California: North Fork Rancheria finalizes $725 million financing to launch long-planned casino and resort near Madera

The North Fork Rancheria of Mono Indians of California has finalized a financing deal worth nearly $725 million, paving the way for the long-anticipated development of a tribal casino resort near Madera, California.

The agreement, a delayed draw term loan facility, was executed between the North Fork Rancheria Economic Development Authority (NFR EDAB), a tribal-owned entity, and a syndicate of lenders led by New York-based real estate investment trust VICI Properties.

“We appreciate the vision and hard work of the financing team to make this deal a reality,” said Elaine Bethel-Fink, President of NFR EDAB. “We are proud and delighted to be on the same team.”

The funds will support the construction of the North Fork Mono Casino & Resort, a large-scale gaming and hospitality venue that will be developed and managed by affiliates of Red Rock Resorts. The Las Vegas-based firm and its subsidiary Station Casinos have been involved with the tribe in this endeavor for over two decades.

“Red Rocks Resorts and its affiliate Station Casino have been constant, dedicated partners of the tribe for over 20 years,” said Tribal Chairman Fred Beihn. “This financing package expands and enhances that partnership further.”

“We appreciate everything Station and the lenders have contributed to our two decade-long dream of bringing jobs and economic development to our tribe and community,” said Tribal Treasurer Maryann McGovran.

“Today our dream is closer than ever with the financing in place,” added Tribal Secretary Christina McDonald.

Plans for the resort include 2,400 slot machines, 40 table games, multiple dining options including two full-service restaurants and a food hall, three bars, a small retail space, a multi-level parking structure, and outdoor accommodations for RVs and oversized vehicles.

In March, the North Fork Rancheria announced the topping out of the final steel beam on the structure’s external frame. The ceremony, held on the tribe’s federal trust land along California State Highway 99 just north of the City of Madera, recognized the construction, design, and development teams, as well as North Fork Rancheria tribal leaders and staff.