Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) has committed $225 million to finance the development of Caesars Republic Sonoma County, a new integrated resort in California, marking a significant partnership with Caesars Entertainment and the Dry Creek Rancheria Band of Pomo Indians [1][2][4] Financing Details - GLPI will provide a delayed draw term loan of $180 million at a fixed rate of 12.50% and a term loan B of $45 million with a yield to maturity of 13.95%, resulting in a blended interest rate of approximately 12.79% [2] - The property will be leased to GLPI for a minimum of $112.5 million over a 45-year term, with annual rent based on a cap rate of 9.75% [2] Project Overview - The new resort will feature a premier gaming experience with 1,000 slot machines, 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center, with completion expected in summer 2027 [3] - The existing River Rock Casino will remain operational during the construction of the new resort [3] Strategic Importance - This partnership reflects GLPI's commitment to long-term tribal casino financing and expanding its presence in the California market [4] - The unique transaction structure provides a lower-cost financing option for Dry Creek while ensuring a long-term lease guarantee for GLPI [4] Company Background - GLPI specializes in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements, where tenants are responsible for all maintenance and operational costs [5] - Caesars Entertainment is the largest casino entertainment company in the U.S., known for its diversified gaming and hospitality offerings [6]