12/11/2025
Citizens Leads $390 Million Construction Financing for River Rock Entertainment Authority
Transaction highlights Citizens' growing California presence and gaming sector expertise
PROVIDENCE, RI – Citizens Capital Markets & Advisory announced today that it served as the sole lead arranger of a $390 million debt financing for River Rock Entertainment Authority, the gaming authority of the Dry Creek Rancheria Band of Pomo Indians. The financing is anchored by a commitment from Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) as lead real estate financing partner.
The financing will be used to transform the Tribe’s existing River Rock Casino into a world-class destination-style resort casino that will be managed by Caesars Entertainment under the Caesars Republic banner, set to open in summer 2027.
“Citizens was an invaluable financing partner throughout the process, providing expertise and guidance every step of the way on this unique financing structure bringing together GLPI, other tribes, and traditional gaming investors,” said Chris Wright, Dry Creek Tribal Chairman. “We look forward to continuing our collaboration as we bring this exciting project to life.”
“The Citizens team is a longtime partner of GLPI and played a key role in helping us navigate and arrange this financing,” said Steven Ladany, Senior Vice President and Head of Corporate Development at GLPI. “Their work in crafting a structure that integrated real estate financing with traditional institutional debt was thoughtful and collaborative, and we are excited be a partner on this noteworthy opportunity in a prime location.”
“Dry Creek Rancheria and Caesars are creating a premier gaming destination in Sonoma County,” added Jason Miller, Head of Real Estate, Gaming, Leisure, and Digital Investment Banking at Citizens. “With Citizens’ growing presence in California and our leading gaming sector expertise, we were able to creatively structure and partner with Caesars and GLPI to establish a strong foundation for the Tribe’s long-term success.”
Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.7 billion in assets as of September 30, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
About Gaming and Leisure Properties, Inc.
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino entertainment company in the U.S. and one of the world's most diversified casino entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through the development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars®, Harrah's®, Horseshoe® and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards® loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its Team Members, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-GAMBLER. For more information, please visit www.caesars.com/corporate.
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