 12.79%.

Upon or before the maturity of the six-year term loans, Dry Creek will lease the property to a GLPI affiliate for 45 years for at least $112.5m, and GLPI will sublease it back to a Dry Creek affiliate. 

Annual rent on the sublease will be based on a 9.75% capitalization rate.

The development, on the site of the current River Rock Casino, began in August 2025. Located near Healdsburg, California, the resort will include 1,000 slot machines, 28 table games, a 100-room hotel, four restaurants, three bars, a spa, pool, and fitness center. The existing casino will remain open during construction, with completion expected in summer 2027.

Peter Carlino, GLPI Chairman and CEO, said: “We are proud to be supporting Dry Creek Rancheria and initiating a relationship with the tribe in our role as the lead real estate financing partner for Caesars Republic Sonoma County. 

“Through this project, we are also extending our long-term partnership with Caesars Entertainment, which reflects our corporate focus on working collaboratively with the industry’s best gaming operators, to enable them to achieve their growth and development goals.”

Good to know: GLPI collaborated with Citizens Bank, N.A., to structure the financing, and TFA Capital Partners served as financial advisor on the transaction

Carlino also noted that the partnership supports other aspects of GLPI’s growth strategy, including the company’s commitment to long-term tribal casino financing and exploring new market opportunities. He highlighted that the transaction structure provides Dry Creek with a lower-cost financing option while ensuring a long-term lease for GLPI. 

He mentioned that the project leverages GLPI’s multi-property relationship with Caesars Entertainment, confirms opportunities for tribal casino development and allows the company to expand its presence in the California market.

Alex Rivera

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