Carter Ledyard represented Citizens Bank in a $390 million loan transaction for the River Rock Entertainment Authority of the Dry Creek Rancheria in California. The Rancheria and Caesars Entertainment (NASDAQ: CZR) entered into a partnership to convert the tribe’s River Rock Casino into Caesars Republic Sonoma County.
Carter Ledyard’s head of its Native Law Practice, Steven Paul McSloy, assisted Citizens with the project financing, and Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) served as the lead real estate financing partner using a new and innovative lease/sublease structure under tribal law.