The North Fork Mono Casino & Resort will include 2,400 slot machines, 40 table games, two restaurants and more in Madera. Rendering via W.E. O'Neill website

The North Fork Rancheria of Mono Indians announced this week a new $725 million financing partner for construction of a casino and resort in Madera.

Ground was broken in September 2024 at the 305-acre site. The total North Fork Mono Casino & Resort footprint will be about 260,000 square feet. A topping-out ceremony for construction was hosted by general contractor W.E. O’Neill Construction this past March. The casino is expected to open by summer 2026.

The North Fork Rancheria Economic Development Authority, owned by the North Fork Rancheria of Mono Indians, entered into the $725 million loan agreement with VICI Properties, Inc. a New York-based real estate investment trust (REIT) that specializes in casino and entertainment properties.

VICI Properties, Inc. will provide up to $510 million of the $725 million delayed draw term loan facility, the company announced in its first-quarter earnings report on April 30.

 

The arrangement includes two term loans. Loan A’s total is $340 million, of which VICI Properties has committed up to $125 million so far. Loan B is $385 million, which VICI Properties has fully committed. Loan A has a five-year term and Loan B a six-year term, according to the Q1 report.

North Fork’s development and operating partner in the venture is Las Vegas-based Station Casinos, an affiliate of Red Rock Resorts, Inc.

The VICI Properties portfolio boasts more than 50 casinos including Caesars Palace, MGM Grand and the Venetian Resort in Las Vegas. This transaction represents VICI’s second loan investment on tribal land and Red Rock Resorts’ first partnership with a REIT.

“We value both of these partnerships and take pride in our ability to build deep relationships with dynamic growth-minded operators that will help to contribute to our long-term growth goals and objectives,” VICI Properties CEO Edward Pitoniak said in the earnings report.

In 2021, VICI Properties entered a lease agreement with the Eastern Band of Cherokee Indians for the Caesars Southern Indiana casino property.

Upon completion, North Fork Mono Casino & Resort is expected to feature around 2,400 slot machines, 40 table games, two restaurants, three bars, a food hall and small retail offering. A 200-room hotel resort is also planned.

The architect is Las Vegas casino design firm JIVE Architecture.

The North Fork Rancheria Economic Development Authority issued a statement about the financing arrangement.

“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.”