The Native American Finance Officers Association (NAFOA) has named the $390 million loan transaction for the River Rock Entertainment Authority of the Dry Creek Rancheria Band of Pomo Indians in California its Business Impact Deal of the Year at NAFOA's 19th Annual Leadership Awards. Carter Ledyard & Milburn LLP is pleased to announce that Steven Paul McSloy, Chair of the firm's Native American Law Practice, served as legal counsel to Citizens Bank in structuring and closing this award-winning transaction.
NAFOA's Business Impact Deal of the Year Award recognizes financial ventures with significant economic impact on the Tribe involved and across Indian Country. Dry Creek Rancheria entered a partnership to redevelop the tribe's River Rock Casino into Caesars Republic Sonoma County, a premier gaming resort expected to open in Summer 2027.
Led by Citizens Bank, the deal unites Gaming & Leisure Properties, Inc. (GLPI), Native American Tribes, regulated banks, and institutional investors under a single credit agreement, a first-of-its-kind structure in Tribal finance. The structure includes an option to convert a portion of the financing into a 45-year HEARTH Act lease at maturity, which would make it the longest-term financing ever completed for a Tribal casino.
With over 35 years of experience, Carter Ledyard's Native American Law practice concentrates on finance and project development for Native American Tribes and those doing business with them.
This is the second time Carter Ledyard has received a NAFOA Deal of the Year honor, showcasing the firm's continued leadership and dedication to corporate finance and Native American law.
Dry Creek Rancheria Accepting the Business Impact Deal of the Year Award at the NAFOA's Annual Leadership Awards