Drummond Woodsum represents Gaming & Leisure Properties, Inc. in NAFOA Business Impact Deal of the Year
On April 29, 2025, the Native American Finance Officers Association (NAFOA) awarded the Ione Band of Miwok Indians the Business Impact Deal of the Year for its September 2024 financing with Gaming & Leisure Properties, Inc. (GLPI) to develop and construct, and to fund the initial operations of, the Acorn Ridge Casino in Plymouth, California. Under the terms of the financing, GLPI extended the Ione Band of Miwok Indians and its Ione Band Economic Development Authority a 5-year $110 million delayed draw construction loan. Upon maturity of the loan, the Ione Band of Miwok Indians has the option to convert the loan obligations into a 45-year long-term lease covering the casino site with GLPI as lessor.
This financing with its long-term lease option is the first ever real estate investment trust (REIT) financing in Indian Country, marking a significant innovation in tribal finance that promises to expand financing opportunities for tribes and opens the possibility of long-term financing alternatives in Indian Country.
While REIT financings have been a primary source of capital for the non-Native gaming and hospitality industry over the past decade, such capital had not been available for Native project transactions. Drummond Woodsum worked with GLPI for a number of years to solve the various issues previously precluding the availability of such capital to tribes, and Drummond Woodsum represented GLPI in all aspects of this financing. The Drummond Woodsum team was led by Robert L. Gips and Andrew Sweeney with Brittany Michaud advising on corporate law matters, Corey Hinton and Esther Labrado advising on federal Indian law matters and Stacey Caulk advising on environmental law matters.