$850 million secured for Rohnert Park casino, backer says

  • Looking west, the Graton Rancharia Rohnert Park casino construction is taking shape along Wilfred ave. Highway 101 is at the bottom.

An $850 million financing package, said to be the largest in the history of Native American gaming, is now secured, the Las Vegas-based backer of the casino next to Rohnert Park announced Wednesday.

The package will pay for the Federated Indians of Graton Rancheria's 3,000-slot-machine casino and resort on Wilfred Avenue, according to Station Casinos, which will manage the facility.

Station Casinos announced the financing — which includes a $375 million loan and a $450 million combination of bonds and a development loan — in its financial report for the quarter that ended June 30.

The company did not identify the financial institutions providing the funding.

Also included in the package is $25 million worth of revolving credit to be used after the casino opens.

Station Casinos said the financing will close Wednesday and reported the "blended cost" of the package was about 9.6 percent.

The Graton tribe, which had sought a casino for nearly a decade, broke ground on the 64-acre site just south of Home Depot in mid-June. The casino is expected to open before the end of next year, Station Casinos said.

Graton Rancheria Chairman Greg Sarris did not return a phone call to his office at the tribe's Rohnert Park headquarters requesting comment.

Marc Falcone, Station Casinos executive vice president and chief financial officer, called the financing an "important milestone" for the project.

"We believe this is the largest new construction financing in the history of Native American gaming," Falcone said in a statement.

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